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I-10","page_number":23,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"15edf8ee-bce4-4d68-822b-5e1b73d6ce0b","block_type":"box","text":"Management, Advisory and Other Service Arrangements. . . . . . . . .","page_number":23,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"0b964eeb-f591-495d-a836-ec3506967f4d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":23,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"859a956e-72ba-49fd-a819-62fbe2ee4b3a","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":23,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"704b0050-af38-443c-ba00-7007452b9ad7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":23,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"963aa607-7e3e-491d-b4db-9a0f72c3cbf5","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":23,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"c548a962-489e-4421-980d-d4b1f3442071","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":23,"box":{"x":521,"y":190,"width":387,"height":9}},{"id":"4efff3e4-f004-43c4-850f-a2db176a3faf","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":23,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"2429040b-a37f-41ff-bbea-b9b0e8130bb7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-28","page_number":23,"box":{"x":358,"y":207,"width":551,"height":9}},{"id":"4f730233-cb4d-4ec8-a9cd-00c75adc7cd0","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":23,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"097a3c90-59cc-4e9b-93c5-d3eebfa9215d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-30","page_number":23,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"2d7c5594-ffae-45bc-981f-ba73c2eb47d7","block_type":"box","text":"Financial Statements","page_number":23,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"8bdfbd02-58d2-4942-bd7e-56abbff9c59a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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II-1","page_number":23,"box":{"x":407,"y":287,"width":502,"height":9}},{"id":"1bb56a98-3656-4bcf-9d5a-d407ffd29d08","block_type":"box","text":"Management and Other Service Arrangements . . . . . . . . . . . . . . . .","page_number":23,"box":{"x":70,"y":304,"width":461,"height":11}},{"id":"242716e3-9c6f-4d0d-b113-a5d3cfad0cc2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-81","page_number":23,"box":{"x":537,"y":304,"width":372,"height":9}},{"id":"4aa5df79-42bb-46e6-ae44-6232ca89c15c","block_type":"box","text":"Selective Disclosure of Portfolio Holdings. . . . . . . . . . . . . . . . . . .","page_number":23,"box":{"x":69,"y":320,"width":446,"height":11}},{"id":"44462d5c-f802-4db7-bf56-1c465ea6eef5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-84","page_number":23,"box":{"x":521,"y":320,"width":388,"height":9}},{"id":"7e04405a-c7c2-4235-ad8c-0484978cc01e","block_type":"box","text":"Purchase of Shares","page_number":23,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"56c6f087-5de1-4d7e-af29-cd3f45697c67","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-98","page_number":23,"box":{"x":211,"y":336,"width":698,"height":9}},{"id":"8fe6ea49-7c8e-439f-a5c5-bf06dc181f9d","block_type":"box","text":"Redemption of Shares . .","page_number":23,"box":{"x":70,"y":353,"width":176,"height":11}},{"id":"9d9cebe1-da39-469f-8be2-80e80ea13898","block_type":"box","text":"........................................................................... 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I","page_number":23,"box":{"x":244,"y":369,"width":627,"height":9}},{"id":"b4f16705-ae14-4216-8c80-73b560953eeb","block_type":"box","text":"I-117","page_number":23,"box":{"x":874,"y":369,"width":34,"height":9}},{"id":"14cc9e5a-a1d1-4fb5-a06c-cad172aa66a9","block_type":"box","text":"Pricing of Shares","page_number":23,"box":{"x":69,"y":385,"width":119,"height":12}},{"id":"f8983708-06b4-49ea-b3dc-f9fab730430d","block_type":"box","text":".................................................................................. I","page_number":23,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"5b0344ac-bd36-41a6-9d41-1b4e9fb49806","block_type":"box","text":"I-121","page_number":23,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"c9fb4b33-68b9-4098-b5cb-297c84a3d084","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":23,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"9677fadd-8c3c-4fcb-b509-fdffcc8ccd3a","block_type":"box","text":".............................................................. I","page_number":23,"box":{"x":358,"y":402,"width":513,"height":9}},{"id":"d6560b05-a912-413e-9a98-1e30bf37117c","block_type":"box","text":"I-124","page_number":23,"box":{"x":874,"y":402,"width":35,"height":9}},{"id":"aa2b74b1-7c0b-48d4-a10b-d9f5150b5d9e","block_type":"box","text":"Dividends and Taxes . .","page_number":23,"box":{"x":70,"y":418,"width":159,"height":9}},{"id":"84de4563-46f3-4389-b8df-268f7d1e5009","block_type":"box","text":"............................................................................. I","page_number":23,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"f336e1cf-f4eb-4e87-b4ec-a75088bdc5cd","block_type":"box","text":"I-128","page_number":23,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"2a31cfaa-f77f-4121-b01c-33706a753a01","block_type":"box","text":"Performance Data","page_number":23,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"4a3135cb-82bf-4905-97d6-c336d29d5be9","block_type":"box","text":"................................................................................. I","page_number":23,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"ac837cc5-f3d6-4edc-b7f5-5ab97cbf17df","block_type":"box","text":"I-136","page_number":23,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"fd187a2c-a879-45e5-b121-b5638a511073","block_type":"box","text":"Proxy Voting Policies and Procedures. . . . . . . . . . . . . . . . . . . . . .","page_number":23,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"6147808c-c7ae-47bf-9f97-14ee826c94a9","block_type":"box","text":"........................................... I","page_number":23,"box":{"x":513,"y":451,"width":358,"height":9}},{"id":"fc3b4613-3423-4e4b-956c-64525f589769","block_type":"box","text":"I-137","page_number":23,"box":{"x":874,"y":451,"width":34,"height":9}},{"id":"ff0d005f-f2de-4991-8495-a962c3c59e64","block_type":"box","text":"General Information","page_number":23,"box":{"x":69,"y":467,"width":140,"height":9}},{"id":"663c1b7d-b99b-48da-ba0f-4c3360f0b151","block_type":"box","text":"............................................................................... I","page_number":23,"box":{"x":219,"y":468,"width":652,"height":8}},{"id":"138302bd-e9d9-4e34-9bfe-354d8ede6b80","block_type":"box","text":"I-138","page_number":23,"box":{"x":874,"y":467,"width":35,"height":9}},{"id":"365bdd15-8b97-4fc9-9bfd-df865174d5a2","block_type":"box","text":"Appendix A — Description of Bond Ratings. . . .","page_number":23,"box":{"x":68,"y":484,"width":332,"height":11}},{"id":"7889d589-2060-4948-8b41-5822439edd0c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":23,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"095a4edc-a409-4a14-86d4-60e7619968ed","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":23,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"38114360-8bf5-4939-a12e-e1d347f04751","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":23,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"a1aa8847-5d15-4edd-9c98-b0c9aa18138d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":23,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3d24098a-f348-4cf2-9418-a43a52d3eefe","block_type":"box","text":"PART I: INFORMATION ABOUT THE FUNDS","page_number":24,"box":{"x":335,"y":45,"width":308,"height":9}},{"id":"e3284322-04a5-42ce-bee3-cfb17b7d093e","block_type":"box","text":"Part I of this Statement of Additional Information (“SAI”) sets forth information about the BlackRock High Yield","page_number":24,"box":{"x":102,"y":63,"width":788,"height":12}},{"id":"5ebe0c91-782b-4842-8e8d-29bef03eeba6","block_type":"box","text":"Portfolio (“High Yield Portfolio”), BlackRock Low Duration Bond Portfolio (“Low Duration Bond Portfolio”) and","page_number":24,"box":{"x":69,"y":78,"width":772,"height":11}},{"id":"c031e172-9bf0-4221-adc4-573fd8122734","block_type":"box","text":"BlackRock Core Bond Portfolio (“Core Bond Portfolio”) (collectively, the “Funds” and each, a “Fund”), each a series of","page_number":24,"box":{"x":70,"y":92,"width":840,"height":11}},{"id":"4b11d855-c5f2-4402-87e3-a0f7338e387c","block_type":"box","text":"BlackRock Funds V (the “Trust”). It includes information about the Trust’s Board of Trustees (the “Board” or the","page_number":24,"box":{"x":70,"y":106,"width":796,"height":11}},{"id":"ee13d862-f16f-4a08-aec4-3cb3cae6ac5c","block_type":"box","text":"“Board of Trustees”), the management services provided to and the management fees paid by the Funds and","page_number":24,"box":{"x":70,"y":120,"width":779,"height":11}},{"id":"bb8757be-a95c-4d45-882e-e6d4af03fd1f","block_type":"box","text":"information about other fees applicable to and services provided to the Funds. This Part I of this SAI should be read","page_number":24,"box":{"x":70,"y":134,"width":826,"height":11}},{"id":"0d0c9311-6777-4c28-aaaf-4a2921362ac7","block_type":"box","text":"in conjunction with the Funds’ Prospectuses and those portions of Part II of this SAI that pertain to the Funds.","page_number":24,"box":{"x":70,"y":148,"width":785,"height":11}},{"id":"8389c4c4-8ab6-4bb3-a06d-905035c6d616","block_type":"box","text":"I. Investment Objectives and Policies","page_number":24,"box":{"x":69,"y":170,"width":270,"height":11}},{"id":"81923e09-7392-4fdf-a4d7-245fa963305f","block_type":"box","text":"In implementing each Fund’s investment strategy, from time to time, BlackRock Advisors, LLC (“BlackRock” or","page_number":24,"box":{"x":102,"y":188,"width":784,"height":11}},{"id":"f14507c0-5c15-4985-abf0-c651c8cef28d","block_type":"box","text":"the “Manager”), each Fund’s investment manager, may consider and employ techniques and strategies designed to","page_number":24,"box":{"x":68,"y":202,"width":825,"height":11}},{"id":"84b9598c-af52-418b-b69d-d5e461e557ae","block_type":"box","text":"minimize and defer the U.S. federal income taxes which may be incurred by shareholders in connection with their","page_number":24,"box":{"x":69,"y":216,"width":805,"height":11}},{"id":"f55c0a46-3bf5-495b-9a8d-8711d5089506","block_type":"box","text":"investment in such Fund.","page_number":24,"box":{"x":70,"y":230,"width":176,"height":9}},{"id":"85ef6c24-aa19-43e4-8b03-d95993835caa","block_type":"box","text":"Set forth below is a listing of some of the types of investments and investment strategies that the Funds may","page_number":24,"box":{"x":102,"y":248,"width":782,"height":11}},{"id":"9e660198-0b1d-40b6-a0ef-9898832b87cf","block_type":"box","text":"use, and the risks and considerations associated with those investments and investment strategies. 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To the extent the High Yield Portfolio and Low Duration","page_number":29,"box":{"x":70,"y":466,"width":834,"height":11}},{"id":"866ca3a4-9d66-446f-845f-088ad9324f4d","block_type":"box","text":"Bond Portfolio use CFTC Derivatives, each intends to do so below such prescribed levels and will not market itself as","page_number":29,"box":{"x":70,"y":480,"width":833,"height":11}},{"id":"45462dea-55f2-49cc-9e93-e5c5ec3229e8","block_type":"box","text":"a “commodity pool” or a vehicle for trading such instruments.","page_number":29,"box":{"x":69,"y":494,"width":437,"height":12}},{"id":"254f9563-fe0d-43d7-809e-9297d59bd707","block_type":"box","text":"The High Yield Portfolio and Low Duration Bond Portfolio may have investments in “underlying funds” (and such","page_number":29,"box":{"x":101,"y":512,"width":795,"height":12}},{"id":"0d805ea9-4f4f-41da-9e39-aef0331d82f2","block_type":"box","text":"underlying funds themselves may invest in underlying funds) not advised by BlackRock (which for purposes of the no","page_number":29,"box":{"x":69,"y":526,"width":832,"height":12}},{"id":"fa643882-3d38-4a96-91b4-43e8b9e5e41d","block_type":"box","text":"action letter referenced below may include certain securitized vehicles, mortgage real estate investment trusts and/","page_number":29,"box":{"x":69,"y":540,"width":830,"height":12}},{"id":"317ef944-5180-4980-a498-3f32af71ea53","block_type":"box","text":"or investment companies that may invest in CFTC Derivatives), and therefore may be viewed by the CFTC as a","page_number":29,"box":{"x":69,"y":555,"width":780,"height":11}},{"id":"dbcfad4c-5471-4592-9229-a0b4e8173593","block_type":"box","text":"commodity pool. BlackRock has no transparency into the holdings of these underlying funds because they are not","page_number":29,"box":{"x":69,"y":569,"width":810,"height":11}},{"id":"90aa71ad-3319-4d88-a1cb-82a60acf372a","block_type":"box","text":"advised by BlackRock. To address this issue of lack of transparency, the CFTC staff issued a no-action letter on","page_number":29,"box":{"x":69,"y":583,"width":793,"height":11}},{"id":"54a43096-68f0-465a-8748-677afd7f0518","block_type":"box","text":"November 29, 2012 permitting the adviser of a fund that invests in such underlying funds and that would otherwise","page_number":29,"box":{"x":70,"y":597,"width":824,"height":11}},{"id":"10bf182a-2d67-4101-a038-bb917df96592","block_type":"box","text":"have filed a claim of exclusion pursuant to Rule 4.5 to delay registration as a “commodity pool operator” until six","page_number":29,"box":{"x":69,"y":611,"width":806,"height":11}},{"id":"891237ec-b052-4ac8-beea-37905ff9f661","block_type":"box","text":"months from the date on which the CFTC issues additional guidance on the treatment of CFTC Derivatives held by","page_number":29,"box":{"x":69,"y":625,"width":809,"height":11}},{"id":"048a2774-4144-4214-bfc0-6fe720ab7cb7","block_type":"box","text":"underlying funds. BlackRock, the adviser to the High Yield Portfolio and Low Duration Bond Portfolio, has filed a claim","page_number":29,"box":{"x":69,"y":639,"width":838,"height":12}},{"id":"106d924b-2226-4461-9868-682c12321c5a","block_type":"box","text":"with the CFTC for the High Yield Portfolio and Low Duration Bond Portfolio to rely on this no-action relief. Accordingly,","page_number":29,"box":{"x":68,"y":653,"width":830,"height":12}},{"id":"7ccb78be-ff5a-46dd-8228-c70e812a2180","block_type":"box","text":"BlackRock is not subject to registration or regulation as a “commodity pool operator” under the Commodity Exchange","page_number":29,"box":{"x":70,"y":668,"width":834,"height":11}},{"id":"76fb140b-4a04-4d6a-82ac-1f9501830f26","block_type":"box","text":"Act with respect to these two Funds.","page_number":29,"box":{"x":68,"y":682,"width":259,"height":11}},{"id":"707a1ed4-59b0-412b-9e59-376ded5952c2","block_type":"box","text":"Due to Core Bond Portfolio’s potential use of CFTC Derivatives above the prescribed levels, however, this Fund","page_number":29,"box":{"x":102,"y":699,"width":787,"height":11}},{"id":"3882a2ae-22bc-41d0-9bd8-bbce10af9f87","block_type":"box","text":"will be considered a “commodity pool” under the Commodity Exchange Act. Accordingly, BlackRock, the investment","page_number":29,"box":{"x":68,"y":714,"width":819,"height":11}},{"id":"9509b1f3-da74-4058-a5fd-27af6036c077","block_type":"box","text":"adviser to the Core Bond Portfolio, has registered as a “commodity pool operator” and is subject to CFTC regulation","page_number":29,"box":{"x":69,"y":728,"width":826,"height":11}},{"id":"9e8c54a6-e2c0-4e69-bac9-5b47b7810686","block_type":"box","text":"in respect of the Fund.","page_number":29,"box":{"x":70,"y":742,"width":158,"height":11}},{"id":"c98413a4-ac35-4f16-914e-678499682f17","block_type":"box","text":"II. Investment Restrictions","page_number":29,"box":{"x":69,"y":764,"width":194,"height":8}},{"id":"12dbd8c2-dd02-43ee-adf2-2cd531d6dc45","block_type":"box","text":"Each Fund has adopted restrictions and policies relating to the investment of each Fund’s assets and its","page_number":29,"box":{"x":102,"y":781,"width":747,"height":12}},{"id":"c86bbb13-e361-494a-96bf-77520a806907","block_type":"box","text":"activities. Certain of the restrictions are fundamental policies of a Fund and may not be changed without the approval","page_number":29,"box":{"x":69,"y":795,"width":837,"height":12}},{"id":"31ad5801-fd7e-464b-a401-82507e2121b6","block_type":"box","text":"of the holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the","page_number":29,"box":{"x":69,"y":810,"width":771,"height":11}},{"id":"b129513d-a500-4cc1-aed5-af131e3b686f","block_type":"box","text":"Investment Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than","page_number":29,"box":{"x":70,"y":824,"width":803,"height":11}},{"id":"e0048c37-12fb-4432-b2b4-7ad4332f0968","block_type":"box","text":"50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":29,"box":{"x":69,"y":838,"width":690,"height":11}},{"id":"5718133f-4d12-439a-be0c-22dd40cbd1ef","block_type":"box","text":"Restrictions Applicable to the High Yield Portfolio","page_number":29,"box":{"x":102,"y":856,"width":363,"height":11}},{"id":"b779595e-8221-4768-9a59-5f256dce6fb6","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":29,"box":{"x":102,"y":874,"width":485,"height":11}},{"id":"d9077c09-932a-49dd-b1fd-a2976bc5e575","block_type":"box","text":"Purchase securities of any one issuer (other than securities issued or guaranteed by the U.S. Government, its","page_number":29,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"dea5b15e-e4cc-4dee-81b1-7f0c438a6ba0","block_type":"box","text":"agencies or instrumentalities or certificates of deposit for any such securities) if more than 5% of the value of the","page_number":29,"box":{"x":69,"y":906,"width":810,"height":11}},{"id":"1adcf0fc-ca13-4160-9e98-91d9d158da4b","block_type":"box","text":"I-6","page_number":29,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"6f6f5bec-68d2-4c9a-95d1-9047e37a5c77","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":29,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f8b3b000-fcc7-4488-9fb2-53980fb8b020","block_type":"box","text":"Fund’s total assets would (taken at current value) be invested in the securities of such issuer, or more than 10% of","page_number":30,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"2335db6a-2d45-45e7-bad1-6e9be8e13800","block_type":"box","text":"the issuer’s outstanding voting securities would be owned by the Fund or the Trust, except that up to 25% of the","page_number":30,"box":{"x":68,"y":59,"width":801,"height":11}},{"id":"56d781c9-c4c8-48a2-991e-18a1b68330ba","block_type":"box","text":"value of the Fund’s total assets may (taken at current value) be invested without regard to these limitations. For","page_number":30,"box":{"x":68,"y":73,"width":801,"height":11}},{"id":"8c91bd97-0454-4b41-b608-423e36537248","block_type":"box","text":"purposes of this limitation, a security is considered to be issued by the entity (or entities) whose assets and","page_number":30,"box":{"x":70,"y":87,"width":770,"height":11}},{"id":"0a84c439-f259-4d45-b935-6dc759ecabce","block_type":"box","text":"revenues back the security. A guarantee of a security shall not be deemed to be a security issued by the guarantors","page_number":30,"box":{"x":69,"y":101,"width":824,"height":11}},{"id":"7fc5b8f0-e824-4588-be7b-673d220c6a70","block_type":"box","text":"when the value of all securities issued and guaranteed by the guarantor, and owned by the Fund, does not exceed","page_number":30,"box":{"x":68,"y":115,"width":812,"height":11}},{"id":"1ec5a6df-bd56-4c42-a7b5-4b975b11e940","block_type":"box","text":"10% of the value of the Fund’s total assets.","page_number":30,"box":{"x":70,"y":129,"width":310,"height":9}},{"id":"41dd7bb3-377a-488b-9040-639b3504ad29","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":30,"box":{"x":102,"y":147,"width":485,"height":11}},{"id":"a26b9987-f133-427e-810f-d605d8072ee1","block_type":"box","text":"1. Purchase any securities which would cause 25% or more of the value of the Fund’s total assets at the time of","page_number":30,"box":{"x":102,"y":165,"width":802,"height":11}},{"id":"61572298-8140-4cbc-b884-ef6ea60f9004","block_type":"box","text":"purchase to be invested in the securities of one or more issuers conducting their principal business activities in the","page_number":30,"box":{"x":70,"y":179,"width":823,"height":11}},{"id":"0898befa-5d6f-4391-a705-b49cb3122c3f","block_type":"box","text":"same industry, provided that (a) there is no limitation with respect to (i) instruments issued or guaranteed by the","page_number":30,"box":{"x":69,"y":194,"width":803,"height":11}},{"id":"210ee987-c1c1-4419-8498-7fa5b17c7392","block_type":"box","text":"United States and tax exempt instruments issued by any state, territory or possession of the United States, the","page_number":30,"box":{"x":70,"y":207,"width":797,"height":12}},{"id":"804f4697-aac3-4770-8176-37d7a470520e","block_type":"box","text":"District of Columbia or any of their authorities, agencies, instrumentalities or political subdivisions, and","page_number":30,"box":{"x":70,"y":221,"width":734,"height":12}},{"id":"a8abc17d-a194-4a15-b0d6-5b11fde71cbf","block_type":"box","text":"(ii) repurchase agreements secured by the instruments described in clause (i); (b) wholly-owned finance companies","page_number":30,"box":{"x":69,"y":236,"width":819,"height":11}},{"id":"2b7b6f9d-b9e0-49cf-8458-ecb693e593c9","block_type":"box","text":"will be considered to be in the industries of their parents if their activities are primarily related to financing the","page_number":30,"box":{"x":68,"y":250,"width":786,"height":11}},{"id":"6877419d-9b8d-4ee5-85f3-f7bc30c39bb9","block_type":"box","text":"activities of the parents; and (c) utilities will be divided according to their services; for example, gas, gas","page_number":30,"box":{"x":69,"y":264,"width":746,"height":11}},{"id":"73c3ed1f-b808-4c82-b004-a48af3579756","block_type":"box","text":"transmission, electric and gas, electric and telephone will each be considered a separate industry.","page_number":30,"box":{"x":68,"y":278,"width":702,"height":11}},{"id":"3aa10c72-ebd3-4f54-98db-b2bd633f21d8","block_type":"box","text":"2. Issue senior securities, borrow money or pledge its assets, except that the Fund may borrow from banks or","page_number":30,"box":{"x":102,"y":296,"width":785,"height":11}},{"id":"60a7aae4-b271-45fe-8051-bd79c819c86d","block_type":"box","text":"enter into reverse repurchase agreements or dollar rolls in amounts aggregating not more than 33","page_number":30,"box":{"x":69,"y":310,"width":700,"height":11}},{"id":"d369f587-adb8-4bb6-a85f-bbdad7841c0a","block_type":"box","text":"1⁄","page_number":30,"box":{"x":771,"y":310,"width":5,"height":5}},{"id":"a1d1244b-d2c5-4c56-b255-8b8a1b6c234f","block_type":"box","text":"1⁄3","page_number":30,"box":{"x":774,"y":310,"width":8,"height":9}},{"id":"f5891f75-d10c-404b-8b44-bae49bb8192c","block_type":"box","text":"⁄3","page_number":30,"box":{"x":780,"y":314,"width":6,"height":5}},{"id":"4de85666-e587-4a43-89a3-37a0780e9315","block_type":"box","text":"% of the value of","page_number":30,"box":{"x":787,"y":310,"width":118,"height":9}},{"id":"3a94c2b7-fc75-4889-b403-870b99e14df2","block_type":"box","text":"its total assets (calculated when the loan is made) to take advantage of investment opportunities and may pledge up","page_number":30,"box":{"x":70,"y":324,"width":835,"height":11}},{"id":"80327b2d-15f0-4892-8f2a-8df7524b656a","block_type":"box","text":"to 33","page_number":30,"box":{"x":68,"y":338,"width":38,"height":9}},{"id":"09da979e-fa44-4fd0-ae81-6f08e01aa2f8","block_type":"box","text":"1⁄","page_number":30,"box":{"x":108,"y":338,"width":5,"height":6}},{"id":"eaad737e-980b-4439-96ca-89d5f18138c9","block_type":"box","text":"1⁄3","page_number":30,"box":{"x":111,"y":338,"width":8,"height":9}},{"id":"9ca3c1be-d254-4651-bb9f-ce7b2e65d493","block_type":"box","text":"⁄3","page_number":30,"box":{"x":117,"y":342,"width":6,"height":5}},{"id":"793ac7b4-5b9b-42b1-a4e2-5ac6915125a4","block_type":"box","text":"% of the value of its total assets to secure such borrowings. The Fund is also authorized to borrow an","page_number":30,"box":{"x":124,"y":338,"width":723,"height":11}},{"id":"5c5d20b0-6b11-4361-b0bb-c1048939f7a8","block_type":"box","text":"additional 5% of its total assets without regard to the foregoing limitations for temporary purposes such as clearance","page_number":30,"box":{"x":69,"y":352,"width":836,"height":12}},{"id":"36e7070b-da23-4acc-884c-426e0b468d22","block_type":"box","text":"of portfolio transactions and share redemptions. For purposes of these restrictions, the purchase or sale of","page_number":30,"box":{"x":69,"y":366,"width":769,"height":11}},{"id":"9e85d24f-c0f9-43ca-8714-0585f1224011","block_type":"box","text":"securities on a “when-issued,” delayed delivery or forward commitment basis, the purchase and sale of options and","page_number":30,"box":{"x":69,"y":380,"width":828,"height":12}},{"id":"806f8de6-be42-4ccb-879d-e0afaf546f99","block_type":"box","text":"futures contracts and collateral arrangements with respect thereto are not deemed to be the issuance of a senior","page_number":30,"box":{"x":68,"y":395,"width":812,"height":11}},{"id":"82e57391-7943-45d3-b46d-8f54677d3a7d","block_type":"box","text":"security, a borrowing or a pledge of assets.","page_number":30,"box":{"x":69,"y":409,"width":306,"height":11}},{"id":"63b91d44-4fd0-45c3-9db4-a05f7dfc1d81","block_type":"box","text":"3. Purchase or sell real estate, except that the Fund may purchase securities of issuers which deal in real estate","page_number":30,"box":{"x":102,"y":427,"width":806,"height":11}},{"id":"9b5343fb-73c3-4cf4-8c5b-83065e6fa632","block_type":"box","text":"and may purchase securities which are secured by interests in real estate.","page_number":30,"box":{"x":69,"y":441,"width":531,"height":11}},{"id":"150a2ec8-1f1e-4764-b8b6-54f5b62f1cc2","block_type":"box","text":"4. Acquire any other investment company or investment company security except in connection with a merger,","page_number":30,"box":{"x":101,"y":459,"width":782,"height":11}},{"id":"ae4cdb16-1e9a-4e22-8c62-32f25e5b5621","block_type":"box","text":"consolidation, reorganization or acquisition of assets or where otherwise permitted by the Investment Company Act.","page_number":30,"box":{"x":69,"y":473,"width":826,"height":11}},{"id":"b74b95ae-2de5-4395-b7e5-5f83fba9c14c","block_type":"box","text":"5. Act as an underwriter of securities within the meaning of the Securities Act of 1933, as amended, except to","page_number":30,"box":{"x":102,"y":491,"width":788,"height":11}},{"id":"a4ff5eb4-a5e1-4b62-bc9a-601a15253503","block_type":"box","text":"the extent that the purchase of obligations directly from the issuer thereof, or the disposition of securities, in","page_number":30,"box":{"x":68,"y":505,"width":778,"height":11}},{"id":"f399047c-a982-445c-a660-a01894d5d38a","block_type":"box","text":"accordance with the Fund’s investment objective, policies and limitations may be deemed to be underwriting.","page_number":30,"box":{"x":69,"y":519,"width":777,"height":11}},{"id":"1705aff5-dce5-49cd-a80b-81b3f457f876","block_type":"box","text":"6. Write or sell put options, call options, straddles, spreads, or any combination thereof, except for transactions","page_number":30,"box":{"x":102,"y":537,"width":798,"height":11}},{"id":"e49bdc18-d7fc-4423-bb90-14451b2e4add","block_type":"box","text":"in options on securities and securities indices, futures contracts and options on futures contracts.","page_number":30,"box":{"x":70,"y":551,"width":699,"height":11}},{"id":"10ed84da-eacf-4177-9719-69bd7fb9a344","block_type":"box","text":"7. Purchase securities of companies for the purpose of exercising control.","page_number":30,"box":{"x":102,"y":569,"width":526,"height":11}},{"id":"3bd21486-58c4-441a-942a-970f7d8a5fab","block_type":"box","text":"8. Purchase securities on margin, make short sales of securities or maintain a short position, except that","page_number":30,"box":{"x":101,"y":587,"width":757,"height":11}},{"id":"659d5226-e462-4255-ab09-a4c52ddda360","block_type":"box","text":"(a) this investment limitation shall not apply to the Fund’s transactions in futures contracts and related options or the","page_number":30,"box":{"x":69,"y":601,"width":838,"height":11}},{"id":"5c8843aa-f670-46b9-8018-5a160712775f","block_type":"box","text":"Fund’s sale of securities short against the box, and (b) the Fund may obtain short-term credit as may be necessary","page_number":30,"box":{"x":70,"y":615,"width":822,"height":11}},{"id":"e4d5e17f-bc16-48c4-8c18-d65cc2bb5d9d","block_type":"box","text":"for the clearance of purchases and sales of portfolio securities.","page_number":30,"box":{"x":68,"y":629,"width":454,"height":11}},{"id":"5d428b18-a8d5-4056-ad14-7bfaed36b12b","block_type":"box","text":"9. Purchase or sell commodity contracts, or invest in oil, gas or mineral exploration or development programs,","page_number":30,"box":{"x":102,"y":647,"width":782,"height":11}},{"id":"0395b9a3-0176-40a0-b008-ff57da9b2f86","block_type":"box","text":"except that the Fund may, to the extent appropriate to its investment policies, purchase securities of companies","page_number":30,"box":{"x":69,"y":661,"width":800,"height":11}},{"id":"0ae52e0d-005c-4237-b856-6f760551acc5","block_type":"box","text":"engaging in whole or in part in such activities and may enter into futures contracts and related options.","page_number":30,"box":{"x":69,"y":675,"width":734,"height":11}},{"id":"429fbfe4-1254-4a77-a2f8-93f0be20c7c1","block_type":"box","text":"10. Make loans, except that the Fund may purchase and hold debt instruments and enter into repurchase","page_number":30,"box":{"x":102,"y":693,"width":755,"height":11}},{"id":"0ebb42fa-8a19-45f3-a42c-ecefef266e96","block_type":"box","text":"agreements in accordance with its investment objective and policies and may lend portfolio securities. See","page_number":30,"box":{"x":69,"y":707,"width":763,"height":11}},{"id":"ee1186a9-5d21-4da0-b3c9-95fa13730eaa","block_type":"box","text":"“Securities Lending” in Part II of this SAI.","page_number":30,"box":{"x":70,"y":721,"width":292,"height":11}},{"id":"ec6d6892-8d50-4bb8-9820-a7bc9c64f87a","block_type":"box","text":"11. Purchase or sell commodities except that the Fund may, to the extent appropriate to its investment policies,","page_number":30,"box":{"x":102,"y":739,"width":798,"height":11}},{"id":"916f6160-1a38-4d1b-be4e-27bc793c2f68","block_type":"box","text":"purchase securities of companies engaging in whole or in part in such activities, may engage in currency transactions","page_number":30,"box":{"x":70,"y":753,"width":837,"height":11}},{"id":"d5dff437-7e4e-487e-baf8-86b7f5ecf72b","block_type":"box","text":"and may enter into futures contracts and related options.","page_number":30,"box":{"x":69,"y":767,"width":406,"height":11}},{"id":"5b7ab13a-6c77-4dc7-906f-744bf88540ab","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":30,"box":{"x":102,"y":785,"width":494,"height":11}},{"id":"02259ec9-120f-41c0-b5fe-4cad5914cce0","block_type":"box","text":"The following notations are not considered part of the Fund’s fundamental investment restrictions and are","page_number":30,"box":{"x":101,"y":803,"width":757,"height":11}},{"id":"80d49609-bb1c-4cae-8706-6d21e959bba8","block_type":"box","text":"subject to change without shareholder approval.","page_number":30,"box":{"x":69,"y":817,"width":341,"height":11}},{"id":"0f168b07-e4cf-4b91-809a-0dfddc69c78e","block_type":"box","text":"With respect to the fundamental policy relating to issuing senior securities above, the Investment Company Act,","page_number":30,"box":{"x":101,"y":835,"width":795,"height":11}},{"id":"78a96149-a0bb-4d90-9711-909e0ad580ce","block_type":"box","text":"including the rules and regulations thereunder, generally prohibits the Fund from issuing senior securities (other than","page_number":30,"box":{"x":70,"y":849,"width":832,"height":11}},{"id":"6d6d26c0-788f-46c7-a777-a050c9e4b2be","block_type":"box","text":"certain temporary borrowings) unless immediately after the issuance the Fund has satisfied an asset coverage","page_number":30,"box":{"x":69,"y":863,"width":790,"height":11}},{"id":"03d18818-6cd8-4727-a16a-6a387d6d6c47","block_type":"box","text":"requirement with respect to senior securities representing indebtedness prescribed by the Investment Company Act.","page_number":30,"box":{"x":69,"y":877,"width":828,"height":12}},{"id":"c4fa8521-7a04-47d7-8bf1-e26110f86c21","block_type":"box","text":"Certain trading practices and investments, such as derivatives transactions, may be treated as senior securities.","page_number":30,"box":{"x":69,"y":892,"width":805,"height":11}},{"id":"114ff2dc-17bb-402f-a262-59df365e0468","block_type":"box","text":"Prior to the adoption and implementation of Rule 18f-4 under the Investment Company Act, when the Fund engaged in","page_number":30,"box":{"x":69,"y":905,"width":839,"height":12}},{"id":"8b25b1ca-7900-4405-aa2d-5d241b4d4867","block_type":"box","text":"I-7","page_number":30,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"6ae24159-d58a-4156-aaef-44ab3786c54d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":30,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a8731fee-efdc-4a6f-b265-0828aff053fb","block_type":"box","text":"a derivatives transaction that creates future payment obligations, consistent with SEC staff guidance and","page_number":31,"box":{"x":69,"y":45,"width":749,"height":11}},{"id":"0fd0b145-e591-4df5-a5c4-64f8cefaa519","block_type":"box","text":"interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter into an offsetting position, in","page_number":31,"box":{"x":70,"y":59,"width":830,"height":11}},{"id":"ac5f3419-6aea-4a78-9770-48971fede226","block_type":"box","text":"an amount at least equal to the Fund’s exposure, on a mark-to-market basis, to the transaction, instead of meeting","page_number":31,"box":{"x":69,"y":73,"width":823,"height":11}},{"id":"c0838ec1-1716-4aa9-946f-28cbb019d4dd","block_type":"box","text":"the asset coverage requirement with respect to senior securities prescribed by the Investment Company Act. The SEC","page_number":31,"box":{"x":68,"y":87,"width":840,"height":11}},{"id":"0c76494f-5df4-4c85-8d0a-5623b7a3c30e","block_type":"box","text":"staff guidance and interpretations were rescinded in connection with the adoption of Rule 18f-4, and the Fund now","page_number":31,"box":{"x":69,"y":101,"width":817,"height":11}},{"id":"da7c866d-fce0-4166-b7d5-49bb1cbdf139","block_type":"box","text":"complies with Rule 18f-4 with respect to its derivatives transactions. Thus, the fundamental policy relating to issuing","page_number":31,"box":{"x":69,"y":115,"width":831,"height":11}},{"id":"81927a4e-ebd6-4272-aee9-6525de85773a","block_type":"box","text":"senior securities above will not restrict the Fund from entering into derivatives transactions that are treated as senior","page_number":31,"box":{"x":69,"y":129,"width":836,"height":12}},{"id":"1e47b13b-f0fd-4d62-80cf-15e075ca67cf","block_type":"box","text":"securities so long as the Fund complies with Rule 18f-4 with respect to such derivatives transactions.","page_number":31,"box":{"x":69,"y":143,"width":724,"height":12}},{"id":"185aecc6-7d82-4086-9e70-6108cd6a0246","block_type":"box","text":"While certain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":31,"box":{"x":101,"y":161,"width":793,"height":12}},{"id":"c14da0e0-0abd-448f-8c3e-e0a2d17f284c","block_type":"box","text":"the rules thereunder, at the time of the Fund’s adoption of fundamental investment restrictions no. 6, 9 and 11","page_number":31,"box":{"x":68,"y":175,"width":796,"height":11}},{"id":"4b07197d-d432-4116-bef7-9290c8046180","block_type":"box","text":"above, many swaps were treated as securities for purposes of the Fund’s compliance with applicable law.","page_number":31,"box":{"x":69,"y":189,"width":752,"height":12}},{"id":"152c9d9e-f70a-469b-ad4e-f1b18f44b020","block_type":"box","text":"Accordingly, fundamental investment restriction no. 6, which does not restrict transactions in options on securities","page_number":31,"box":{"x":68,"y":204,"width":817,"height":11}},{"id":"833747b3-068d-4b23-874b-dc79fcebc7bd","block_type":"box","text":"and securities indices, and fundamental restrictions no. 9 and 11 are being interpreted to permit the Fund to engage","page_number":31,"box":{"x":69,"y":218,"width":834,"height":11}},{"id":"7cc7deb9-89da-4d5a-87cb-8edc9d961180","block_type":"box","text":"in transactions in swaps and options on swaps, as applicable, related to financial instruments, such as securities,","page_number":31,"box":{"x":70,"y":232,"width":815,"height":11}},{"id":"4c5ac14e-bf99-48d9-89a7-d65197adf1e5","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":31,"box":{"x":69,"y":246,"width":833,"height":11}},{"id":"85554465-45ae-499b-84ea-6d848ca24756","block_type":"box","text":"commodities, such as oil or metals.","page_number":31,"box":{"x":69,"y":260,"width":254,"height":11}},{"id":"f1ade5b9-2a63-4382-aaf0-5ad1e195bcf0","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":31,"box":{"x":102,"y":278,"width":768,"height":11}},{"id":"9e4ef3b6-2f91-4438-974e-3e9308fa48f7","block_type":"box","text":"approval the Fund may not:","page_number":31,"box":{"x":69,"y":292,"width":192,"height":11}},{"id":"41548b1f-aee8-4fd5-b8d4-947279342490","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":31,"box":{"x":102,"y":310,"width":751,"height":11}},{"id":"8473c0d5-33c7-4bd9-b693-63fbaaa9303a","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":31,"box":{"x":69,"y":324,"width":759,"height":11}},{"id":"2ce9c55e-263d-4fd4-a71f-0b606d5ee545","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":31,"box":{"x":70,"y":338,"width":829,"height":11}},{"id":"e42ad158-2be2-4f40-8d96-0dcba8c7593f","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":31,"box":{"x":70,"y":352,"width":808,"height":12}},{"id":"a2d322d4-bb12-4a40-b3d6-1e697c8df09a","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":31,"box":{"x":69,"y":366,"width":763,"height":12}},{"id":"e3ad7d39-1e11-4d51-b48a-d04567b3b59a","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":31,"box":{"x":102,"y":384,"width":744,"height":11}},{"id":"efc02ef3-7b26-459e-97fd-01daf983efbf","block_type":"box","text":"restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s","page_number":31,"box":{"x":69,"y":398,"width":791,"height":12}},{"id":"9d470c3d-cdb6-473a-ba1c-55127869cf98","block_type":"box","text":"assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the","page_number":31,"box":{"x":69,"y":412,"width":827,"height":12}},{"id":"633fd656-4e6c-4f72-953e-7f08ecf47153","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until the adviser or sub-adviser determines","page_number":31,"box":{"x":70,"y":427,"width":826,"height":11}},{"id":"deb99a29-8132-4def-a2ee-845b3431dd55","block_type":"box","text":"that it is practicable to sell or close out the investment without undue market or tax consequences.","page_number":31,"box":{"x":68,"y":441,"width":708,"height":11}},{"id":"61fbe33a-5f18-49fc-954c-1722665a50f0","block_type":"box","text":"Restrictions Applicable to the Core Bond Portfolio and the Low Duration Bond Portfolio","page_number":31,"box":{"x":102,"y":459,"width":635,"height":11}},{"id":"4af2c097-cc75-4f71-a8fe-63957163e7d9","block_type":"box","text":"Under these fundamental investment restrictions, each Fund may not:","page_number":31,"box":{"x":102,"y":476,"width":497,"height":12}},{"id":"571113fa-9bab-444e-964f-2d7852a3c549","block_type":"box","text":"1. Concentrate its investments in a particular industry, as that term is used in the Investment Company Act.","page_number":31,"box":{"x":102,"y":494,"width":770,"height":12}},{"id":"45c8ad29-73de-4fdf-8486-97214e652b5a","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":31,"box":{"x":102,"y":512,"width":528,"height":11}},{"id":"3f4bc518-abcb-4d84-909f-f82356db5f5c","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":31,"box":{"x":102,"y":530,"width":694,"height":11}},{"id":"d7d52782-ec9e-4dca-aaa5-89fa3a601458","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are","page_number":31,"box":{"x":101,"y":548,"width":802,"height":11}},{"id":"4fa8ed8b-8149-4625-8900-61be7449840a","block_type":"box","text":"secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related","page_number":31,"box":{"x":69,"y":562,"width":835,"height":11}},{"id":"fba211a5-493f-4d94-b139-61bece1b0795","block_type":"box","text":"securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real","page_number":31,"box":{"x":69,"y":576,"width":817,"height":12}},{"id":"31b54804-3511-48ed-a393-47c3a21ec124","block_type":"box","text":"estate as a result of the ownership of securities or other instruments.","page_number":31,"box":{"x":69,"y":590,"width":497,"height":11}},{"id":"bade53c0-0afa-41cf-91c8-07eafd1a0322","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund","page_number":31,"box":{"x":102,"y":608,"width":785,"height":11}},{"id":"00de5022-afdd-41c3-95d7-2ab0b5fb2668","block_type":"box","text":"may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":31,"box":{"x":69,"y":623,"width":588,"height":11}},{"id":"761f40ea-df53-4961-9cca-98dfa347f72c","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":31,"box":{"x":102,"y":640,"width":787,"height":11}},{"id":"bb7eddb2-41a5-43ca-a3bf-bd03b25e3cca","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":31,"box":{"x":102,"y":658,"width":506,"height":11}},{"id":"a7cd3ecb-8fa5-4626-adaf-ab3f0952b7b9","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":31,"box":{"x":101,"y":676,"width":730,"height":11}},{"id":"42da1236-9785-471d-861f-c8279fc17275","block_type":"box","text":"Investment Company Act.","page_number":31,"box":{"x":70,"y":690,"width":178,"height":11}},{"id":"c5244d14-6098-462a-9da9-400241458fec","block_type":"box","text":"Notations Regarding the Funds’ Fundamental Investment Restrictions","page_number":31,"box":{"x":102,"y":708,"width":494,"height":11}},{"id":"38f0c3f0-2153-4fda-908e-95dbc3ff559c","block_type":"box","text":"The following notations are not considered to be part of each Fund’s fundamental investment restrictions and","page_number":31,"box":{"x":101,"y":726,"width":782,"height":11}},{"id":"7c402ea8-ba81-40b1-9a9b-bc834ced6efb","block_type":"box","text":"are subject to change without shareholder approval.","page_number":31,"box":{"x":69,"y":740,"width":369,"height":11}},{"id":"eea6c2d8-ec06-4dfd-a712-bf7c3058ab53","block_type":"box","text":"With respect to the fundamental policy relating to concentration set forth in (1) above, the Investment Company","page_number":31,"box":{"x":101,"y":758,"width":796,"height":11}},{"id":"d3766fcc-88e7-4bac-bd0b-443d34773600","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":31,"box":{"x":68,"y":772,"width":811,"height":11}},{"id":"563adb62-aa6b-4688-a7cf-13460a7a4e98","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":31,"box":{"x":68,"y":786,"width":833,"height":11}},{"id":"7a9d9abe-5e58-4fed-b487-8e7c74ff147d","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":31,"box":{"x":68,"y":800,"width":836,"height":12}},{"id":"7bb88777-8a5a-4b8b-8e6b-374cd328cf86","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":31,"box":{"x":69,"y":814,"width":815,"height":12}},{"id":"7090c890-82de-4215-b7dd-c1c0442d8815","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":31,"box":{"x":70,"y":828,"width":813,"height":12}},{"id":"9282adbe-bc97-4a88-a3a9-568807e6517e","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":31,"box":{"x":69,"y":843,"width":820,"height":11}},{"id":"b65c1d9e-05bf-4404-86fe-8d741eac79c1","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":31,"box":{"x":69,"y":857,"width":809,"height":11}},{"id":"2a8290f1-a3de-4724-9dcd-80be6a6e295f","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":31,"box":{"x":69,"y":871,"width":772,"height":11}},{"id":"ea64e1b0-4b20-41c0-99a5-bb0ff47261ef","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":31,"box":{"x":69,"y":885,"width":824,"height":11}},{"id":"e9835a73-f72b-410f-9211-bc4b5fc21eaf","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":31,"box":{"x":67,"y":899,"width":829,"height":11}},{"id":"eed44dda-bb2a-4d5a-b9e3-8d34a0b8fc70","block_type":"box","text":"I-8","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"7f66c1f3-b119-40fa-aaef-026a4d813cb4","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":31,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"868f05f8-ecb5-4e8d-84d3-7552637f4011","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":32,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"6674c2f7-a2d6-4a48-8b6d-7c30edeabf4e","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":32,"box":{"x":69,"y":59,"width":840,"height":11}},{"id":"3e1a47b6-db2a-4472-8677-2e16bb16ae93","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":32,"box":{"x":69,"y":73,"width":803,"height":11}},{"id":"2e6638a0-9bb1-4639-af42-473143885bc2","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":32,"box":{"x":70,"y":87,"width":807,"height":11}},{"id":"8ed63f1e-914d-4a31-a25a-98204ee88317","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":32,"box":{"x":70,"y":101,"width":438,"height":11}},{"id":"9b7b3479-76e6-4f9b-a7ee-ad3d5e88b242","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set forth above, the Investment Company Act","page_number":32,"box":{"x":101,"y":119,"width":805,"height":11}},{"id":"aa80bc5b-783c-479a-8cfc-88a31268de91","block_type":"box","text":"permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any","page_number":32,"box":{"x":70,"y":133,"width":782,"height":11}},{"id":"447fdf28-d48e-4c7d-ae74-ac77182d1116","block_type":"box","text":"purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The","page_number":32,"box":{"x":70,"y":147,"width":836,"height":11}},{"id":"aabe8b73-91d6-4aa9-9685-f89ee7a2cd45","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":32,"box":{"x":70,"y":162,"width":816,"height":11}},{"id":"6a1d2f1d-bf6e-4f5f-a2ee-a3b9129a8d53","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":32,"box":{"x":69,"y":175,"width":812,"height":12}},{"id":"20b7000e-888a-4a58-824c-920b619ce5a5","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":32,"box":{"x":69,"y":189,"width":824,"height":12}},{"id":"ff73e9ad-adee-44cc-a308-b5477e94fa82","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to","page_number":32,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"a2786899-9ddf-4fe7-ab61-4629b242d4b4","block_type":"box","text":"increase portfolio holdings is known as “leveraging.” Certain trading practices and investments, such as reverse","page_number":32,"box":{"x":70,"y":218,"width":801,"height":11}},{"id":"ce3dd160-20c1-4c65-aa10-3ed4e8542aac","block_type":"box","text":"repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the","page_number":32,"box":{"x":69,"y":232,"width":772,"height":11}},{"id":"8c4f647e-c7f4-42c1-8ea5-ab3ca1e478ce","block_type":"box","text":"Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company Act, when the","page_number":32,"box":{"x":70,"y":246,"width":810,"height":11}},{"id":"67660a59-a026-4a42-8748-9164ac663719","block_type":"box","text":"Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain","page_number":32,"box":{"x":70,"y":260,"width":828,"height":11}},{"id":"7e138628-e0d5-43dd-8ad5-68fef06697cf","block_type":"box","text":"asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or","page_number":32,"box":{"x":69,"y":274,"width":803,"height":11}},{"id":"aec1fe10-1516-4cb1-a850-d5c03708ee7a","block_type":"box","text":"(ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to such","page_number":32,"box":{"x":69,"y":288,"width":746,"height":11}},{"id":"05ab033a-1841-467a-aac6-ca27112898d3","block_type":"box","text":"transactions. Short-term credits necessary for the settlement of securities transactions and arrangements with","page_number":32,"box":{"x":68,"y":302,"width":793,"height":12}},{"id":"ac246839-8f4d-4729-a571-af7d1a76b9e7","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":32,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"479e6faa-4136-4ef7-ab0d-afae9c9742a8","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":32,"box":{"x":69,"y":331,"width":643,"height":11}},{"id":"5a40dc66-1f1a-41d9-b005-ea8d6a72a431","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set forth in (5) above, the Investment Company","page_number":32,"box":{"x":101,"y":348,"width":788,"height":12}},{"id":"2751046d-d249-45c6-b3a2-d2eb8660bda9","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":32,"box":{"x":68,"y":363,"width":840,"height":11}},{"id":"3029ede8-62a1-4cf4-8555-cf5e86a301f9","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Fund to have underwriting","page_number":32,"box":{"x":70,"y":377,"width":825,"height":11}},{"id":"0f13873f-12f8-496e-b4f7-b52111a6cb88","block_type":"box","text":"commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the","page_number":32,"box":{"x":69,"y":391,"width":811,"height":11}},{"id":"80d21dab-0427-4c81-a909-c924078e5c3a","block_type":"box","text":"amount of the Fund’s underwriting commitments, when added to the value of the Fund’s investments in issuers","page_number":32,"box":{"x":69,"y":405,"width":796,"height":11}},{"id":"4b0deaf7-af01-4098-a4fd-8946563f9bf2","block_type":"box","text":"where the Fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25%","page_number":32,"box":{"x":68,"y":419,"width":818,"height":11}},{"id":"b617f368-e82c-46ad-8fbb-07da3ef8a9b4","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered","page_number":32,"box":{"x":69,"y":433,"width":833,"height":11}},{"id":"ef469576-536c-4737-a3c0-13ca2a0b7579","block_type":"box","text":"to be an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed","page_number":32,"box":{"x":68,"y":447,"width":831,"height":12}},{"id":"3ea501f4-5e74-4ec3-a7ea-e9557bcda2a6","block_type":"box","text":"that the application of the Securities Act provisions described above would cause the Fund to be engaged in the","page_number":32,"box":{"x":68,"y":461,"width":799,"height":12}},{"id":"0e6114f1-1f12-470f-9e30-84c91ff2e0d5","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in","page_number":32,"box":{"x":69,"y":475,"width":769,"height":12}},{"id":"37246700-6f23-4acc-86c9-da81be350ea5","block_type":"box","text":"transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be","page_number":32,"box":{"x":68,"y":490,"width":811,"height":11}},{"id":"7384db79-cbd1-4135-bda7-d07b0180dd1a","block_type":"box","text":"considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the","page_number":32,"box":{"x":69,"y":504,"width":834,"height":11}},{"id":"1fcee692-6c1a-4665-b841-2d70a7f4f713","block_type":"box","text":"extent permitted by applicable law.","page_number":32,"box":{"x":69,"y":518,"width":245,"height":11}},{"id":"67eb122d-3b7e-4e29-bed4-e0b85fd99833","block_type":"box","text":"With respect to the fundamental policy relating to lending set forth in (7) above, the Investment Company Act","page_number":32,"box":{"x":101,"y":536,"width":778,"height":11}},{"id":"47142313-186d-4589-8d52-a40bf95f12f5","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":32,"box":{"x":69,"y":550,"width":759,"height":11}},{"id":"d2ad79cc-b04c-4ea5-8bb8-89f9c7e6e706","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":32,"box":{"x":70,"y":564,"width":807,"height":11}},{"id":"8d9c3c53-1b19-4783-a65b-cb5aa803af3e","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":32,"box":{"x":69,"y":578,"width":784,"height":11}},{"id":"257dc428-8b9c-45e7-9941-525a84ac35c3","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":32,"box":{"x":69,"y":592,"width":791,"height":11}},{"id":"5209b84a-b9cd-44d3-a3ef-48f5062c9fc3","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":32,"box":{"x":70,"y":606,"width":803,"height":11}},{"id":"1b73a8bf-9737-48b4-a4ac-df3f94f50e45","block_type":"box","text":"loans.","page_number":32,"box":{"x":70,"y":621,"width":40,"height":8}},{"id":"3aae7636-b146-4a74-afd4-c70d73513447","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":32,"box":{"x":101,"y":638,"width":777,"height":11}},{"id":"3bb89eee-fc84-4715-957a-58a869215f21","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":32,"box":{"x":70,"y":652,"width":751,"height":12}},{"id":"95342d6d-88b5-4354-a4cd-abce1594c8ee","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":32,"box":{"x":68,"y":666,"width":812,"height":12}},{"id":"e46f5899-e9a9-43ee-8b2e-4008d72e52e6","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":32,"box":{"x":69,"y":681,"width":827,"height":11}},{"id":"ded0f0cd-3a74-4559-99ad-dfcd697616d1","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":32,"box":{"x":69,"y":695,"width":781,"height":11}},{"id":"679ef4f3-e30a-4276-93ab-4675253d0f2c","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":32,"box":{"x":69,"y":709,"width":759,"height":11}},{"id":"10b1ea14-ca4d-47da-916d-11121414b489","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":32,"box":{"x":70,"y":723,"width":774,"height":11}},{"id":"07ecb43a-4f2a-449d-a365-75f92e8c2118","block_type":"box","text":"shareholder approval.","page_number":32,"box":{"x":69,"y":737,"width":153,"height":11}},{"id":"45c3c95f-3c9d-4777-9d2c-d49d6941d7ee","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":32,"box":{"x":102,"y":755,"width":768,"height":11}},{"id":"fcd08ac4-4795-4b1b-abb5-610e7fdb7fa1","block_type":"box","text":"approval, each Fund may not:","page_number":32,"box":{"x":69,"y":769,"width":208,"height":11}},{"id":"dac69b91-0a90-4c63-ae9b-317399e9208a","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":32,"box":{"x":102,"y":787,"width":742,"height":11}},{"id":"338522ea-7d2c-408b-a311-ddee65c7b181","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":32,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"a59a0961-b612-4ca1-9539-53683a05fd2a","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":32,"box":{"x":70,"y":815,"width":829,"height":11}},{"id":"276b498e-4e85-434a-a199-0be1c954eca6","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":32,"box":{"x":70,"y":829,"width":808,"height":11}},{"id":"ef4cd505-66e5-4af9-b6e9-d76ec3400824","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":32,"box":{"x":69,"y":843,"width":763,"height":12}},{"id":"ecb689bf-a2f5-4ad9-a194-d09cf1173c93","block_type":"box","text":"Unless otherwise indicated, all limitations under a Fund’s fundamental or non-fundamental investment","page_number":32,"box":{"x":102,"y":861,"width":730,"height":11}},{"id":"b625e237-7949-4775-be53-1417ebb20764","block_type":"box","text":"restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s","page_number":32,"box":{"x":69,"y":875,"width":791,"height":12}},{"id":"d2daff1d-502e-40ef-bef2-9653b26d0024","block_type":"box","text":"assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the","page_number":32,"box":{"x":69,"y":889,"width":827,"height":12}},{"id":"4aec0b63-1475-401f-a887-e4d53f42885d","block_type":"box","text":"I-9","page_number":32,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5d4caf03-6ba9-4033-a95f-62ad7c9e0253","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":32,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"57659c2a-3eb5-43ff-aff9-e0f4751b4844","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until the adviser or sub-adviser determines","page_number":33,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"6cf96e89-cf2c-4564-bab0-8a9f382e6a2f","block_type":"box","text":"that it is practicable to sell or close out the investment without undue market or tax consequences.","page_number":33,"box":{"x":68,"y":59,"width":708,"height":11}},{"id":"0ecc6dbe-bc43-4f31-9780-d1c00a78b266","block_type":"box","text":"III. Information on Trustees and Officers","page_number":33,"box":{"x":69,"y":80,"width":290,"height":9}},{"id":"24868380-9aaf-4ccf-ae0c-365f278d6a57","block_type":"box","text":"The Board consists of ten individuals (each a “Trustee”), eight of whom are not “interested persons” of the Trust","page_number":33,"box":{"x":101,"y":98,"width":807,"height":12}},{"id":"5073f1be-5af2-43f8-8485-e77098b0c04a","block_type":"box","text":"as defined in the Investment Company Act (the “Independent Trustees”). The registered investment companies","page_number":33,"box":{"x":69,"y":112,"width":791,"height":12}},{"id":"6a75442a-4227-4971-a611-1149438dff69","block_type":"box","text":"advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset","page_number":33,"box":{"x":69,"y":126,"width":838,"height":12}},{"id":"6123ebce-7299-4b7d-ac1b-3130b0f2d5bc","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund Complex”). The","page_number":33,"box":{"x":69,"y":141,"width":824,"height":11}},{"id":"80085c9f-1790-4da1-b079-cda91ad176a8","block_type":"box","text":"Fund is included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income Complex. The Trustees","page_number":33,"box":{"x":70,"y":155,"width":817,"height":11}},{"id":"46ecada2-afac-46bf-9298-121b7b3e0ffd","block_type":"box","text":"also oversee as board members the operations of the other open-end and closed-end registered investment","page_number":33,"box":{"x":69,"y":169,"width":769,"height":11}},{"id":"97ff0880-7b67-4e78-949d-188768423504","block_type":"box","text":"companies included in the BlackRock Fixed-Income Complex.","page_number":33,"box":{"x":69,"y":183,"width":431,"height":11}},{"id":"b2d4be27-fef5-46b9-bbbc-d9ff04cdc2a9","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust. The Chair of the Board and the Chief Executive","page_number":33,"box":{"x":101,"y":201,"width":804,"height":11}},{"id":"1b283d0c-5039-4493-90c9-5e83b6e524f4","block_type":"box","text":"Officer are different people. Not only is the Chair of the Board an Independent Trustee, but also the Chair of each","page_number":33,"box":{"x":69,"y":215,"width":809,"height":11}},{"id":"4336ae0c-1d56-4a86-809e-e4d6c3c5c968","block_type":"box","text":"Board committee (each, a “Committee”) is an Independent Trustee. The Board has six standing Committees: an","page_number":33,"box":{"x":70,"y":229,"width":798,"height":11}},{"id":"d17666b0-178b-47af-9d16-08783e0b46a6","block_type":"box","text":"Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight","page_number":33,"box":{"x":68,"y":243,"width":801,"height":11}},{"id":"fe272d27-bf80-4c9e-ad92-536f5ddc8ad6","block_type":"box","text":"Committee, a Securities Lending Committee and an Executive Committee. The role of the Chair of the Board is to","page_number":33,"box":{"x":69,"y":257,"width":806,"height":12}},{"id":"e7ba1fa6-7782-4504-8fbf-41e8cd08d838","block_type":"box","text":"preside over all meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other","page_number":33,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"acc717e5-bdaf-48b0-8ee4-72556932abbc","block_type":"box","text":"Trustees between meetings. The Chair of each Committee performs a similar role with respect to the Committee. The","page_number":33,"box":{"x":68,"y":285,"width":839,"height":12}},{"id":"b46faa3c-1ebb-4be8-96e0-019a7a502508","block_type":"box","text":"Chair of the Board or a Committee may also perform such other functions as may be delegated by the Board or the","page_number":33,"box":{"x":69,"y":300,"width":821,"height":11}},{"id":"2f6a4634-2498-4934-8143-e492a24165f6","block_type":"box","text":"Committee from time to time. The Independent Trustees meet regularly outside the presence of Fund management,","page_number":33,"box":{"x":69,"y":314,"width":822,"height":11}},{"id":"877d5f50-db7b-4018-a7ab-e09ef8ee120f","block_type":"box","text":"in executive sessions or with other service providers to the Funds. The Board has regular meetings five times a year,","page_number":33,"box":{"x":70,"y":328,"width":830,"height":11}},{"id":"dc0febf0-207d-4679-a928-8754067ec429","block_type":"box","text":"including a meeting to consider the approval of the Funds’ investment management agreement, and, if necessary,","page_number":33,"box":{"x":70,"y":342,"width":811,"height":11}},{"id":"e53cbf8b-3065-4f04-a4b6-d43bd10def78","block_type":"box","text":"may hold special meetings before its next regular meeting. The Audit Committee, the Governance and Nominating","page_number":33,"box":{"x":69,"y":356,"width":810,"height":11}},{"id":"3b8854bf-f62a-45f0-8974-ca2104ab9fb9","block_type":"box","text":"Committee, the Compliance Committee, the Performance Oversight Committee and the Securities Lending","page_number":33,"box":{"x":69,"y":370,"width":758,"height":11}},{"id":"5aa5eb55-ad7a-4afd-9e93-e79488e36af4","block_type":"box","text":"Committee each meets regularly and the Executive Committee meets on an ad hoc basis to conduct the oversight","page_number":33,"box":{"x":69,"y":384,"width":811,"height":12}},{"id":"82a9c138-834b-4533-8e54-059d9b1f2ad2","block_type":"box","text":"functions delegated to that Committee by the Board and reports its findings to the Board. The Board and each","page_number":33,"box":{"x":68,"y":398,"width":787,"height":12}},{"id":"68db6cc6-b98d-4815-8ce5-2c31cd9f7a6c","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has","page_number":33,"box":{"x":69,"y":412,"width":758,"height":12}},{"id":"021d5f18-a06e-4ceb-a487-da4f4fada8b4","block_type":"box","text":"determined that the Board’s leadership structure is appropriate because it allows the Board to exercise independent","page_number":33,"box":{"x":69,"y":427,"width":833,"height":11}},{"id":"e15334b9-2dbc-47a1-8fa6-0932a63492a5","block_type":"box","text":"judgment over management and to allocate areas of responsibility among Committees and the Board to enhance","page_number":33,"box":{"x":67,"y":441,"width":807,"height":11}},{"id":"d0a83903-bebf-4eb3-a69e-510b5370bdd9","block_type":"box","text":"oversight.","page_number":33,"box":{"x":69,"y":455,"width":67,"height":11}},{"id":"1aac3ed9-8b2d-4968-a97b-e155c079b570","block_type":"box","text":"The Board decided to separate the roles of Chief Executive Officer from the Chair because it believes that having","page_number":33,"box":{"x":101,"y":473,"width":805,"height":11}},{"id":"51bdf406-4b44-4045-8770-3343c4bf4cd6","block_type":"box","text":"an independent Chair:","page_number":33,"box":{"x":69,"y":487,"width":155,"height":11}},{"id":"9c8eb90d-ee79-4d92-b6ba-d2b69b58f85a","block_type":"box","text":"•","page_number":33,"box":{"x":102,"y":506,"width":6,"height":5}},{"id":"a2edc0d5-c7fd-41be-a243-257d55a1fef5","block_type":"box","text":"increases the independent oversight of the Funds and enhances the Board’s objective evaluation of the","page_number":33,"box":{"x":135,"y":503,"width":737,"height":12}},{"id":"ed5a31f3-8a2c-4176-8725-a4596437daf2","block_type":"box","text":"Chief Executive Officer;","page_number":33,"box":{"x":134,"y":518,"width":164,"height":10}},{"id":"9dd3f2ee-f006-4bab-8ca4-204619cd008e","block_type":"box","text":"•","page_number":33,"box":{"x":102,"y":537,"width":6,"height":5}},{"id":"908a368f-9df6-48d2-b442-17387872bcf0","block_type":"box","text":"allows the Chief Executive Officer to focus on the Funds’ operations instead of Board administration;","page_number":33,"box":{"x":134,"y":534,"width":717,"height":11}},{"id":"be75f9b7-1a3c-43f7-81ef-a8d282334f4e","block_type":"box","text":"•","page_number":33,"box":{"x":102,"y":554,"width":6,"height":4}},{"id":"057952ad-d7df-4337-8471-568ce56d1012","block_type":"box","text":"provides greater opportunities for direct and independent communication between shareholders and the","page_number":33,"box":{"x":135,"y":551,"width":742,"height":11}},{"id":"2ec62286-3a82-4eaa-bae7-91009d158e90","block_type":"box","text":"Board; and","page_number":33,"box":{"x":135,"y":565,"width":76,"height":10}},{"id":"e21f426a-3793-4dda-87c5-d2de322d1db4","block_type":"box","text":"•","page_number":33,"box":{"x":102,"y":584,"width":6,"height":5}},{"id":"fb94fc2c-67aa-47dd-913b-5724211cdd8d","block_type":"box","text":"provides an independent spokesman for the Funds.","page_number":33,"box":{"x":135,"y":581,"width":364,"height":11}},{"id":"6d3ed440-3cb0-4de2-8eb5-e760c399d180","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":33,"box":{"x":101,"y":599,"width":777,"height":12}},{"id":"10830908-e611-44d7-bee8-b0273f10ce7e","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":33,"box":{"x":69,"y":613,"width":832,"height":12}},{"id":"b00ba36e-12fc-4590-af6b-0ff996b3b7dd","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Funds’ charter, and the Funds’","page_number":33,"box":{"x":68,"y":628,"width":818,"height":11}},{"id":"d7d0c06b-3b48-4184-b355-020b8d289d80","block_type":"box","text":"investment objectives and strategies. The Board reviews, on an ongoing basis, each Fund’s performance, operations,","page_number":33,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"b91aca95-4afb-4e85-afe4-0c4a8e8d8866","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":33,"box":{"x":69,"y":656,"width":819,"height":11}},{"id":"f70bbe24-6444-4436-8ff2-a05e9f12b15b","block_type":"box","text":"the operations of the Funds.","page_number":33,"box":{"x":68,"y":670,"width":201,"height":11}},{"id":"163f6862-30d6-48ea-a142-56159d07b177","block_type":"box","text":"Day-to-day risk management with respect to each Fund is the responsibility of the Manager, sub-advisers or other","page_number":33,"box":{"x":102,"y":688,"width":805,"height":11}},{"id":"c42804b3-ec79-4fc3-9e36-79e57f3c9d08","block_type":"box","text":"service providers (depending on the nature of the risk), subject to the supervision of the Manager. Each Fund is","page_number":33,"box":{"x":69,"y":702,"width":795,"height":11}},{"id":"5ea0da13-20c8-4c70-90f5-282918991bff","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":33,"box":{"x":69,"y":716,"width":832,"height":11}},{"id":"467410c8-75c6-47b6-8d8b-37077156ec79","block_type":"box","text":"there are a number of risk management functions performed by the Manager, sub-advisers or other service providers,","page_number":33,"box":{"x":68,"y":730,"width":839,"height":11}},{"id":"032fb330-dedd-4ce2-bf91-e09dd4a70376","block_type":"box","text":"as applicable, it is not possible to eliminate all of the risks applicable to the Funds. Risk oversight is part of the","page_number":33,"box":{"x":69,"y":744,"width":798,"height":12}},{"id":"129ce050-3932-447a-8a8e-96561c9efe11","block_type":"box","text":"Board’s general oversight of each Fund and is addressed as part of various Board and Committee activities. The","page_number":33,"box":{"x":70,"y":758,"width":801,"height":12}},{"id":"d8aebfe0-064c-42c4-a178-29ac3c198612","block_type":"box","text":"Board, directly or through Committees, also reviews reports from, among others, management, the independent","page_number":33,"box":{"x":70,"y":772,"width":799,"height":12}},{"id":"5405e254-77c8-4a07-b0a6-8dffac179d5b","block_type":"box","text":"registered public accounting firm for each Fund, the Manager, sub-advisers and internal auditors for the Manager or","page_number":33,"box":{"x":69,"y":787,"width":823,"height":11}},{"id":"f7823e59-8e1f-459b-acec-e8fcbb51e1d1","block_type":"box","text":"its affiliates, as appropriate, regarding risks faced by each Fund and management’s or the service provider’s risk","page_number":33,"box":{"x":70,"y":801,"width":807,"height":11}},{"id":"e2c001b2-c272-4a8e-a09f-9818c472cbd4","block_type":"box","text":"functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees and","page_number":33,"box":{"x":68,"y":815,"width":809,"height":11}},{"id":"e23ce9fc-3f25-4b2e-9895-ef848b0ca422","block_type":"box","text":"facilitates effective oversight of compliance with legal and regulatory requirements and of each Fund’s activities and","page_number":33,"box":{"x":68,"y":829,"width":829,"height":11}},{"id":"60f494f3-52b8-4b19-8e5b-32b7e0d51526","block_type":"box","text":"associated risks. The Board has approved the appointment of a Chief Compliance Officer (“CCO”), who oversees the","page_number":33,"box":{"x":69,"y":843,"width":831,"height":11}},{"id":"2bc3cbe4-5314-4c11-9751-7e4dda2ecf4c","block_type":"box","text":"implementation and testing of the Funds’ compliance program and reports regularly to the Board regarding","page_number":33,"box":{"x":70,"y":857,"width":760,"height":11}},{"id":"582cf26c-8dd8-4149-ad7d-38b46401fc08","block_type":"box","text":"compliance matters for the Funds and their service providers. The Independent Trustees have engaged independent","page_number":33,"box":{"x":69,"y":871,"width":827,"height":12}},{"id":"a9200c6d-8bc8-487a-96fd-f323e06a0e86","block_type":"box","text":"legal counsel to assist them in performing their oversight responsibilities.","page_number":33,"box":{"x":70,"y":885,"width":524,"height":12}},{"id":"df2beb50-d489-4082-b136-597d1ddf5318","block_type":"box","text":"I-10","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c3bc1e50-c1f4-4902-b6bc-78d9b0239200","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":33,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cb06deb2-432f-4c30-87d7-86a0bb6657ed","block_type":"box","text":"Audit Committee.","page_number":34,"box":{"x":101,"y":45,"width":122,"height":9}},{"id":"15215cf9-efa4-49de-af3c-246db679748c","block_type":"box","text":"The Board has a standing Audit Committee composed of Catherine A. Lynch (Chair), Lorenzo A.","page_number":34,"box":{"x":229,"y":45,"width":676,"height":11}},{"id":"00d4bbc1-177d-4484-aef2-52e6e827c884","block_type":"box","text":"Flores, J. Phillip Holloman and Arthur P. Steinmetz, all of whom are Independent Trustees. The principal","page_number":34,"box":{"x":70,"y":59,"width":734,"height":11}},{"id":"a460a28f-5bf6-4687-a524-942f53d92fbe","block_type":"box","text":"responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the","page_number":34,"box":{"x":69,"y":73,"width":834,"height":11}},{"id":"4403b1c6-6c8e-412f-8c39-4d0d349e5617","block_type":"box","text":"accounting and financial reporting policies and practices of the Funds. The Audit Committee’s responsibilities","page_number":34,"box":{"x":69,"y":87,"width":781,"height":11}},{"id":"3f3cf263-a50d-4755-9887-8c68892ee66b","block_type":"box","text":"include, without limitation: (i) approving, and recommending to the full Board for approval, the selection, retention,","page_number":34,"box":{"x":70,"y":101,"width":813,"height":11}},{"id":"e3bb20b0-5270-411d-ba0c-3b9a9df44400","block_type":"box","text":"termination and compensation of the Funds’ independent registered public accounting firm (the “Independent","page_number":34,"box":{"x":68,"y":115,"width":782,"height":11}},{"id":"fb1c1b08-59b1-4470-a78b-036dc81493a7","block_type":"box","text":"Registered Public Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered","page_number":34,"box":{"x":70,"y":129,"width":820,"height":12}},{"id":"57c7cc9d-c242-4c31-b71c-8822f37f4f47","block_type":"box","text":"Public Accounting Firm; (ii) approving all audit engagement terms and fees for the Funds; (iii) reviewing the conduct","page_number":34,"box":{"x":69,"y":143,"width":818,"height":12}},{"id":"79693e1c-2891-46a1-8194-45e21de4fb91","block_type":"box","text":"and results of each audit; (iv) reviewing any issues raised by the Funds’ Independent Registered Public Accounting","page_number":34,"box":{"x":69,"y":157,"width":814,"height":12}},{"id":"85f99bd8-2a25-4bb2-a5b4-12b5a7df8389","block_type":"box","text":"Firm or management regarding the accounting or financial reporting policies and practices of the Funds, its internal","page_number":34,"box":{"x":70,"y":172,"width":819,"height":11}},{"id":"d3e12cb3-4f93-406e-a312-a670aafc1f53","block_type":"box","text":"controls, and, as appropriate, the internal controls of certain service providers and management’s response to any","page_number":34,"box":{"x":69,"y":186,"width":822,"height":11}},{"id":"72a7bed9-24a7-44f1-972c-58a3c6453081","block_type":"box","text":"such issues; (v) reviewing and discussing the Funds’ audited and unaudited financial statements and disclosure in","page_number":34,"box":{"x":69,"y":200,"width":816,"height":11}},{"id":"5a24933a-043e-432d-b3d2-ea371c1df4c4","block_type":"box","text":"the Funds’ shareholder reports relating to the Funds’ performance; (vi) assisting the Board’s responsibilities with","page_number":34,"box":{"x":68,"y":214,"width":809,"height":11}},{"id":"70917621-716d-49e9-8e8c-fb751912e861","block_type":"box","text":"respect to the internal controls of the Funds and its service providers with respect to accounting and financial","page_number":34,"box":{"x":69,"y":228,"width":782,"height":11}},{"id":"c50eb6f1-dec0-4603-ab62-98d43c156d1e","block_type":"box","text":"matters; and (vii) resolving any disagreements between the Funds’ management and the Funds’ Independent","page_number":34,"box":{"x":69,"y":242,"width":777,"height":11}},{"id":"988fe59f-a9aa-4ba4-9db3-e3853b144b7e","block_type":"box","text":"Registered Public Accounting Firm regarding financial reporting. The Board has adopted a written charter for the","page_number":34,"box":{"x":70,"y":256,"width":795,"height":12}},{"id":"ebd6273c-5822-4165-8059-a8ad469a1caf","block_type":"box","text":"Board’s Audit Committee. During the fiscal year ended September 30, 2025, the Audit Committee met eight times.","page_number":34,"box":{"x":70,"y":270,"width":818,"height":12}},{"id":"3b272a5f-526c-4896-b206-da9a1a0d51e2","block_type":"box","text":"Governance and Nominating Committee.","page_number":34,"box":{"x":102,"y":288,"width":286,"height":12}},{"id":"4205a6a1-4fbb-410f-b5ab-976446a6cc99","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":34,"box":{"x":394,"y":288,"width":471,"height":12}},{"id":"72eb6339-aebe-4b69-b3af-70ab46e8c48e","block_type":"box","text":"composed of W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman, R. Glenn Hubbard and Catherine A. Lynch,","page_number":34,"box":{"x":69,"y":302,"width":819,"height":12}},{"id":"c93a208d-4916-4b63-ab7b-5b92e60302a1","block_type":"box","text":"all of whom are Independent Trustees. The principal responsibilities of the Governance and Nominating Committee","page_number":34,"box":{"x":69,"y":316,"width":817,"height":12}},{"id":"114a9ecc-e7ad-4a00-a67f-0646af475adb","block_type":"box","text":"are: (i) identifying individuals qualified to serve as Independent Trustees and recommending Board nominees that are","page_number":34,"box":{"x":69,"y":331,"width":838,"height":11}},{"id":"800c4e96-db71-4541-9595-d21e94a0dae1","block_type":"box","text":"not “interested persons” of the Funds (as defined in the Investment Company Act) for election by shareholders or","page_number":34,"box":{"x":69,"y":345,"width":809,"height":11}},{"id":"046f987d-e23a-4ecd-be2c-186ffb277924","block_type":"box","text":"appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and Committees of","page_number":34,"box":{"x":69,"y":359,"width":829,"height":11}},{"id":"f661a320-7c62-4a6f-8cf8-949c71104593","block_type":"box","text":"the Board (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees","page_number":34,"box":{"x":68,"y":373,"width":829,"height":11}},{"id":"6a015b4c-0506-4888-9475-605b0b0a75af","block_type":"box","text":"of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect to Independent","page_number":34,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"a1c00173-51e4-40fb-bfd8-4073d7c88cc8","block_type":"box","text":"Trustee compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof","page_number":34,"box":{"x":68,"y":401,"width":837,"height":11}},{"id":"4d614aab-fbb5-460a-a88c-d444d43a0ea8","block_type":"box","text":"to the Board; (vi) acting as the administrative committee with respect to Board policies and procedures, committee","page_number":34,"box":{"x":68,"y":415,"width":820,"height":12}},{"id":"5a3bf79d-9ce7-4def-b4c9-342ff18dfed2","block_type":"box","text":"policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent","page_number":34,"box":{"x":70,"y":429,"width":796,"height":12}},{"id":"c642fd72-d0fe-43ed-a6ff-3f48b370e7d7","block_type":"box","text":"Trustees; and (vii) reviewing and making recommendations to the Board in respect of Fund share ownership by the","page_number":34,"box":{"x":68,"y":443,"width":816,"height":12}},{"id":"3238ae97-5bee-433a-a9c0-6f084c885ee4","block_type":"box","text":"Independent Trustees. The Board has adopted a written charter for the Board’s Governance and Nominating","page_number":34,"box":{"x":70,"y":458,"width":770,"height":11}},{"id":"ec91e829-5a6e-4a21-bd6b-3bb8e0b077b5","block_type":"box","text":"Committee. During the fiscal year ended September 30, 2025, the Governance and Nominating Committee met four","page_number":34,"box":{"x":69,"y":472,"width":828,"height":11}},{"id":"c49c83fc-08bd-4b12-a2db-0457cc8d3a12","block_type":"box","text":"times.","page_number":34,"box":{"x":68,"y":486,"width":43,"height":9}},{"id":"28aedec4-edfb-4fb6-923c-b82869c1062b","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board who","page_number":34,"box":{"x":101,"y":504,"width":803,"height":11}},{"id":"a436101a-263e-46b4-bc76-2ae52ad51a34","block_type":"box","text":"have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be","page_number":34,"box":{"x":69,"y":518,"width":825,"height":11}},{"id":"57e27f33-3980-4528-80b9-cf522b207026","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Funds’ activities. In so doing, the Governance and","page_number":34,"box":{"x":69,"y":532,"width":759,"height":11}},{"id":"a8022f8e-be59-431d-aa89-2bff25fac0c3","block_type":"box","text":"Nominating Committee reviews the size of the Board, the ages of the current Trustees and their tenure on the Board,","page_number":34,"box":{"x":70,"y":546,"width":833,"height":11}},{"id":"b22a0e12-299a-4f89-967a-aca457784bbf","block_type":"box","text":"and the skills, background and experiences of the Trustees in light of the issues facing the Funds in determining","page_number":34,"box":{"x":69,"y":560,"width":802,"height":11}},{"id":"3a50b569-63bd-4ede-82d3-362a57cc8a83","block_type":"box","text":"whether one or more new trustees should be added to the Board. The Board as a group strives to achieve diversity in","page_number":34,"box":{"x":68,"y":574,"width":836,"height":12}},{"id":"571f6901-38c0-4d41-aeda-83abfd413372","block_type":"box","text":"terms of gender, race and geographic location. The Governance and Nominating Committee believes that the","page_number":34,"box":{"x":68,"y":588,"width":775,"height":12}},{"id":"a8442f8f-87e0-488d-ba3a-80b059b8bffa","block_type":"box","text":"Trustees as a group possess the array of skills, experiences and backgrounds necessary to guide the Funds. The","page_number":34,"box":{"x":68,"y":602,"width":810,"height":12}},{"id":"bc819508-14a9-4df8-b7db-bb8d7c4cced2","block_type":"box","text":"Trustees’ biographies included herein highlight the diversity and breadth of skills, qualifications and expertise that","page_number":34,"box":{"x":68,"y":617,"width":815,"height":11}},{"id":"5e8420e8-4ec8-4098-8a15-25ecfe3c8a9e","block_type":"box","text":"the Trustees bring to the Funds.","page_number":34,"box":{"x":68,"y":631,"width":227,"height":11}},{"id":"669a4b7e-ac57-4b3b-8f4b-61ed29b2a3a9","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Trustees made by the Funds’","page_number":34,"box":{"x":101,"y":649,"width":740,"height":11}},{"id":"3ae85bdc-d68e-4adc-b7a7-d98de189c90b","block_type":"box","text":"shareholders as it deems appropriate. Under the Trust’s Bylaws, shareholders must follow certain procedures to","page_number":34,"box":{"x":69,"y":663,"width":803,"height":11}},{"id":"dede0cce-3ffb-4124-b084-9547b4767ef9","block_type":"box","text":"nominate a person for election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under","page_number":34,"box":{"x":69,"y":677,"width":805,"height":11}},{"id":"6a0cf19a-f746-4e11-b5c0-ae078d4d7afe","block_type":"box","text":"these advance notice procedures, shareholders must submit the proposed nominee by delivering a notice to the","page_number":34,"box":{"x":68,"y":691,"width":801,"height":11}},{"id":"0409bfb9-761e-460c-95cd-33df55532d32","block_type":"box","text":"Secretary of the Fund at its principal executive offices no later than the close of business on the fifth (5th) day","page_number":34,"box":{"x":69,"y":705,"width":790,"height":11}},{"id":"3802afaf-7a3a-4ef4-a780-19729a92a490","block_type":"box","text":"following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the","page_number":34,"box":{"x":68,"y":719,"width":784,"height":11}},{"id":"d861cbe6-fab9-41ce-b4d0-8c4c9a247f3c","block_type":"box","text":"meeting was made, whichever first occurs.","page_number":34,"box":{"x":69,"y":733,"width":302,"height":11}},{"id":"513058f7-c588-4e46-9df4-aaebefa02ebf","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include certain information about the","page_number":34,"box":{"x":101,"y":751,"width":769,"height":11}},{"id":"a2432be4-c9d0-4eda-bb50-b96f83d38348","block_type":"box","text":"shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":34,"box":{"x":69,"y":765,"width":791,"height":11}},{"id":"d7aeacd2-6566-4bdd-bf1c-fb6d7ecf2ae1","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details.","page_number":34,"box":{"x":69,"y":779,"width":615,"height":11}},{"id":"bd2009c4-de93-4f7d-b425-0e74ed4b1498","block_type":"box","text":"Compliance Committee.","page_number":34,"box":{"x":102,"y":797,"width":168,"height":11}},{"id":"cf963e43-e37b-4faa-b86a-de287d4de18f","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":34,"box":{"x":276,"y":797,"width":628,"height":11}},{"id":"067edd01-dc21-481f-a802-d15ef5db397c","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Trustees. The Compliance Committee’s","page_number":34,"box":{"x":70,"y":811,"width":813,"height":11}},{"id":"9ff61b02-e643-428c-a3e0-c99f03591a5e","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary","page_number":34,"box":{"x":70,"y":825,"width":814,"height":12}},{"id":"a888de4a-f3d5-4954-81bb-ca8073936fa2","block_type":"box","text":"compliance matters involving the Trust, the fund-related activities of BlackRock, and any sub-advisers and the Trust’s","page_number":34,"box":{"x":69,"y":839,"width":834,"height":12}},{"id":"054c98c0-b93d-4e8d-898b-960f8dafd39a","block_type":"box","text":"other third party service providers. The Compliance Committee’s responsibilities include, without limitation:","page_number":34,"box":{"x":69,"y":854,"width":765,"height":11}},{"id":"833e4437-c8ff-4873-aa34-881eda318fe5","block_type":"box","text":"(i) overseeing the compliance policies and procedures of the Trust and its service providers and recommending","page_number":34,"box":{"x":69,"y":868,"width":793,"height":11}},{"id":"23f74576-02dd-4802-b55c-ca9cfd1d9912","block_type":"box","text":"changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,","page_number":34,"box":{"x":69,"y":882,"width":762,"height":11}},{"id":"3b31bb69-857b-4c51-b258-6501b9e498fa","block_type":"box","text":"recommending policies concerning the Trust’s compliance with applicable law; (iii) reviewing information on any","page_number":34,"box":{"x":69,"y":896,"width":792,"height":11}},{"id":"86258150-78a4-4ee4-9e0b-f8d78ece7cf1","block_type":"box","text":"significant correspondence with or other actions by regulators or governmental agencies with respect to the Trust’s","page_number":34,"box":{"x":69,"y":910,"width":820,"height":11}},{"id":"f5b8a0cd-6592-45c6-92f0-d7a09c89a67f","block_type":"box","text":"I-11","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"99a43b7e-0ae9-457e-8371-4a53444e263d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":34,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4aa09482-6ebe-41a1-aa98-203e5df31e5b","block_type":"box","text":"and any employee complaints or published reports that raise concerns regarding compliance matters; and","page_number":35,"box":{"x":69,"y":45,"width":756,"height":11}},{"id":"806002a4-8cac-4cf9-94fc-577be931aa23","block_type":"box","text":"(iv) reviewing reports from, overseeing the annual performance review of, and making certain recommendations in","page_number":35,"box":{"x":69,"y":59,"width":814,"height":11}},{"id":"3e91d93f-ac05-431f-bd80-df3680c5f2f1","block_type":"box","text":"respect of, the Trust’s CCO, including, without limitation, determining the amount and structure of the CCO’s","page_number":35,"box":{"x":69,"y":73,"width":774,"height":11}},{"id":"11cf3d7f-6e26-4e0b-a002-7cb4b1acd436","block_type":"box","text":"compensation. The Board has adopted a written charter for the Board’s Compliance Committee. During the fiscal","page_number":35,"box":{"x":69,"y":87,"width":806,"height":11}},{"id":"ea825d79-fbe4-4fcc-96c8-617c82746e8f","block_type":"box","text":"year ended September 30, 2025, the Compliance Committee met four times.","page_number":35,"box":{"x":68,"y":101,"width":551,"height":11}},{"id":"e5bbbbc3-1dde-435f-b8ef-fe3e623163f7","block_type":"box","text":"Per formance Oversight Committee.","page_number":35,"box":{"x":102,"y":119,"width":248,"height":11}},{"id":"49c8857c-cab0-4278-bcb4-291f02bbe962","block_type":"box","text":"The Board has a Performance Oversight Committee composed of Arthur P.","page_number":35,"box":{"x":356,"y":119,"width":530,"height":11}},{"id":"c33fb342-5209-4dcf-b411-75fe835be28a","block_type":"box","text":"Steinmetz (Chair), Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, R. Glenn Hubbard, W. Carl","page_number":35,"box":{"x":69,"y":133,"width":835,"height":11}},{"id":"917c8145-94c7-44a4-99ea-7a0cbcabde95","block_type":"box","text":"Kester and Catherine A. Lynch, all of whom are Independent Trustees. The Performance Oversight Committee’s","page_number":35,"box":{"x":70,"y":147,"width":793,"height":11}},{"id":"bb11fe88-c2c7-4329-9419-aefccd8ec994","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility to oversee the Funds’ investment performance relative to","page_number":35,"box":{"x":70,"y":161,"width":829,"height":12}},{"id":"2a1c3d50-e0ba-4f53-8a93-d26841b8c897","block_type":"box","text":"the Funds’ investment objective, policies and practices. The Performance Oversight Committee’s responsibilities","page_number":35,"box":{"x":68,"y":175,"width":804,"height":12}},{"id":"f7ee2ba5-2731-482d-ada6-24f0968fd0be","block_type":"box","text":"include, without limitation: (i) reviewing the Funds’ investment objective, policies and practices; (ii) recommending to","page_number":35,"box":{"x":70,"y":190,"width":827,"height":11}},{"id":"d6831992-072a-488c-86f4-d216bf91b900","block_type":"box","text":"the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions;","page_number":35,"box":{"x":68,"y":204,"width":809,"height":11}},{"id":"ae55ed23-2825-4fa2-a60c-265bb4bb11ee","block_type":"box","text":"(iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Funds’ investment","page_number":35,"box":{"x":69,"y":218,"width":834,"height":11}},{"id":"2417a09f-dad4-4357-b0a3-a9be6ef66905","block_type":"box","text":"performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters;","page_number":35,"box":{"x":70,"y":232,"width":815,"height":11}},{"id":"fd3e224b-6109-43d9-9082-159b1fd0124c","block_type":"box","text":"(vi) reviewing whether each Fund has complied with its investment policies and restrictions; and (vii) overseeing","page_number":35,"box":{"x":69,"y":246,"width":793,"height":11}},{"id":"167c264c-e02f-4b3a-bea7-487d172ba2a3","block_type":"box","text":"policies, procedures and controls regarding valuation of the Funds’ investments. The Board has adopted a written","page_number":35,"box":{"x":70,"y":260,"width":809,"height":11}},{"id":"5463b595-cb6b-4556-b4e8-9ca483afa765","block_type":"box","text":"charter for the Board’s Performance Oversight Committee. During the fiscal year ended September 30, 2025, the","page_number":35,"box":{"x":69,"y":274,"width":810,"height":11}},{"id":"980b2d8a-3cb1-4919-825b-27752e2c6312","block_type":"box","text":"Performance Oversight Committee met four times.","page_number":35,"box":{"x":69,"y":288,"width":358,"height":12}},{"id":"c89c755c-0c29-4910-a29d-d18101aea511","block_type":"box","text":"Securities Lending Committee.","page_number":35,"box":{"x":102,"y":306,"width":217,"height":11}},{"id":"6a37cd56-7fc1-4d18-949a-d66fa23d4f2b","block_type":"box","text":"The Board has a Securities Lending Committee composed of Catherine A. Lynch","page_number":35,"box":{"x":325,"y":306,"width":570,"height":11}},{"id":"29c9bc4e-401c-4af5-a116-212b4b491914","block_type":"box","text":"(Chair), Cynthia L. Egan and W. Carl Kester, all of whom are Independent Trustees. The principal responsibilities of","page_number":35,"box":{"x":69,"y":320,"width":816,"height":12}},{"id":"f57f6cc1-6806-4dc5-8c71-0ca75b5d9454","block_type":"box","text":"the Securities Lending Committee include, without limitation: (i) supporting, overseeing and organizing on behalf of","page_number":35,"box":{"x":68,"y":334,"width":820,"height":12}},{"id":"15f240df-bea8-481d-9091-94f15371562e","block_type":"box","text":"the Board the process for oversight of the Fund’s securities lending activities; and (ii) providing a recommendation to","page_number":35,"box":{"x":68,"y":348,"width":834,"height":12}},{"id":"5c08c97c-25fd-42ef-a977-345bd3e64f70","block_type":"box","text":"the Board regarding the annual approval of the Fund’s Securities Lending Guidelines and the Fund’s agreement with","page_number":35,"box":{"x":68,"y":363,"width":827,"height":11}},{"id":"e255eb79-94bc-4b42-97e2-d156ee7f363d","block_type":"box","text":"the lending agent. The Board has adopted a written charter for the Board’s Securities Lending Committee. During the","page_number":35,"box":{"x":68,"y":377,"width":836,"height":11}},{"id":"82c19646-a780-40c2-81dd-9543e2843308","block_type":"box","text":"fiscal year ended September 30, 2025, the Securities Lending Committee met twice.","page_number":35,"box":{"x":68,"y":391,"width":606,"height":11}},{"id":"d00a3cc6-fcdd-4a3d-b55a-888a9bdc2977","block_type":"box","text":"Executive Committee.","page_number":35,"box":{"x":102,"y":409,"width":152,"height":9}},{"id":"fb3fa3ee-bea4-403e-b68c-e433a478c4ca","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W. Carl","page_number":35,"box":{"x":260,"y":409,"width":645,"height":11}},{"id":"5d809696-4a4e-485a-ab89-caa83ee1927a","block_type":"box","text":"Kester, both of whom are Independent Trustees, and John M. Perlowski, who serves as an interested Trustee. The","page_number":35,"box":{"x":70,"y":423,"width":815,"height":11}},{"id":"93b2cf85-d04b-461f-817b-9faacd86d0a6","block_type":"box","text":"principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between","page_number":35,"box":{"x":70,"y":437,"width":832,"height":11}},{"id":"75b7a6f2-4830-41a0-8caf-953a6825f50d","block_type":"box","text":"meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and","page_number":35,"box":{"x":69,"y":451,"width":828,"height":11}},{"id":"a26068e8-419c-45d4-92cf-088aed22a745","block_type":"box","text":"(iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board.","page_number":35,"box":{"x":69,"y":465,"width":826,"height":11}},{"id":"376cc70c-5ca1-43c5-9f1e-40edcdf05dbc","block_type":"box","text":"The Board has adopted a written charter for the Board’s Executive Committee. During the fiscal year ended","page_number":35,"box":{"x":68,"y":479,"width":764,"height":12}},{"id":"f0c168a4-d0a0-47a7-b6df-4bb61fa0e49f","block_type":"box","text":"September 30, 2025, the Executive Committee did not meet.","page_number":35,"box":{"x":69,"y":493,"width":436,"height":11}},{"id":"d6c36f6d-3c61-4e28-bbdd-8a6ef8f7f595","block_type":"box","text":"The Independent Trustees have adopted a statement of policy that describes the experiences, qualifications,","page_number":35,"box":{"x":101,"y":511,"width":775,"height":11}},{"id":"f9ff06c6-ca98-4ac4-bdb7-2e235a8cbd0d","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":35,"box":{"x":69,"y":525,"width":827,"height":12}},{"id":"9e5b4b58-756e-4cbe-9efc-91fb431f3375","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":35,"box":{"x":69,"y":539,"width":830,"height":12}},{"id":"2d91187f-56c0-4461-8dfd-ac4ed1f7cbca","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the","page_number":35,"box":{"x":69,"y":554,"width":828,"height":11}},{"id":"3a8cc6db-21de-463a-a71c-9681ebd45705","block_type":"box","text":"standards set forth in the Trust’s Bylaws. Furthermore, in determining that a particular Trustee was and continues to","page_number":35,"box":{"x":69,"y":568,"width":835,"height":11}},{"id":"491cc156-000d-44b1-a003-c50484048954","block_type":"box","text":"be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":35,"box":{"x":69,"y":582,"width":805,"height":11}},{"id":"872dd6cf-df33-49c0-a291-70d453f09652","block_type":"box","text":"controlling. The Board believes that, collectively, the Trustees have balanced and diverse experiences, skills,","page_number":35,"box":{"x":69,"y":596,"width":773,"height":11}},{"id":"cc7ba949-6b65-497b-a4fd-de35bd96ec2c","block_type":"box","text":"attributes and qualifications, which allow the Board to operate effectively in governing each Fund and protecting the","page_number":35,"box":{"x":69,"y":610,"width":823,"height":11}},{"id":"7d336656-cc01-4ee3-847b-9801fb3af725","block_type":"box","text":"interests of shareholders. Among the attributes common to all Trustees is their ability to review critically, evaluate,","page_number":35,"box":{"x":70,"y":624,"width":814,"height":11}},{"id":"285979d1-0ad0-4fa3-aa9f-402bbef0f12b","block_type":"box","text":"question and discuss information provided to them, to interact effectively with the Manager, sub-advisers, other","page_number":35,"box":{"x":69,"y":638,"width":796,"height":12}},{"id":"4645e70d-32e5-49a5-8f66-ad73f91c0468","block_type":"box","text":"service providers, counsel and independent auditors, and to exercise effective business judgment in the","page_number":35,"box":{"x":69,"y":652,"width":744,"height":12}},{"id":"e643babb-7a2c-4ec5-86db-5d426f95a09b","block_type":"box","text":"performance of their duties as Trustees. Each Trustee’s ability to perform his or her duties effectively is evidenced by","page_number":35,"box":{"x":70,"y":666,"width":840,"height":12}},{"id":"c39a798f-133d-474e-ba09-478d65ebb9b9","block_type":"box","text":"his or her educational background or professional training; business, consulting, public service or academic","page_number":35,"box":{"x":69,"y":681,"width":768,"height":11}},{"id":"4f7e1300-5fef-41c4-942d-6b3941178d3c","block_type":"box","text":"positions; experience from service as a board member of the Trust or the other funds in the BlackRock Fund","page_number":35,"box":{"x":70,"y":695,"width":771,"height":11}},{"id":"8a57dee4-78e1-4393-96ab-aba4cf1ffceb","block_type":"box","text":"Complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other","page_number":35,"box":{"x":69,"y":709,"width":828,"height":11}},{"id":"25e33f96-0c22-43de-806b-b3ab676aa8d5","block_type":"box","text":"organizations; ongoing commitment and participation in Board and Committee meetings, as well as his or her","page_number":35,"box":{"x":69,"y":723,"width":782,"height":11}},{"id":"f5d21112-ab9d-4a91-a057-d1a174b4e269","block_type":"box","text":"leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":35,"box":{"x":70,"y":737,"width":719,"height":11}},{"id":"0f5951b3-9b2c-44bb-a3f7-9674965ba663","block_type":"box","text":"I-12","page_number":35,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1c2bd301-9eca-4bc2-9c58-c042f1d9453c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":35,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c1988513-3edd-4ab6-83f7-791f423c71e6","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Trustee that support the","page_number":36,"box":{"x":101,"y":45,"width":784,"height":11}},{"id":"06946a33-9613-46e2-aeb6-109ed208c6fb","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":36,"box":{"x":69,"y":59,"width":378,"height":9}},{"id":"f24d3c21-9975-459f-ab08-59dfeae13f55","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":36,"box":{"x":68,"y":86,"width":409,"height":9}},{"id":"712cdbf0-8ecd-43ff-99e8-d38aa599b221","block_type":"box","text":"Independent Trustees","page_number":36,"box":{"x":70,"y":103,"width":154,"height":10}},{"id":"a14e2a73-04d4-4800-9d00-5c0c3af67f50","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as","page_number":36,"box":{"x":70,"y":118,"width":814,"height":11}},{"id":"65606871-ce4f-43d4-a8e1-e57edeb77e29","block_type":"box","text":"the Chairman of the U.S. Council of Economic Advisers of the President of the United","page_number":36,"box":{"x":264,"y":133,"width":606,"height":9}},{"id":"3834edbb-dcd9-4b9a-81d4-c570f7d42834","block_type":"box","text":"States. Dr. Hubbard has served as the Dean of Columbia Business School, as a member","page_number":36,"box":{"x":265,"y":148,"width":635,"height":10}},{"id":"717384c7-410b-4234-b6ec-ae6a9f0bf87f","block_type":"box","text":"of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of","page_number":36,"box":{"x":265,"y":163,"width":602,"height":11}},{"id":"c2a1d589-64fa-47f5-a2bf-42aae9bb9135","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":36,"box":{"x":265,"y":178,"width":608,"height":11}},{"id":"1189873a-c1f5-4c93-b670-5ff2d8896e45","block_type":"box","text":"Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":36,"box":{"x":265,"y":193,"width":613,"height":11}},{"id":"a688b6c1-4ab7-4aee-a28f-a9a06c4c2783","block_type":"box","text":"adds a dimension of balance to the Funds’ governance and provides perspective on","page_number":36,"box":{"x":265,"y":208,"width":595,"height":12}},{"id":"52e48c90-7108-4103-bfa7-1c1f001bd60e","block_type":"box","text":"economic issues. Dr. Hubbard’s service on the boards of ADP and Metropolitan Life","page_number":36,"box":{"x":265,"y":223,"width":597,"height":11}},{"id":"bfd382b4-f23d-4a61-a1ab-34b38e177199","block_type":"box","text":"Insurance Company provides the Board with the benefit of his experience with the","page_number":36,"box":{"x":265,"y":238,"width":581,"height":12}},{"id":"914a9711-cec1-44ed-bdd7-ff879e0cc6c2","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":36,"box":{"x":265,"y":254,"width":632,"height":11}},{"id":"cfb87c06-0586-45cd-8ff1-2d7c811b5117","block_type":"box","text":"on the boards of directors/trustees of the closed-end funds in the BlackRock Fixed","page_number":36,"box":{"x":265,"y":269,"width":594,"height":11}},{"id":"233ea571-021d-48e0-ae94-a5253a286bb1","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Funds, their","page_number":36,"box":{"x":265,"y":284,"width":596,"height":11}},{"id":"17a2c33f-becd-45c6-be9e-8d039fe58459","block_type":"box","text":"operations, and the business and regulatory issues facing the Funds. Dr. Hubbard’s","page_number":36,"box":{"x":265,"y":299,"width":598,"height":11}},{"id":"fedc4e4d-5a1d-4638-9934-29ad085a2595","block_type":"box","text":"independence from the Funds and the Manager enhances his service as Chair of the","page_number":36,"box":{"x":265,"y":314,"width":604,"height":11}},{"id":"5a01ab19-ffe3-4e83-beff-3d11da36fd24","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":36,"box":{"x":265,"y":329,"width":562,"height":11}},{"id":"8443fcf8-d55f-4d83-9b6c-62dbafad68f7","block_type":"box","text":"Nominating Committee, the Compliance Committee and the Performance Oversight","page_number":36,"box":{"x":265,"y":344,"width":592,"height":12}},{"id":"8faf0fcc-a6d2-4edb-8e82-0a4e0139bfe1","block_type":"box","text":"Committee.","page_number":36,"box":{"x":265,"y":360,"width":80,"height":8}},{"id":"fca21293-9841-4a6c-8253-8c6402aabcc2","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in","page_number":36,"box":{"x":68,"y":382,"width":786,"height":11}},{"id":"280717cd-9183-4a1e-9c1d-f868a393011a","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":36,"box":{"x":264,"y":397,"width":578,"height":12}},{"id":"b98c322f-e5c6-4abd-94f3-2a9e7b084358","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":36,"box":{"x":264,"y":412,"width":618,"height":12}},{"id":"42cbfc59-4ff7-464f-8cb1-d5326e91cf16","block_type":"box","text":"Harvard Business School from 2006 through 2010 adds to the Board a wealth of","page_number":36,"box":{"x":265,"y":427,"width":581,"height":12}},{"id":"b338e280-8258-4252-8864-77a40e8d089b","block_type":"box","text":"expertise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":36,"box":{"x":265,"y":443,"width":613,"height":11}},{"id":"2f3f3dc3-80f3-41b7-8efa-db273ddcc807","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":36,"box":{"x":265,"y":458,"width":641,"height":11}},{"id":"795b5a4a-8a1b-4922-a74e-e60a8d67030f","block_type":"box","text":"a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing","page_number":36,"box":{"x":265,"y":473,"width":599,"height":11}},{"id":"387ac5bd-5e81-43d8-bc14-2175e1c3edcc","block_type":"box","text":"service on the boards of directors/trustees of the closed-end funds in the BlackRock","page_number":36,"box":{"x":265,"y":488,"width":605,"height":11}},{"id":"5db9abc4-6b93-4f87-9f0e-b2df619d98ee","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Funds, their","page_number":36,"box":{"x":265,"y":503,"width":636,"height":11}},{"id":"fa241eda-1a99-4241-93cc-1356d5d7e0e7","block_type":"box","text":"operations, and the business and regulatory issues facing the Funds. Dr. Kester’s","page_number":36,"box":{"x":265,"y":518,"width":584,"height":11}},{"id":"f61cf5e1-bbd2-41e7-aa42-7822faccfccf","block_type":"box","text":"independence from the Funds and the Manager enhances his service as Vice Chair of the","page_number":36,"box":{"x":265,"y":533,"width":638,"height":12}},{"id":"3dcc706a-00f1-4fd1-b8fc-ea0fbacd1483","block_type":"box","text":"Board, Chair of the Governance and Nominating Committee and a member of the","page_number":36,"box":{"x":265,"y":548,"width":576,"height":12}},{"id":"15278cf4-31a1-468b-872a-eab22f4c7655","block_type":"box","text":"Executive Committee, the Compliance Committee, the Performance Oversight Committee","page_number":36,"box":{"x":265,"y":564,"width":634,"height":11}},{"id":"0dada563-8ce9-498c-9693-eca11898845d","block_type":"box","text":"and the Securities Lending Committee.","page_number":36,"box":{"x":265,"y":579,"width":275,"height":11}},{"id":"ba51db29-a35f-4380-a39b-68aecb552fb5","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment","page_number":36,"box":{"x":69,"y":601,"width":775,"height":12}},{"id":"ba5dc397-010e-423a-a6ee-a6d2aa88582c","block_type":"box","text":"companies and the retirement industry as a result of her many years of experience as","page_number":36,"box":{"x":264,"y":616,"width":613,"height":12}},{"id":"67e50498-2507-4f29-842b-17305d440162","block_type":"box","text":"President, Retirement Plan Services, for T. Rowe Price Group, Inc. and her various senior","page_number":36,"box":{"x":265,"y":632,"width":633,"height":11}},{"id":"3185a0d3-d1d4-4de8-afc5-c766fc7a4228","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":36,"box":{"x":265,"y":647,"width":636,"height":11}},{"id":"0e791b94-4530-479e-b528-7e80be0b052d","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":36,"box":{"x":265,"y":662,"width":629,"height":11}},{"id":"7fdd34b9-0407-4549-bccc-a71d21ade54c","block_type":"box","text":"of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to the U.S.","page_number":36,"box":{"x":265,"y":677,"width":617,"height":11}},{"id":"f4e467d2-e32f-4199-9d6e-b4cb8c6e706b","block_type":"box","text":"Department of Treasury as an expert in domestic retirement security. Ms. Egan began her","page_number":36,"box":{"x":265,"y":692,"width":642,"height":11}},{"id":"b5bc535e-0f2d-4d58-a6c2-532d3c12b33e","block_type":"box","text":"professional career at the Board of Governors of the Federal Reserve and the Federal","page_number":36,"box":{"x":265,"y":707,"width":608,"height":11}},{"id":"da2c4aa1-c1a4-4cd8-be64-e29e421ac399","block_type":"box","text":"Reserve Bank of New York. Ms. Egan is also a director of UNUM Corporation, a publicly","page_number":36,"box":{"x":265,"y":722,"width":620,"height":12}},{"id":"3ff67480-331f-41fb-9a25-9fc6a8deedcb","block_type":"box","text":"traded insurance company providing personal risk reinsurance, and a director and Chair of","page_number":36,"box":{"x":264,"y":737,"width":643,"height":12}},{"id":"daa8a67f-8758-47e1-82ca-eb1b401a96d2","block_type":"box","text":"the Board of The Hanover Group, a public property casualty insurance company. Ms. Egan","page_number":36,"box":{"x":264,"y":753,"width":640,"height":11}},{"id":"c651a0df-8dc0-4463-b74e-c2c4b488b24d","block_type":"box","text":"is also the lead independent director and non-executive Vice Chair of the Board of","page_number":36,"box":{"x":265,"y":768,"width":583,"height":11}},{"id":"31579dd6-3c1b-40fb-b098-12b92e7f01d1","block_type":"box","text":"Huntsman Corporation, a publicly traded manufacturer and marketer of chemical products.","page_number":36,"box":{"x":265,"y":783,"width":643,"height":11}},{"id":"82f642e5-f5a6-44ca-9104-7098d958e884","block_type":"box","text":"Ms. Egan’s independence from the Funds and the Manager enhances her service as Chair","page_number":36,"box":{"x":265,"y":798,"width":644,"height":11}},{"id":"959413b3-fd98-4dad-a859-d64a51da3c9d","block_type":"box","text":"of the Compliance Committee and a member of the Governance and Nominating","page_number":36,"box":{"x":265,"y":813,"width":571,"height":11}},{"id":"096f53f2-8340-42fc-891c-be17a1421a65","block_type":"box","text":"Committee, the Performance Oversight Committee and the Securities Lending Committee.","page_number":36,"box":{"x":265,"y":828,"width":641,"height":11}},{"id":"c2d0885b-3b32-4473-90f1-cdcd7b78c5c9","block_type":"box","text":"I-13","page_number":36,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"3f22e144-511a-482f-ab5e-b4ffd6f3cdea","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":36,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"291ac543-0b50-4406-a132-3d689036c9de","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":37,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"c51f9af5-6fed-4dfa-b99c-b587799cf9f0","block_type":"box","text":"Lorenzo A. 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Mr. Flores’s knowledge","page_number":37,"box":{"x":265,"y":201,"width":628,"height":12}},{"id":"435ef224-a7ca-4424-9f22-04f2c92f89fe","block_type":"box","text":"of financial and accounting matters qualifies him to serve as a member of the Audit","page_number":37,"box":{"x":265,"y":217,"width":596,"height":11}},{"id":"db7105a4-e272-444d-a210-05c32f7369a7","block_type":"box","text":"Committee. Mr. Flores’s independence from the Funds and the Manager enhances his","page_number":37,"box":{"x":265,"y":232,"width":613,"height":11}},{"id":"472f7730-ac12-47ed-b4d4-a8ee15e6f13f","block_type":"box","text":"service as a member of the Performance Oversight Committee.","page_number":37,"box":{"x":265,"y":247,"width":450,"height":11}},{"id":"de30d45f-fb5a-456b-ab06-3de5ba667efb","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. Harris’s leadership and governance experience gained","page_number":37,"box":{"x":69,"y":269,"width":832,"height":12}},{"id":"b23436b8-0363-4c23-84e1-d5a73e9543af","block_type":"box","text":"during her extensive military career, including as a three-star Lieutenant General of the","page_number":37,"box":{"x":265,"y":285,"width":617,"height":11}},{"id":"30eaff91-14d5-4585-8908-d1eafb5bf3fa","block_type":"box","text":"United States Air Force. In her most recent role, Ms. Harris reported to the Secretary and","page_number":37,"box":{"x":265,"y":300,"width":637,"height":11}},{"id":"d9104bbb-d999-4df3-b911-7170b17acd58","block_type":"box","text":"Chief of Staff of the Air Force on matters concerning Air Force effectiveness, efficiency","page_number":37,"box":{"x":265,"y":315,"width":617,"height":11}},{"id":"62615e7b-8c25-4273-ad32-69121bda4a78","block_type":"box","text":"and the military discipline of active duty, Air Force Reserve and Air National Guard forces.","page_number":37,"box":{"x":265,"y":330,"width":635,"height":11}},{"id":"a2704a82-022c-4945-ab10-b679acf1a92c","block_type":"box","text":"Ms. Harris’s experience on governance matters includes oversight of inspection policy and","page_number":37,"box":{"x":265,"y":345,"width":643,"height":11}},{"id":"7b420c87-ed71-4249-8657-741036a4c8ab","block_type":"box","text":"the inspection and evaluation system for all Air Force nuclear and conventional forces;","page_number":37,"box":{"x":264,"y":360,"width":614,"height":11}},{"id":"6cd335e4-30ff-4e14-a90e-00f64e085e9f","block_type":"box","text":"oversight of Air Force counterintelligence operations and service on the Air Force","page_number":37,"box":{"x":265,"y":375,"width":573,"height":12}},{"id":"75810bea-0fa4-4cc7-a422-94fbd5e53a96","block_type":"box","text":"Intelligence Oversight Panel; investigation of fraud, waste and abuse; and oversight of","page_number":37,"box":{"x":265,"y":390,"width":612,"height":12}},{"id":"f8940d84-19c6-4e0d-8378-caab9e6deb05","block_type":"box","text":"criminal investigations and complaints resolution programs. Ms. Harris is also a director","page_number":37,"box":{"x":264,"y":406,"width":630,"height":11}},{"id":"110be133-9ea3-4e39-99a3-ab36164127a9","block_type":"box","text":"of The Boeing Company. Ms. Harris’s independence from the Funds and the Manager","page_number":37,"box":{"x":265,"y":421,"width":607,"height":11}},{"id":"82d2b9e3-88f9-41f5-bff4-c3c27d5f2773","block_type":"box","text":"enhances her service as a member of the Compliance Committee and the Performance","page_number":37,"box":{"x":265,"y":436,"width":623,"height":11}},{"id":"84215120-2710-45cc-877a-c15d7cad1bb6","block_type":"box","text":"Oversight Committee.","page_number":37,"box":{"x":265,"y":451,"width":151,"height":11}},{"id":"c6f1ac9f-9a45-4edf-af61-96dd5fa20bff","block_type":"box","text":"J. Phillip Holloman The Board benefits from J. Phillip Holloman’s many years of business and leadership","page_number":37,"box":{"x":69,"y":474,"width":800,"height":11}},{"id":"8ca82ec5-a2fc-49de-8363-af179f2876e1","block_type":"box","text":"experience as an executive, director and advisory board member of various public and","page_number":37,"box":{"x":265,"y":489,"width":612,"height":11}},{"id":"2851dee6-300c-4516-9b5e-472c10e88ffe","block_type":"box","text":"private companies. In particular, Mr. Holloman’s service as Interim Executive Chairman,","page_number":37,"box":{"x":265,"y":504,"width":624,"height":11}},{"id":"8b3f16a7-5f74-4d5e-a5c8-6dfcc5399ecd","block_type":"box","text":"President and Chief Executive Officer of Vestis Corporation, President and Chief Operating","page_number":37,"box":{"x":265,"y":519,"width":640,"height":11}},{"id":"2e461949-4aa6-44e4-be57-17432dd7a50c","block_type":"box","text":"Officer of Cintas Corporation allows him to provide insight into business trends and","page_number":37,"box":{"x":265,"y":534,"width":593,"height":11}},{"id":"d82570de-eaa5-455a-a7f4-1025b7b6a59a","block_type":"box","text":"conditions. Mr. Holloman’s knowledge of financial and accounting matters qualifies him to","page_number":37,"box":{"x":264,"y":549,"width":642,"height":11}},{"id":"3e6798cd-ddab-480f-9bc0-a9b5228c6fff","block_type":"box","text":"serve as a member of the Audit Committee. Mr. Holloman’s independence from the Funds","page_number":37,"box":{"x":265,"y":564,"width":642,"height":11}},{"id":"1af6e2f4-1aa1-4f9b-8334-96525b700cb8","block_type":"box","text":"and the Manager enhances his service as a member of the Governance and Nominating","page_number":37,"box":{"x":265,"y":579,"width":628,"height":12}},{"id":"e8857540-bba4-4a66-83b8-2bdf8373b2b7","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":37,"box":{"x":265,"y":595,"width":389,"height":11}},{"id":"68d92009-5d17-41a2-bae9-bb153bd80bf0","block_type":"box","text":"Catherine A. Lynch Catherine A. Lynch, who served as the Chief Executive Officer and Chief Investment","page_number":37,"box":{"x":69,"y":617,"width":792,"height":11}},{"id":"d300e88f-932a-4f41-a511-45eecdbcb362","block_type":"box","text":"Officer of the National Railroad Retirement Investment Trust, benefits the Board by","page_number":37,"box":{"x":265,"y":632,"width":591,"height":12}},{"id":"cee25706-e884-4ad2-b5ae-85915480c00d","block_type":"box","text":"providing business leadership and experience and a diverse knowledge of pensions and","page_number":37,"box":{"x":265,"y":647,"width":624,"height":12}},{"id":"b62b0e6f-6305-4767-95e6-c6ed85fa0f69","block_type":"box","text":"endowments. Ms. Lynch is also a trustee of PennyMac Mortgage Investment Trust, a","page_number":37,"box":{"x":265,"y":663,"width":605,"height":11}},{"id":"4b284598-ff0c-49a5-a889-cc1cd02fca24","block_type":"box","text":"specialty finance company that invests primarily in mortgage-related assets. Ms. Lynch","page_number":37,"box":{"x":265,"y":678,"width":618,"height":11}},{"id":"302840cd-ab04-47b0-bd26-8a5567a978af","block_type":"box","text":"also holds the designation of Chartered Financial Analyst. Ms. Lynch’s knowledge of","page_number":37,"box":{"x":265,"y":693,"width":601,"height":11}},{"id":"d6fb7428-b7d4-4563-baa1-439923163219","block_type":"box","text":"financial and accounting matters qualifies her to serve as Chair of the Audit Committee.","page_number":37,"box":{"x":264,"y":708,"width":626,"height":11}},{"id":"8e3b63e7-d188-4772-8702-c9991b5b3b93","block_type":"box","text":"Ms. Lynch’s independence from the Funds and the Manager enhances her service as the","page_number":37,"box":{"x":265,"y":723,"width":635,"height":11}},{"id":"51b0e81e-432c-4c7e-90a4-2790b3f718df","block_type":"box","text":"Chair of the Securities Lending Committee, and a member of the Governance and","page_number":37,"box":{"x":265,"y":738,"width":580,"height":11}},{"id":"b25abd1d-6be3-4e30-ac44-9e3d5e36782d","block_type":"box","text":"Nominating Committee and the Performance Oversight Committee.","page_number":37,"box":{"x":265,"y":753,"width":475,"height":12}},{"id":"8fe900fe-da76-4e8c-89fb-f4bfb6890aa6","block_type":"box","text":"Arthur P. Steinmetz The Board benefits from Arthur P. Steinmetz’s many years of business and leadership","page_number":37,"box":{"x":68,"y":776,"width":808,"height":11}},{"id":"3999b246-95aa-40ed-9bf8-bee29395d6e3","block_type":"box","text":"experience as an executive, chairman and director of various companies in the financial","page_number":37,"box":{"x":265,"y":791,"width":624,"height":11}},{"id":"b1db0f76-1859-495a-bae3-c1fa7aec28a9","block_type":"box","text":"industry. Mr. Steinmetz’s service as Chairman, Chief Executive Officer and President of","page_number":37,"box":{"x":265,"y":806,"width":622,"height":11}},{"id":"9fcbb6b5-d759-4bfb-bb2e-e8bf9c203a76","block_type":"box","text":"the OppenheimerFunds, Inc. and as Trustee, President and Principal Executive Officer of","page_number":37,"box":{"x":264,"y":821,"width":629,"height":11}},{"id":"230f0a66-17c2-4b57-bb6d-39da7eecf337","block_type":"box","text":"certain OppenheimerFunds funds provides insight into the asset management industry.","page_number":37,"box":{"x":264,"y":836,"width":621,"height":12}},{"id":"35a27c38-8b67-4ef3-9169-378d9bfdd479","block_type":"box","text":"He has also served as a Director of ScotiaBank (U.S.). Mr. Steinmetz’s knowledge of","page_number":37,"box":{"x":265,"y":852,"width":604,"height":11}},{"id":"d0a894ca-c032-4c63-8c4a-37daa858daee","block_type":"box","text":"financial and accounting matters qualifies him to serve as a member of the Audit","page_number":37,"box":{"x":264,"y":867,"width":579,"height":11}},{"id":"65c3f919-1048-4023-a67a-8b03399e18ae","block_type":"box","text":"Committee. Mr. Steinmetz’s independence from the Fund and the Manager enhances his","page_number":37,"box":{"x":265,"y":882,"width":632,"height":11}},{"id":"1fea3ddd-7bc4-46ab-a2a6-a2d7097a5c0d","block_type":"box","text":"service as Chair of the Performance Oversight Committee.","page_number":37,"box":{"x":265,"y":897,"width":415,"height":11}},{"id":"4670ea89-0eeb-44e7-807c-22e24a7cfac9","block_type":"box","text":"I-14","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"832690dc-2a30-47a1-8eb2-6a4039782329","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":37,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7c02d9a9-5b7c-4a8d-8fc1-8d90b71898a9","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":38,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"10e3fd5d-a4ce-4d29-ab10-8c5077879431","block_type":"box","text":"Interested Trustees","page_number":38,"box":{"x":70,"y":66,"width":138,"height":8}},{"id":"73a95264-6b7d-4154-862a-1b5ae4cc4866","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":38,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"b3ef8ded-5af2-48b3-930d-4c143a43814c","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":38,"box":{"x":264,"y":96,"width":593,"height":11}},{"id":"f3dee90a-9c02-47b6-bdca-ce1929bf9f2b","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":38,"box":{"x":265,"y":111,"width":629,"height":11}},{"id":"34ae1e65-4847-4efa-a99e-dd8959fe2f86","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":38,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"2c1437d0-0d38-43ea-b12a-8c3d484e19f1","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":38,"box":{"x":265,"y":141,"width":617,"height":11}},{"id":"31743003-11d7-4ec1-95b4-be11430d2926","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":38,"box":{"x":264,"y":156,"width":634,"height":11}},{"id":"9faf2c75-cb91-4710-8f54-6ea05157ff2e","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":38,"box":{"x":265,"y":171,"width":624,"height":11}},{"id":"bb12d230-09d6-4c87-887e-cbee75e1f4bc","block_type":"box","text":"and iShares","page_number":38,"box":{"x":265,"y":186,"width":84,"height":9}},{"id":"d12e65a2-e407-4897-9a80-ce2dd7897e45","block_type":"box","text":"®","page_number":38,"box":{"x":350,"y":187,"width":6,"height":4}},{"id":"e741aa00-31d9-4fc6-a6bd-2643c0332a9d","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":38,"box":{"x":362,"y":186,"width":478,"height":11}},{"id":"93c41e86-ae9b-49d5-93b4-3a8c627e1efe","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":38,"box":{"x":265,"y":202,"width":585,"height":11}},{"id":"015f7853-ad3e-4c8e-a02a-3b480293f021","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":38,"box":{"x":265,"y":217,"width":620,"height":11}},{"id":"589d1558-d85b-49c6-9b9e-97a38d19bed7","block_type":"box","text":"serves as a board member for the funds in the BlackRock Multi-Asset Complex.","page_number":38,"box":{"x":265,"y":232,"width":565,"height":11}},{"id":"350e7858-9f1d-4dd1-9af6-ab265d6a7e22","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":38,"box":{"x":69,"y":254,"width":821,"height":12}},{"id":"663eb1ad-298d-48c1-bd9a-1505d7283816","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":38,"box":{"x":264,"y":269,"width":595,"height":12}},{"id":"ada17862-48e3-4840-bcd2-1618f04cc4ef","block_type":"box","text":"President and Chief Executive Officer of the Funds provides him with a strong","page_number":38,"box":{"x":265,"y":285,"width":550,"height":11}},{"id":"cd5b39e2-b9a3-4ad8-a6b4-3830693bbe6d","block_type":"box","text":"understanding of the Funds, their operations, and the business and regulatory issues","page_number":38,"box":{"x":265,"y":300,"width":609,"height":11}},{"id":"eed74963-76f6-4cfe-bfc7-dc0868d7a629","block_type":"box","text":"facing the Funds. Mr. Perlowski’s prior position as Managing Director and Chief Operating","page_number":38,"box":{"x":264,"y":315,"width":637,"height":11}},{"id":"3338b81b-0e1b-4fa5-95d1-16cf586b9d11","block_type":"box","text":"Officer of the Global Product Group at Goldman Sachs Asset Management, and his former","page_number":38,"box":{"x":265,"y":330,"width":642,"height":11}},{"id":"8f2e8448-21a7-4d25-88dd-e822abcc5d3d","block_type":"box","text":"service as Treasurer and Senior Vice President of the Goldman Sachs Mutual Funds and","page_number":38,"box":{"x":265,"y":345,"width":629,"height":9}},{"id":"64fa3097-cb50-4627-8e5d-a64b336c8964","block_type":"box","text":"as Director of the Goldman Sachs Offshore Funds provides the Board with the benefit of","page_number":38,"box":{"x":265,"y":360,"width":629,"height":11}},{"id":"95e42110-0ef5-4bb2-9820-cb74e326cebd","block_type":"box","text":"his experience with the management practices of other financial companies. 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As of December 31, 2025, none","page_number":41,"box":{"x":69,"y":761,"width":825,"height":11}},{"id":"fd0a7c12-d644-416a-b916-13964137a662","block_type":"box","text":"of the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":41,"box":{"x":69,"y":775,"width":794,"height":11}},{"id":"616135ff-f089-4b20-ae25-a194ac828362","block_type":"box","text":"securities of each Fund’s investment adviser, principal underwriter, or any person directly or indirectly controlling,","page_number":41,"box":{"x":69,"y":789,"width":805,"height":11}},{"id":"17af663b-50e5-4dc8-b954-e6c7419bfdf1","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":41,"box":{"x":69,"y":803,"width":412,"height":11}},{"id":"b9ef2cd7-2665-457a-b5b8-26a9e86b2229","block_type":"box","text":"Compensation of Trustees","page_number":41,"box":{"x":69,"y":825,"width":190,"height":11}},{"id":"6f012faf-bf3e-412c-a064-f69a299d6f9b","block_type":"box","text":"Each Independent Trustee is paid an annual retainer of $370,000 per year for his or her services as a Board","page_number":41,"box":{"x":102,"y":842,"width":775,"height":12}},{"id":"a8717ea2-5832-4af9-889f-47519d344592","block_type":"box","text":"member of the BlackRock-advised Funds, including the Funds, together with out-of-pocket expenses in accordance","page_number":41,"box":{"x":69,"y":857,"width":812,"height":11}},{"id":"23d38836-a644-4e1e-85be-be97eaf96254","block_type":"box","text":"with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair","page_number":41,"box":{"x":68,"y":871,"width":827,"height":11}},{"id":"7ba3ef4b-07f4-4cd1-aa0b-20a9231dff71","block_type":"box","text":"of the Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000,","page_number":41,"box":{"x":69,"y":884,"width":789,"height":12}},{"id":"6fbd60f4-9af0-46d9-9735-7228b959b3b5","block_type":"box","text":"respectively. The Chairs of the Audit Committee, Performance Oversight Committee, Compliance Committee,","page_number":41,"box":{"x":69,"y":899,"width":772,"height":11}},{"id":"10c6c716-26d8-4cb1-be12-57783e91c7a8","block_type":"box","text":"I-18","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"80ef2db9-fbc1-4095-9e58-e4afe506ba8d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":41,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"70112f82-8461-40e7-878b-d98b3170b4ff","block_type":"box","text":"Governance and Nominating Committee, and Securities Lending Committee are paid an additional annual retainer of","page_number":42,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"f4076f28-223a-478e-a3d8-afc2eba3633c","block_type":"box","text":"$55,000, $42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the Audit","page_number":42,"box":{"x":69,"y":58,"width":767,"height":12}},{"id":"366dbae9-98da-4b49-ba35-8d87762eda1f","block_type":"box","text":"Committee, Compliance Committee, Governance and Nominating Committee, and Securities Lending Committee are","page_number":42,"box":{"x":69,"y":73,"width":828,"height":11}},{"id":"af50b01d-5821-4be7-9ce1-1abea896ea24","block_type":"box","text":"paid an additional annual retainer of $30,000, $25,000, $25,000 and $15,000, respectively, for his or her service","page_number":42,"box":{"x":70,"y":86,"width":822,"height":12}},{"id":"a6f58722-a873-45ec-8b34-94ebda113626","block_type":"box","text":"on such committee. An Independent Director may receive additional compensation for his or her service as a member","page_number":42,"box":{"x":69,"y":101,"width":840,"height":11}},{"id":"9fcf260c-f3ef-4d1b-9b8b-fc8425dc0312","block_type":"box","text":"or Chair, as applicable, of one or more ad hoc committees of the Board. The Funds will pay a pro rata portion","page_number":42,"box":{"x":69,"y":115,"width":778,"height":11}},{"id":"b57ca143-b174-4201-a46d-872ecfb66589","block_type":"box","text":"quarterly (based on relative net assets) of the foregoing Trustee fees paid by the funds in the BlackRock Fixed","page_number":42,"box":{"x":69,"y":129,"width":789,"height":12}},{"id":"835e1ff0-dad4-496a-9751-e7285706542b","block_type":"box","text":"Income Complex.","page_number":42,"box":{"x":70,"y":144,"width":119,"height":10}},{"id":"8308ae2e-9a03-4691-a82f-f28f31b17b6c","block_type":"box","text":"The Independent Trustees have agreed that a maximum of 50% of each Independent Trustee’s total","page_number":42,"box":{"x":101,"y":161,"width":711,"height":12}},{"id":"17e93ab7-9c8f-4d14-b737-aa1690444d64","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the BlackRock","page_number":42,"box":{"x":69,"y":175,"width":801,"height":12}},{"id":"3e9a45ff-6330-423b-bcb9-bd53c9f36f74","block_type":"box","text":"Fixed-Income Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn","page_number":42,"box":{"x":70,"y":189,"width":833,"height":11}},{"id":"58a7956d-51b6-4d87-bbd9-67305de9905d","block_type":"box","text":"a return for the Independent Trustees as though equivalent dollar amounts had been invested in shares of certain","page_number":42,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"f98d98f4-b1a0-4eee-b025-e27ea913e8cc","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has approximately the","page_number":42,"box":{"x":68,"y":218,"width":802,"height":11}},{"id":"f6b8ddb6-0f88-4505-b5d3-10d3e4f35903","block_type":"box","text":"same economic effect for the Independent Trustees as if they had invested the deferred amounts in such funds in","page_number":42,"box":{"x":69,"y":232,"width":814,"height":11}},{"id":"bc4ade06-7b13-4a27-b25d-bc78c4c70448","block_type":"box","text":"the BlackRock Fixed-Income Complex. The deferred compensation plan is not funded and obligations thereunder","page_number":42,"box":{"x":68,"y":246,"width":800,"height":11}},{"id":"544f6284-f766-4998-b8cc-7c50dd1459d9","block_type":"box","text":"represent general unsecured claims against the general assets of a fund and are recorded as a liability for","page_number":42,"box":{"x":69,"y":260,"width":760,"height":11}},{"id":"7c4a5b5e-ded1-455d-ba53-f37d19d88c7c","block_type":"box","text":"accounting purposes.","page_number":42,"box":{"x":69,"y":274,"width":151,"height":11}},{"id":"1cff91dd-8669-4dc9-8ab6-1cf8089dfe2f","block_type":"box","text":"The following table sets forth the compensation paid to the Trustees by the Trust, on behalf of the Funds, for the","page_number":42,"box":{"x":101,"y":292,"width":805,"height":11}},{"id":"30e0293b-c809-4cce-be19-28beb5b99dbc","block_type":"box","text":"fiscal year ended September 30, 2025 and the aggregate compensation, including deferred compensation amounts,","page_number":42,"box":{"x":68,"y":306,"width":831,"height":11}},{"id":"060e4c09-e2ed-4937-92bd-7f3e9a3053a8","block_type":"box","text":"paid to them by all BlackRock-advised Funds for the calendar year ended December 31, 2025.","page_number":42,"box":{"x":70,"y":320,"width":670,"height":11}},{"id":"4e8cb904-1a4e-4cc1-a757-6376a5cc1d99","block_type":"box","text":"Name","page_number":42,"box":{"x":69,"y":388,"width":32,"height":7}},{"id":"f5b2deee-0b8a-4055-a640-f67a858b06c3","block_type":"box","text":"1","page_number":42,"box":{"x":102,"y":388,"width":4,"height":3}},{"id":"4a500df2-3f2e-4d4c-833b-7affd8be793c","block_type":"box","text":"Aggregate","page_number":42,"box":{"x":337,"y":348,"width":60,"height":8}},{"id":"f9edd6b5-c808-475e-92e2-23263cec1ed5","block_type":"box","text":"Compensation","page_number":42,"box":{"x":326,"y":358,"width":82,"height":8}},{"id":"fc3f82e8-cb25-4376-a235-241f39fdcce3","block_type":"box","text":"from the 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Core","page_number":42,"box":{"x":552,"y":368,"width":80,"height":7}},{"id":"9cd01059-639e-44e0-bf2e-5992dae9e028","block_type":"box","text":"Bond","page_number":42,"box":{"x":579,"y":378,"width":28,"height":7}},{"id":"f29b8dc9-d18c-48d8-93ec-44804e2364a8","block_type":"box","text":"Fund","page_number":42,"box":{"x":579,"y":388,"width":27,"height":7}},{"id":"7348d79e-9a2f-4230-93d7-6312c5ba61a0","block_type":"box","text":"Estimated Annual","page_number":42,"box":{"x":664,"y":368,"width":102,"height":7}},{"id":"e5d82657-295f-48b1-957f-041ffe631bd3","block_type":"box","text":"Benefits 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Funds","page_number":42,"box":{"x":806,"y":388,"width":84,"height":7}},{"id":"abf8c5fe-829e-44ac-8beb-1f0b2da8bc04","block_type":"box","text":"2,3","page_number":42,"box":{"x":890,"y":388,"width":9,"height":4}},{"id":"1db56da1-043d-4520-a3b5-c63c477f26ac","block_type":"box","text":"Independent Trustees","page_number":42,"box":{"x":70,"y":406,"width":154,"height":11}},{"id":"66144bd5-478a-4163-93a7-427e14d1a5d0","block_type":"box","text":"Cynthia L. 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Harris . . . . . . . . . . . .","page_number":42,"box":{"x":79,"y":451,"width":215,"height":11}},{"id":"6c6e2d22-39d6-4394-9e95-f3b0aef89a84","block_type":"box","text":"$32,018 $5,075 $4,923 None $395,000","page_number":42,"box":{"x":336,"y":450,"width":553,"height":11}},{"id":"28eea85b-b36a-45db-846d-faa307f3af57","block_type":"box","text":"J. Phillip Holloman.","page_number":42,"box":{"x":78,"y":466,"width":135,"height":11}},{"id":"976d39c1-aa86-47e6-8362-652a1c95b3b2","block_type":"box","text":"..........","page_number":42,"box":{"x":219,"y":473,"width":75,"height":2}},{"id":"0f4b025e-3d96-44da-8a2d-10940d57a071","block_type":"box","text":"$34,556 $5,465 $5,300 None $425,000","page_number":42,"box":{"x":336,"y":465,"width":553,"height":12}},{"id":"89a16c13-25c3-4d48-8a9a-34d1f1bc8abf","block_type":"box","text":"R. Glenn Hubbard .","page_number":42,"box":{"x":79,"y":481,"width":134,"height":9}},{"id":"81199de6-4ab4-4996-825a-9d315eb51f25","block_type":"box","text":"..........","page_number":42,"box":{"x":219,"y":489,"width":75,"height":1}},{"id":"6dba88b6-c24d-403b-bfda-e917a30e345d","block_type":"box","text":"$47,669 $7,478 $7,251 None $560,000","page_number":42,"box":{"x":336,"y":480,"width":553,"height":12}},{"id":"2f8134dc-7f07-48f4-94fc-54638db93231","block_type":"box","text":"W. Carl Kester","page_number":42,"box":{"x":78,"y":496,"width":102,"height":9}},{"id":"e0444bad-1a27-48ee-989a-965ceac05e27","block_type":"box","text":"..............","page_number":42,"box":{"x":187,"y":504,"width":107,"height":1}},{"id":"7b29f505-57c5-4f57-848c-cf3a5aa6bcf9","block_type":"box","text":"$49,057 $7,691 $7,462 None $671,500","page_number":42,"box":{"x":336,"y":496,"width":553,"height":11}},{"id":"8c8a51b2-f117-48e8-b6fb-b6bfec9dcf05","block_type":"box","text":"Catherine A. Lynch . . . . . . . . . .","page_number":42,"box":{"x":79,"y":511,"width":215,"height":12}},{"id":"ea639110-2feb-4b37-b465-4a0b59f35798","block_type":"box","text":"$44,170 $6,940 $6,736 None $610,000","page_number":42,"box":{"x":336,"y":511,"width":553,"height":11}},{"id":"f292c612-09ef-4e55-b270-491e1fbb6303","block_type":"box","text":"Arthur P. Steinmetz . . . . . . . . . .","page_number":42,"box":{"x":78,"y":527,"width":216,"height":8}},{"id":"0af0abd8-1984-440f-949f-c4eb8bc550c5","block_type":"box","text":"$37,298 $5,885 $5,713 None $537,500","page_number":42,"box":{"x":336,"y":526,"width":553,"height":11}},{"id":"4b188862-5987-4baa-9b8e-0ebb1c5f9ea0","block_type":"box","text":"Interested Trustees","page_number":42,"box":{"x":70,"y":542,"width":138,"height":9}},{"id":"79ae457c-3d02-4c73-8d4b-eea0ef10b39c","block_type":"box","text":"Robert Fairbairn","page_number":42,"box":{"x":79,"y":557,"width":113,"height":9}},{"id":"a2775ce0-9813-4a0c-b437-a5511cabc9aa","block_type":"box","text":".............","page_number":42,"box":{"x":195,"y":564,"width":99,"height":2}},{"id":"d4047a8f-e25c-420b-a3a0-7742b246cee9","block_type":"box","text":"None None None None None","page_number":42,"box":{"x":350,"y":557,"width":521,"height":9}},{"id":"4f80d0ce-1e2a-4456-b219-69116dffc901","block_type":"box","text":"John M. Perlowski","page_number":42,"box":{"x":78,"y":572,"width":127,"height":9}},{"id":"64c72967-9831-4ae7-9b48-7ecda15dfecc","block_type":"box","text":"...........","page_number":42,"box":{"x":211,"y":579,"width":83,"height":2}},{"id":"ea740926-52f4-41d5-b632-c4d8bff66009","block_type":"box","text":"None None None None None","page_number":42,"box":{"x":350,"y":572,"width":521,"height":9}},{"id":"0fcaf6f6-73ed-4b49-b22d-5faeb51cbebc","block_type":"box","text":"1","page_number":42,"box":{"x":69,"y":595,"width":3,"height":4}},{"id":"d4ccaecd-2413-45ca-87c8-d88a8ba9230d","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation see the Biographical Information Chart beginning","page_number":42,"box":{"x":94,"y":595,"width":811,"height":9}},{"id":"b481b383-447a-4d48-9519-fe400cd809b5","block_type":"box","text":"on page I-15.","page_number":42,"box":{"x":93,"y":605,"width":74,"height":9}},{"id":"56d28762-f04e-4554-bf91-14e84d5c6c65","block_type":"box","text":"2","page_number":42,"box":{"x":69,"y":617,"width":3,"height":3}},{"id":"f8f6d9ce-7fa0-4e86-9d35-c7f64fba26e9","block_type":"box","text":"For the Independent Trustees, this amount represents the aggregate compensation earned by such persons from the funds in the BlackRock","page_number":42,"box":{"x":94,"y":616,"width":802,"height":9}},{"id":"17a0f8ae-155c-4fb8-ada3-9f2d7b0e1f26","block_type":"box","text":"Fixed-Income Complex during the calendar year ended December 31, 2025. Of this amount, Ms. Egan, Mr. Flores, Ms. Harris, Mr. Holloman,","page_number":42,"box":{"x":94,"y":627,"width":798,"height":9}},{"id":"f54f031a-de73-4aeb-a354-18ed54d6ff0c","block_type":"box","text":"Dr. Hubbard, Dr. Kester, Ms. Lynch and Mr. Steinmetz deferred $580,000, $200,000, $197,500, $212,500, $280,000, $546,859,","page_number":42,"box":{"x":94,"y":636,"width":755,"height":10}},{"id":"171b8ecc-c979-47e5-b687-9a326dd5c25d","block_type":"box","text":"$603,900 and $268,750, respectively, pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":42,"box":{"x":93,"y":646,"width":687,"height":10}},{"id":"0d8221d5-a98f-4bb8-b946-be15ea7ef30a","block_type":"box","text":"3","page_number":42,"box":{"x":69,"y":658,"width":3,"height":4}},{"id":"2e8ca60a-4046-410c-bc51-549ee044d3b8","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard,","page_number":42,"box":{"x":93,"y":658,"width":810,"height":9}},{"id":"a02407a1-036a-4eb3-876f-50ab3127c66a","block_type":"box","text":"Dr. Kester, Ms. Lynch and Mr. Steinmetz is $1,055,218, $1,032,287, $1,101,752, $5,907,215, $2,544,830, $720,927 and $603,379,","page_number":42,"box":{"x":94,"y":668,"width":787,"height":9}},{"id":"9b1458e8-d840-483d-b508-fa75b8e19ca1","block_type":"box","text":"respectively, as of December 31, 2025. Ms. Egan did not participate in the deferred compensation plan as of December 31, 2025.","page_number":42,"box":{"x":94,"y":678,"width":748,"height":9}},{"id":"787092c4-b11d-4b2b-8364-60554b364234","block_type":"box","text":"IV. 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In addition, BlackRock has contractually agreed to waive its management fees by the amount","page_number":42,"box":{"x":68,"y":825,"width":840,"height":11}},{"id":"1fdadf6b-ccbe-455b-baa8-62a692a51dbe","block_type":"box","text":"of investment advisory fees each Fund pays to BlackRock indirectly through its investment in money market funds","page_number":42,"box":{"x":69,"y":839,"width":811,"height":12}},{"id":"97a0ac6c-7a73-4749-8850-2db788567306","block_type":"box","text":"managed by BlackRock or its affiliates through June 30, 2027. The contractual agreements may be terminated upon","page_number":42,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"8f46fda7-e699-40a2-9c4b-9d4fc1119a4e","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting","page_number":42,"box":{"x":69,"y":867,"width":774,"height":12}},{"id":"9d8e0bfa-10b5-45cf-a72e-9a466910011c","block_type":"box","text":"securities of the Fund.","page_number":42,"box":{"x":69,"y":882,"width":158,"height":9}},{"id":"bda239d6-4b9f-4940-915f-eeea09bf784c","block_type":"box","text":"I-19","page_number":42,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"e5cb991c-c0fb-4784-8af8-f50be53d5627","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":42,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7e9e905b-6040-4d6d-8891-480f77594df5","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses of each Fund in order to limit","page_number":43,"box":{"x":101,"y":45,"width":804,"height":11}},{"id":"7a7cf14a-f99a-45a9-afbe-72b25668b7f1","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":43,"box":{"x":68,"y":59,"width":787,"height":11}},{"id":"67b2ac43-5c23-4133-867f-416a210472ff","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and expenses and certain other Fund expenses (as defined in the","page_number":43,"box":{"x":70,"y":73,"width":811,"height":11}},{"id":"422941ee-24c2-4ddd-8ba8-a62f9aada6e5","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to the amounts noted in the table below through","page_number":43,"box":{"x":70,"y":87,"width":824,"height":11}},{"id":"5a8c668e-5bcd-49f2-8c4d-31c5b6b634c3","block_type":"box","text":"June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent","page_number":43,"box":{"x":69,"y":101,"width":835,"height":11}},{"id":"19f5c262-6dd2-4b33-b3ea-2036691f198f","block_type":"box","text":"Trustees or by a vote of a majority of the outstanding voting securities of a Fund.","page_number":43,"box":{"x":68,"y":115,"width":574,"height":11}},{"id":"087970f5-10a2-4a20-928f-d12c8bfcab79","block_type":"box","text":"Contractual Caps on","page_number":43,"box":{"x":787,"y":142,"width":118,"height":9}},{"id":"0089f9e2-4325-44e3-86fd-799fe43eefe6","block_type":"box","text":"Total Annual Fund","page_number":43,"box":{"x":794,"y":153,"width":104,"height":7}},{"id":"d3e6d725-6b7a-4eee-a6ae-0ce0c598cfc2","block_type":"box","text":"Operating Expenses","page_number":43,"box":{"x":788,"y":163,"width":116,"height":8}},{"id":"13c930c0-4f8c-41b2-8a00-75c53fc985fd","block_type":"box","text":"(excluding Dividend","page_number":43,"box":{"x":789,"y":173,"width":114,"height":9}},{"id":"33abd8d7-35ca-43da-ae78-3de6c965f7e2","block_type":"box","text":"Expense, Interest","page_number":43,"box":{"x":795,"y":183,"width":102,"height":9}},{"id":"59812849-a0cb-40ba-b586-602ef436cd2e","block_type":"box","text":"Expense, Acquired","page_number":43,"box":{"x":793,"y":193,"width":107,"height":9}},{"id":"b0d620dd-987d-46a5-a9d6-f09e142769bd","block_type":"box","text":"Fund Fees and","page_number":43,"box":{"x":805,"y":203,"width":83,"height":7}},{"id":"fff7e221-1bbf-4e76-817e-eb396dfc71ac","block_type":"box","text":"Expenses and certain","page_number":43,"box":{"x":784,"y":213,"width":125,"height":9}},{"id":"aaddb066-50d1-442c-a49d-07a35a19470b","block_type":"box","text":"other Fund expenses)","page_number":43,"box":{"x":783,"y":223,"width":126,"height":9}},{"id":"b74797e6-01b7-4963-8dbd-19245e1e62e4","block_type":"box","text":"High Yield Portfolio","page_number":43,"box":{"x":69,"y":241,"width":140,"height":11}},{"id":"34f458a1-c725-496e-ae59-7cad5cb67a81","block_type":"box","text":"Investor A Shares","page_number":43,"box":{"x":70,"y":256,"width":124,"height":9}},{"id":"755e4886-cbd4-423b-b90a-4ef15d229404","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.92%","page_number":43,"box":{"x":204,"y":256,"width":670,"height":9}},{"id":"bdd82720-9ed5-4568-a04f-de47f307f62e","block_type":"box","text":"Investor C Shares","page_number":43,"box":{"x":70,"y":271,"width":125,"height":9}},{"id":"9b2b549b-db61-4efa-9cc1-8c982c21db55","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.72%","page_number":43,"box":{"x":204,"y":271,"width":670,"height":9}},{"id":"5a3bd423-3561-4614-ae52-1ae84d4cbe7c","block_type":"box","text":"Institutional Shares","page_number":43,"box":{"x":70,"y":286,"width":137,"height":9}},{"id":"ad2a3e81-6471-4daa-8a92-259df378d8a2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.67%","page_number":43,"box":{"x":212,"y":286,"width":662,"height":9}},{"id":"6cedac0a-2274-4fdf-ac3c-b6573a965fa7","block_type":"box","text":"Class R Shares","page_number":43,"box":{"x":69,"y":301,"width":109,"height":9}},{"id":"bb325ddd-09c6-4c29-8a7f-280998a040e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.28%","page_number":43,"box":{"x":188,"y":301,"width":686,"height":9}},{"id":"49fecb3e-50f1-442d-a1b2-c9aa49637d83","block_type":"box","text":"Class K Shares","page_number":43,"box":{"x":69,"y":316,"width":109,"height":9}},{"id":"2bb5ffa3-d668-465d-b72d-82fe57e98712","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.58%","page_number":43,"box":{"x":188,"y":316,"width":686,"height":9}},{"id":"4451b70c-d4dc-4577-a966-c2cff3fb0bc9","block_type":"box","text":"Service Shares. .","page_number":43,"box":{"x":69,"y":332,"width":121,"height":8}},{"id":"26ee09ca-e8db-42c2-93ec-13874b665ece","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.02%","page_number":43,"box":{"x":196,"y":332,"width":678,"height":8}},{"id":"ea67f084-b86c-4e57-98e8-ace35bff45f8","block_type":"box","text":"Low Duration Bond Portfolio","page_number":43,"box":{"x":69,"y":347,"width":204,"height":9}},{"id":"24649dcf-56dc-4d61-9a10-c06503885a42","block_type":"box","text":"Investor A Shares","page_number":43,"box":{"x":70,"y":362,"width":124,"height":9}},{"id":"417b4e24-cb97-46e4-9a40-d4f177ce6234","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.65%","page_number":43,"box":{"x":204,"y":362,"width":670,"height":9}},{"id":"5d045f28-7683-4d71-9b88-b6f70a2fcb8b","block_type":"box","text":"Investor C Shares","page_number":43,"box":{"x":70,"y":377,"width":125,"height":9}},{"id":"027bc7cb-30c5-4e3d-a9ca-422e1946d9cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.40%","page_number":43,"box":{"x":204,"y":377,"width":670,"height":9}},{"id":"26fda5d7-cce8-4629-ab77-418361180253","block_type":"box","text":"Institutional Shares","page_number":43,"box":{"x":70,"y":392,"width":137,"height":9}},{"id":"00b8f943-386b-49ae-8871-6eaff1435833","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40%","page_number":43,"box":{"x":212,"y":392,"width":662,"height":9}},{"id":"f2b888ed-f675-4734-9617-1b3ccb75946e","block_type":"box","text":"Class R Shares","page_number":43,"box":{"x":69,"y":407,"width":109,"height":9}},{"id":"9b106043-c814-497f-9f30-387ae24b86e2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90%","page_number":43,"box":{"x":188,"y":407,"width":686,"height":9}},{"id":"ae3da6f8-3260-4b19-9b5b-08954fe2e15f","block_type":"box","text":"Class K Shares","page_number":43,"box":{"x":69,"y":422,"width":109,"height":9}},{"id":"f5ab687f-93ac-43fe-ad11-0a08b29d0b29","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35%","page_number":43,"box":{"x":188,"y":422,"width":686,"height":9}},{"id":"36ed5587-8704-45b0-8390-53f2201b13e1","block_type":"box","text":"Investor A1 Shares","page_number":43,"box":{"x":70,"y":437,"width":133,"height":9}},{"id":"e37b9004-8266-4093-94af-3fa2806bc8a1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":43,"box":{"x":212,"y":437,"width":662,"height":9}},{"id":"ec06ce16-2aea-41a2-9390-902f2022e900","block_type":"box","text":"Core Bond Portfolio","page_number":43,"box":{"x":69,"y":452,"width":143,"height":9}},{"id":"0f9a1b54-fc6f-4366-acb4-e8552bdbf3d1","block_type":"box","text":"Investor A Shares","page_number":43,"box":{"x":70,"y":468,"width":124,"height":9}},{"id":"8314d873-bdab-4a6a-becd-5b5a27c5f2fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.68%","page_number":43,"box":{"x":204,"y":468,"width":670,"height":9}},{"id":"9009905f-e22e-425f-a745-0d46ad71cd39","block_type":"box","text":"Investor C Shares","page_number":43,"box":{"x":70,"y":483,"width":125,"height":9}},{"id":"3c7682cd-801c-410d-8ddd-04524fed1c1c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.43%","page_number":43,"box":{"x":204,"y":483,"width":670,"height":9}},{"id":"78bae7f9-48e7-4cf8-87e5-696265cfffc0","block_type":"box","text":"Institutional Shares","page_number":43,"box":{"x":70,"y":498,"width":137,"height":9}},{"id":"070dfa95-c089-48a8-aad0-3b41bf3f4613","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.43%","page_number":43,"box":{"x":212,"y":498,"width":662,"height":9}},{"id":"6d5dd986-79e6-4e11-8431-be9573b28a91","block_type":"box","text":"Class R Shares","page_number":43,"box":{"x":69,"y":513,"width":109,"height":9}},{"id":"98928729-8958-44f7-8191-42bd5a14f8ae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.93%","page_number":43,"box":{"x":188,"y":513,"width":686,"height":9}},{"id":"2a92491e-14a7-4b72-93e0-27ef272a1ccd","block_type":"box","text":"Class K Shares","page_number":43,"box":{"x":69,"y":528,"width":109,"height":9}},{"id":"db1e528b-ec65-4712-a8a1-d9085b9f094a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.38%","page_number":43,"box":{"x":188,"y":528,"width":686,"height":9}},{"id":"279bfe30-32c8-4f59-8a4a-3a4bc254616b","block_type":"box","text":"Pursuant to the Management Agreement, the Manager may from time to time, in its sole discretion to the extent","page_number":43,"box":{"x":102,"y":548,"width":800,"height":11}},{"id":"559f08db-f38f-4a47-9767-1e73142839e4","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":43,"box":{"x":70,"y":562,"width":834,"height":12}},{"id":"d5199dc2-dfcd-4d04-9803-59ac497e3a74","block_type":"box","text":"to perform investment advisory services with respect to the Funds. In addition, the Manager may delegate certain of","page_number":43,"box":{"x":68,"y":576,"width":834,"height":12}},{"id":"74fd69fc-2209-492d-a2b2-2828bf8f22b9","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":43,"box":{"x":70,"y":590,"width":801,"height":12}},{"id":"a148f365-0623-40e0-b88a-7846c1240c88","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":43,"box":{"x":70,"y":605,"width":823,"height":11}},{"id":"007f1d17-99b2-4c07-a454-c8c2da3f1460","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":43,"box":{"x":70,"y":619,"width":508,"height":11}},{"id":"ee139d89-48a2-42bc-9236-7bf8f55272d1","block_type":"box","text":"The Manager entered into a separate sub-advisory agreement with BlackRock International Limited (“BIL”) with","page_number":43,"box":{"x":101,"y":637,"width":789,"height":11}},{"id":"f125b4ec-c506-4e81-b399-1e6e31cc68a6","block_type":"box","text":"respect to each of the High Yield Portfolio, the Low Duration Bond Portfolio and the Core Bond Portfolio pursuant to","page_number":43,"box":{"x":69,"y":651,"width":824,"height":11}},{"id":"1dc79939-e743-49b2-b460-b602ee17b3b5","block_type":"box","text":"which BIL receives for the services it provides for that portion of the High Yield Portfolio, the Low Duration Bond","page_number":43,"box":{"x":68,"y":665,"width":798,"height":11}},{"id":"74dfe7ad-7d47-4e88-9c42-99c691806e07","block_type":"box","text":"Portfolio and the Core Bond Portfolio for which it serves as sub-adviser a monthly fee at an annual rate equal to a","page_number":43,"box":{"x":69,"y":679,"width":812,"height":11}},{"id":"cf37cc5d-5c9a-41d2-9a0d-008513d3e22e","block_type":"box","text":"percentage of the management fee paid to the Manager under the Management Agreement with respect to the High","page_number":43,"box":{"x":70,"y":693,"width":824,"height":11}},{"id":"f31b9e79-c758-4c52-9008-02083257881d","block_type":"box","text":"Yield Portfolio, the Low Duration Bond Portfolio or the Core Bond Portfolio, as applicable.","page_number":43,"box":{"x":68,"y":707,"width":636,"height":11}},{"id":"66cbffd3-7bfa-427e-bc98-3696386e1d2a","block_type":"box","text":"The Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited (“BSL” and together","page_number":43,"box":{"x":101,"y":725,"width":776,"height":11}},{"id":"3d12a206-cf6c-4f53-87ef-d9fb2954389b","block_type":"box","text":"with BIL, the “Sub-Advisers”) with respect to each of the Low Duration Bond Portfolio and the Core Bond Portfolio","page_number":43,"box":{"x":68,"y":739,"width":808,"height":11}},{"id":"85fb72a9-0523-4c0d-8be4-784b3d807925","block_type":"box","text":"pursuant to which BSL receives for the services it provides for that portion of the Low Duration Bond Portfolio and","page_number":43,"box":{"x":70,"y":753,"width":812,"height":11}},{"id":"2b5450d4-6acc-4650-8417-7b49b3ba45c6","block_type":"box","text":"the Core Bond Portfolio for which it serves as sub-adviser a monthly fee at an annual rate equal to a percentage of","page_number":43,"box":{"x":68,"y":767,"width":821,"height":12}},{"id":"481cfa7a-09d8-4b71-9308-44dd98eb411a","block_type":"box","text":"the management fee paid to the Manager under the Management Agreement with respect to the Low Duration Bond","page_number":43,"box":{"x":68,"y":781,"width":826,"height":12}},{"id":"38c0b275-60f5-40c3-a3a0-3b60f22f2618","block_type":"box","text":"Portfolio and the Core Bond Portfolio, as applicable.","page_number":43,"box":{"x":69,"y":796,"width":371,"height":11}},{"id":"6f1c2535-2c12-4434-8385-3178b6fa36ab","block_type":"box","text":"For the fiscal year ended September 30, 2025, the Funds paid BlackRock management fees (which includes","page_number":43,"box":{"x":102,"y":813,"width":772,"height":12}},{"id":"381f711f-7499-47a6-bf8a-a63cd94bb809","block_type":"box","text":"amounts paid by the Manager to the Sub-Advisers), and BlackRock waived management fees and reimbursed","page_number":43,"box":{"x":69,"y":828,"width":777,"height":11}},{"id":"55c493ad-b181-42e3-88d0-cf558eb598bb","block_type":"box","text":"expenses, as follows:","page_number":43,"box":{"x":69,"y":842,"width":152,"height":11}},{"id":"c5edeeff-0d87-4216-b7eb-decf678b55ec","block_type":"box","text":"Fund Name Fees Paid to the Manager Fees Waived by the Manager Fees Reimbursed by the Manager","page_number":43,"box":{"x":69,"y":869,"width":840,"height":9}},{"id":"79700e9b-e6b3-467c-9294-fdb26ee30826","block_type":"box","text":"High Yield Portfolio . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":887,"width":234,"height":11}},{"id":"eb21fae8-6b9b-443a-8f26-85bc00cf67a6","block_type":"box","text":"$107,497,993 $3,982,202 $ 0","page_number":43,"box":{"x":358,"y":886,"width":497,"height":11}},{"id":"19c9ea87-282b-4d6a-b46f-79d90b3a47b0","block_type":"box","text":"Low Duration Bond Portfolio. . . . . $ 11,587,236 $ 127,467 $1,199,291","page_number":43,"box":{"x":70,"y":901,"width":785,"height":11}},{"id":"af3f1c19-4256-4005-8a6b-3ebbd182ea1c","block_type":"box","text":"I-20","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9e3a47f0-9d55-4911-b253-80be3979755a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":43,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"56bae9c8-8d25-47f3-84a3-824e57539046","block_type":"box","text":"Fund Name Fees Paid to the Manager Fees Waived by the Manager Fees Reimbursed by the Manager","page_number":44,"box":{"x":69,"y":49,"width":840,"height":9}},{"id":"03b94875-6c73-4c03-9072-2d6730c95948","block_type":"box","text":"Core Bond Portfolio","page_number":44,"box":{"x":69,"y":67,"width":138,"height":9}},{"id":"516b57b8-950d-413f-a0d3-f06c89572429","block_type":"box","text":". . . . . . . . . . . . $ 12,","page_number":44,"box":{"x":213,"y":66,"width":186,"height":11}},{"id":"b6d1256d-c326-4da0-83a9-8dc6d3eaf464","block_type":"box","text":"605,353 $ 608,444 $1,898,234","page_number":44,"box":{"x":401,"y":66,"width":454,"height":11}},{"id":"7a2d6ed0-62d3-4c06-b97c-72af5b45dda2","block_type":"box","text":"For the fiscal year ended September 30, 2024, the Funds paid BlackRock management fees (which includes","page_number":44,"box":{"x":102,"y":87,"width":772,"height":11}},{"id":"4d6fe382-cc27-4401-b05a-1dee9628a6f6","block_type":"box","text":"amounts paid by the Manager to the Sub-Advisers), and BlackRock waived management fees and reimbursed","page_number":44,"box":{"x":69,"y":101,"width":777,"height":11}},{"id":"98bda839-959f-4287-a45e-0d9ca1be9d84","block_type":"box","text":"expenses, as follows:","page_number":44,"box":{"x":69,"y":115,"width":152,"height":11}},{"id":"2e6667dc-690f-49a7-943f-2b9d101631b1","block_type":"box","text":"Fund Name Fees Paid to the Manager Fees Waived by the Manager Fees Reimbursed by the Manager","page_number":44,"box":{"x":69,"y":142,"width":840,"height":9}},{"id":"6116f8d4-752d-4a48-92ac-be6d5b2117cd","block_type":"box","text":"High Yield Portfolio . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":160,"width":234,"height":11}},{"id":"6f6cac3d-2dc9-4ef7-89a3-8724aac7ac66","block_type":"box","text":"$88,994,389 $2,903,422 $ 1,018","page_number":44,"box":{"x":362,"y":159,"width":493,"height":12}},{"id":"faf75d4e-3571-4456-a267-fd3a3019262a","block_type":"box","text":"Low Duration Bond Portfolio. . . . . $13,374,766 $ 63,532 $1,036,541","page_number":44,"box":{"x":70,"y":174,"width":785,"height":12}},{"id":"7c12dc63-c279-4786-a82e-fb694568c32e","block_type":"box","text":"Core Bond Portfolio","page_number":44,"box":{"x":69,"y":190,"width":138,"height":9}},{"id":"aa4bf6af-1e0b-463a-b23b-67f114814a86","block_type":"box","text":"............","page_number":44,"box":{"x":213,"y":198,"width":91,"height":1}},{"id":"2ad5b474-4525-4a2e-bfcc-b1020ba40ad8","block_type":"box","text":"$12,987,299 $ 724,592 $2,340,946","page_number":44,"box":{"x":362,"y":190,"width":493,"height":11}},{"id":"c43e3541-d1a9-4f39-84cb-85ef23ddf919","block_type":"box","text":"For the fiscal year ended September 30, 2023, the Funds paid BlackRock management fees (which includes","page_number":44,"box":{"x":102,"y":210,"width":772,"height":12}},{"id":"bc463c87-92ae-42e4-b852-d74be5cdcb09","block_type":"box","text":"amounts paid by the Manager to the Sub-Advisers), and BlackRock waived management fees and reimbursed","page_number":44,"box":{"x":69,"y":224,"width":777,"height":12}},{"id":"3d521732-33a0-46b7-b19e-91346a888f71","block_type":"box","text":"expenses, as follows:","page_number":44,"box":{"x":69,"y":239,"width":152,"height":11}},{"id":"8e0ac177-f28f-46d6-846b-062d681b6cd0","block_type":"box","text":"Fund Name Fees Paid to the Manager Fees Waived by the Manager Fees Reimbursed by the Manager","page_number":44,"box":{"x":69,"y":266,"width":840,"height":9}},{"id":"753b9a88-8150-410e-bf20-e84859693c1a","block_type":"box","text":"High Yield Portfolio . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":284,"width":234,"height":11}},{"id":"7f19a0c2-5654-437f-a482-7a9ef10d6177","block_type":"box","text":"$78,012,907 $1,446,810 $ 134","page_number":44,"box":{"x":362,"y":283,"width":493,"height":11}},{"id":"2e2b38c9-5265-4a81-9e49-de99934cfba4","block_type":"box","text":"Low Duration Bond Portfolio. . . . . $16,676,731 $ 126,384 $ 470,901","page_number":44,"box":{"x":70,"y":298,"width":785,"height":11}},{"id":"216c0693-c202-488a-9142-cead73604164","block_type":"box","text":"Core Bond Portfolio","page_number":44,"box":{"x":69,"y":314,"width":138,"height":9}},{"id":"f3f39379-c4af-4f96-8574-d2394d8e0d7b","block_type":"box","text":"............","page_number":44,"box":{"x":213,"y":321,"width":91,"height":2}},{"id":"6641755b-504a-447c-964b-2e6773eec1ab","block_type":"box","text":"$12,021,248 $ 763,621 $1,877,022","page_number":44,"box":{"x":362,"y":313,"width":493,"height":11}},{"id":"d7436144-02b9-422a-89df-02ef6ebc8427","block_type":"box","text":"Administration Agreement","page_number":44,"box":{"x":68,"y":338,"width":191,"height":11}},{"id":"80d5616d-4423-49e0-bb88-7c439c83eb2f","block_type":"box","text":"BlackRock serves as the Funds’ administrator pursuant to an administration agreement (the “Administration","page_number":44,"box":{"x":102,"y":356,"width":771,"height":11}},{"id":"df484a9f-e5e8-493c-a567-d8d3fe32d5ed","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for each Fund; furnish each Fund with clerical,","page_number":44,"box":{"x":68,"y":370,"width":784,"height":11}},{"id":"d8ee955d-b490-40df-8ea0-06d97aaa67b8","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of each Fund’s net asset value;","page_number":44,"box":{"x":69,"y":384,"width":831,"height":11}},{"id":"2658e7ab-e8e3-4d95-8173-3a829cbc7d07","block_type":"box","text":"oversee the preparation and filing of Federal, state and local income tax returns; prepare certain reports required by","page_number":44,"box":{"x":69,"y":398,"width":830,"height":11}},{"id":"9548d090-7914-4e3d-821e-1fb7b47244b2","block_type":"box","text":"regulatory authorities; calculate various contractual expenses; determine the amount of dividends and distributions","page_number":44,"box":{"x":69,"y":412,"width":822,"height":11}},{"id":"a309c09a-a94e-4743-a16f-ced41f07991c","block_type":"box","text":"available for payment by each Fund to its shareholders; prepare and arrange for the printing of dividend notices to","page_number":44,"box":{"x":69,"y":426,"width":812,"height":12}},{"id":"1aaccf1d-f97f-48b1-a957-6472a260d3aa","block_type":"box","text":"shareholders; provide Fund service providers with such information as is required to effect the payment of dividends","page_number":44,"box":{"x":69,"y":440,"width":830,"height":11}},{"id":"c2a35a4f-2d85-4535-b22c-8d556a296200","block_type":"box","text":"and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal counsel, custodian,","page_number":44,"box":{"x":69,"y":454,"width":825,"height":12}},{"id":"b956456c-3640-4b31-b06f-74473eabd772","block_type":"box","text":"accounting agent and transfer and dividend disbursing agent in establishing the accounting policies of each Fund and","page_number":44,"box":{"x":69,"y":469,"width":835,"height":11}},{"id":"15d90642-0385-4576-a719-6a210b89ef86","block_type":"box","text":"monitoring financial and shareholder accounting services. BlackRock may from time to time voluntarily waive","page_number":44,"box":{"x":69,"y":483,"width":773,"height":11}},{"id":"601d5dc5-ca67-4c0b-8e4d-f0e244182b71","block_type":"box","text":"administration fees with respect to each Fund and may voluntarily reimburse the Fund for expenses.","page_number":44,"box":{"x":69,"y":497,"width":711,"height":11}},{"id":"4089e96c-0211-4072-97c0-4ac2de8bb4f7","block_type":"box","text":"Under the Administration Agreement with BlackRock, the Trust, on behalf of each Fund, pays to BlackRock a fee,","page_number":44,"box":{"x":102,"y":515,"width":801,"height":11}},{"id":"fc4eb167-9ab4-499b-9ccd-2bea68be3e74","block_type":"box","text":"computed daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the","page_number":44,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"99a23779-866a-4e1f-bf55-f818dca34335","block_type":"box","text":"Fund’s average daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of","page_number":44,"box":{"x":70,"y":542,"width":838,"height":12}},{"id":"194155bc-6283-4e29-af94-3eae7ea49948","block_type":"box","text":"the next $1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily","page_number":44,"box":{"x":68,"y":556,"width":821,"height":12}},{"id":"f05692a6-8b65-4f20-9664-f0bab9bb49a5","block_type":"box","text":"net assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily","page_number":44,"box":{"x":69,"y":570,"width":816,"height":12}},{"id":"5d117d73-624b-482a-a0aa-13b5aa2655e7","block_type":"box","text":"net assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":44,"box":{"x":69,"y":585,"width":833,"height":11}},{"id":"6e8094e2-40d2-4aff-8fe6-95912c79cc83","block_type":"box","text":"shares of the Fund.","page_number":44,"box":{"x":69,"y":599,"width":137,"height":9}},{"id":"6adc3a27-cb60-42de-a65c-497e6fdd3bf0","block_type":"box","text":"For the fiscal year ended September 30, 2025, the Trust, on behalf of each Fund, paid BlackRock administration","page_number":44,"box":{"x":102,"y":617,"width":802,"height":11}},{"id":"18506c35-0491-4d5a-affe-a46ab40a2b70","block_type":"box","text":"fees, and BlackRock waived administration fees, as follows:","page_number":44,"box":{"x":68,"y":631,"width":427,"height":11}},{"id":"3bd30e9d-5582-48fa-869a-e4ca2f394fcb","block_type":"box","text":"Fund Name","page_number":44,"box":{"x":69,"y":659,"width":64,"height":7}},{"id":"8a4fcd40-4ae5-4e7c-9e7f-cf15846b0b01","block_type":"box","text":"Fees Paid to BlackRock Fees Waived by BlackRock","page_number":44,"box":{"x":583,"y":659,"width":327,"height":8}},{"id":"a05a4e5e-8ec0-4c4f-86a7-f37d89d46bf4","block_type":"box","text":"High Yield Portfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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2%","page_number":46,"box":{"x":264,"y":629,"width":642,"height":11}},{"id":"44a7974e-d09d-4d9e-812a-312637e7e092","block_type":"box","text":"Issuer Cap Index), certain customized indices and certain fund industry peer groups.","page_number":46,"box":{"x":265,"y":644,"width":602,"height":11}},{"id":"9ee79ed4-0efe-4113-909f-c7d3c93308a5","block_type":"box","text":"Scott MacLellan, CFA,","page_number":46,"box":{"x":69,"y":682,"width":154,"height":10}},{"id":"13c17cca-152c-471b-86fe-0f90b438f187","block_type":"box","text":"CMT","page_number":46,"box":{"x":69,"y":697,"width":31,"height":9}},{"id":"6ad33408-08b1-4e58-96ce-2417d1bf31ba","block_type":"box","text":"A combination of market-based indices (e.g., Bank of America Merrill Lynch U.S. Corporate","page_number":46,"box":{"x":264,"y":682,"width":644,"height":11}},{"id":"80045097-37a6-4801-9e33-df7cf8677dec","block_type":"box","text":"& Government Index, 1-3 Years), certain customized indices and certain fund industry","page_number":46,"box":{"x":265,"y":697,"width":611,"height":11}},{"id":"2b2551a2-2c93-4314-a615-a9f48021d540","block_type":"box","text":"peer groups.","page_number":46,"box":{"x":265,"y":714,"width":87,"height":9}},{"id":"43d94769-6e74-4f32-83da-0d94f8c9404b","block_type":"box","text":"Rick Rieder","page_number":46,"box":{"x":70,"y":735,"width":79,"height":9}},{"id":"5c8b3fcc-9876-46ad-a928-750b608f78d5","block_type":"box","text":"Russell Brownback","page_number":46,"box":{"x":70,"y":750,"width":133,"height":9}},{"id":"d07be719-fb02-4bf6-90ef-8f87260e5214","block_type":"box","text":"Chi Chen","page_number":46,"box":{"x":69,"y":765,"width":62,"height":9}},{"id":"33dfbf1d-6440-4106-ada6-da15cf2662f9","block_type":"box","text":"Amanda Liu, CFA","page_number":46,"box":{"x":68,"y":780,"width":120,"height":11}},{"id":"fc6ef51a-26f9-49cc-b7ff-c5adf6dc9295","block_type":"box","text":"Sam Summers","page_number":46,"box":{"x":69,"y":795,"width":104,"height":9}},{"id":"1879b060-d037-4722-b66e-edeb96f1dba9","block_type":"box","text":"A combination of market-based indices (e.g., Bloomberg U.S. Aggregate Bond Index),","page_number":46,"box":{"x":264,"y":735,"width":603,"height":11}},{"id":"2c3ea86d-14f9-43e4-ae79-f8652f66021d","block_type":"box","text":"certain customized indices and certain fund industry peer groups.","page_number":46,"box":{"x":264,"y":750,"width":469,"height":11}},{"id":"b4f6e42d-d156-4af5-9764-68d65029cbc6","block_type":"box","text":"Siddharth Mehta A combination of market-based indices (e.g. FTSE Mortgage Index, Bloomberg GNMA MBS","page_number":46,"box":{"x":69,"y":818,"width":837,"height":11}},{"id":"7b73f7f5-1835-4aae-a2c5-8dd16719e5d7","block_type":"box","text":"Index), certain customized indices and certain fund industry peer groups.","page_number":46,"box":{"x":265,"y":833,"width":521,"height":11}},{"id":"dd1cf5f8-38bf-4393-8528-495975dce8c5","block_type":"box","text":"Akiva Dickstein A combination of market-based indices (e.g., Bloomberg U.S. Aggregate Index, Bloomberg","page_number":46,"box":{"x":68,"y":856,"width":835,"height":11}},{"id":"800201e7-6345-4f86-9413-03f6ff13aef6","block_type":"box","text":"U.S. Universal Index and Bloomberg Intermediate Aggregate Index), certain customized","page_number":46,"box":{"x":265,"y":871,"width":618,"height":11}},{"id":"b1c0b371-4135-4d45-b8ab-9048f60b9925","block_type":"box","text":"indices and certain fund industry peer groups.","page_number":46,"box":{"x":265,"y":886,"width":328,"height":11}},{"id":"7e002c92-caf8-4c5b-a6d6-f45235700f9e","block_type":"box","text":"I-23","page_number":46,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"2fcdd691-83d0-4f69-a92d-f62888f80d68","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":46,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c856d5d8-a113-4816-b2c6-5db630bde96f","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":47,"box":{"x":102,"y":45,"width":389,"height":11}},{"id":"bb54cb87-7a18-4d37-b2a9-47c05661cb45","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":47,"box":{"x":499,"y":45,"width":383,"height":11}},{"id":"4c922958-d922-453f-b6be-91d8652762bd","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":47,"box":{"x":70,"y":59,"width":815,"height":11}},{"id":"ad7894f1-5e9c-45d5-9645-6087277689f3","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":47,"box":{"x":68,"y":73,"width":522,"height":11}},{"id":"ee1e6ab1-775c-4e98-a96d-7230133a27e6","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":47,"box":{"x":102,"y":91,"width":760,"height":11}},{"id":"3b077e38-1497-4772-bd6d-f1f9072457cc","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":47,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"0334e853-b846-4c9a-9819-70f3af158e63","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":47,"box":{"x":69,"y":119,"width":805,"height":11}},{"id":"518372f3-c06c-43c8-aa0e-7fb9fadb2be1","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":47,"box":{"x":69,"y":133,"width":822,"height":11}},{"id":"12710c4a-e997-48dc-9c01-e4f40d6017b9","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":47,"box":{"x":68,"y":147,"width":839,"height":11}},{"id":"ac0b5b69-e47f-4dfb-bf28-9ee0a3b0e012","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":47,"box":{"x":69,"y":161,"width":802,"height":12}},{"id":"4b8e4600-3e49-4e09-aba3-3948a5a685f7","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":47,"box":{"x":70,"y":175,"width":820,"height":12}},{"id":"30eb21c3-cd07-4b0a-bb70-768b1db6f6f0","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":47,"box":{"x":70,"y":189,"width":801,"height":12}},{"id":"35fa37c9-39de-4dc2-b9f2-8667c5f89ef7","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":47,"box":{"x":70,"y":204,"width":831,"height":11}},{"id":"83e2ae80-c82c-4b31-bf4d-487e469b0e5f","block_type":"box","text":"managers of these Funds have deferred BlackRock, Inc. stock awards.","page_number":47,"box":{"x":69,"y":218,"width":501,"height":11}},{"id":"152cf2ff-3380-4b8c-b4cc-b4bc51865c8b","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":47,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"d7d70399-3a13-4611-a31a-4f56df27f8e7","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":47,"box":{"x":68,"y":250,"width":836,"height":11}},{"id":"6dec5e43-5e76-4050-8059-e8838f552def","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":47,"box":{"x":68,"y":264,"width":821,"height":11}},{"id":"9ed80bf1-386d-497b-afa0-4c4e0f7e56bf","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":47,"box":{"x":69,"y":278,"width":829,"height":11}},{"id":"7cb7aba2-7ded-4f18-9e8a-bcdb315d46ad","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":47,"box":{"x":70,"y":292,"width":835,"height":11}},{"id":"426f106b-5321-40c6-8abf-2659d447d78b","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":47,"box":{"x":69,"y":306,"width":414,"height":11}},{"id":"90bcb0ce-780f-4dbc-9e17-20e5a4c93ac0","block_type":"box","text":"Other Compensation Benefits.","page_number":47,"box":{"x":101,"y":324,"width":218,"height":11}},{"id":"128d70fd-8541-479b-97c1-6c5dcf3dc422","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":47,"box":{"x":327,"y":324,"width":552,"height":11}},{"id":"e74a29e8-0a22-41a1-8d5c-ff9ef7f54e28","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":47,"box":{"x":69,"y":338,"width":582,"height":11}},{"id":"2ac5929c-ec94-4001-809d-89898bcced0c","block_type":"box","text":"Incentive Savings Plans","page_number":47,"box":{"x":102,"y":356,"width":167,"height":11}},{"id":"10f6bb96-2d29-494c-be3f-0f7c35609c4e","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":47,"box":{"x":274,"y":356,"width":614,"height":11}},{"id":"90917fa9-7410-4860-b58c-00fe7b735d01","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":47,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"16775e60-d6cf-4f10-9347-85c9464506a7","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":47,"box":{"x":70,"y":384,"width":785,"height":11}},{"id":"09253d01-0089-44b2-b539-73d1698faeb9","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":47,"box":{"x":69,"y":398,"width":830,"height":12}},{"id":"66bac675-30f4-4503-807b-5b72ca56f869","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":47,"box":{"x":69,"y":412,"width":799,"height":12}},{"id":"0abec078-78bd-44d9-a0d8-870510ff6900","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":47,"box":{"x":69,"y":426,"width":831,"height":12}},{"id":"419cf0a0-5fa6-4143-9b90-9b8e079b9b91","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":47,"box":{"x":69,"y":441,"width":798,"height":11}},{"id":"0262edf9-22e5-4a26-82c6-f937bfa24578","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":47,"box":{"x":70,"y":455,"width":809,"height":11}},{"id":"eef1c5df-1d9b-4b7b-a0db-c1879bf42202","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":47,"box":{"x":68,"y":469,"width":793,"height":11}},{"id":"8261b70e-ce08-489a-b1e8-610fff73dff0","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":47,"box":{"x":70,"y":483,"width":832,"height":11}},{"id":"75653d28-c8e9-4f3f-8a16-c4851359d635","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":47,"box":{"x":68,"y":497,"width":805,"height":11}},{"id":"a08ca451-8730-4b8f-928b-89e491aad456","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":47,"box":{"x":69,"y":511,"width":808,"height":12}},{"id":"e7699068-3fc5-4eea-846d-08cc905acc3d","block_type":"box","text":"participate in these plans.","page_number":47,"box":{"x":70,"y":526,"width":185,"height":10}},{"id":"ba3c39b8-c6c2-466e-92f5-b3ac9fdb702a","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":47,"box":{"x":69,"y":547,"width":268,"height":11}},{"id":"a3824089-b72c-4734-a1c6-751db57c9e5f","block_type":"box","text":"As of September 30, 2025, the Funds’ most recently completed fiscal year end, the dollar range of securities","page_number":47,"box":{"x":101,"y":565,"width":780,"height":11}},{"id":"32f30bd5-8ecd-40c2-ab49-c1bcf633f970","block_type":"box","text":"beneficially owned by the portfolio managers in each Fund is shown below:","page_number":47,"box":{"x":69,"y":579,"width":531,"height":11}},{"id":"33898676-b9e8-421c-956d-12cf1d52736e","block_type":"box","text":"Portfolio Manager Fund Managed","page_number":47,"box":{"x":69,"y":616,"width":584,"height":9}},{"id":"5724587b-a42b-49bd-919b-a9bb47530094","block_type":"box","text":"Dollar Range of Equity","page_number":47,"box":{"x":760,"y":606,"width":129,"height":9}},{"id":"e55055da-3ea7-41cd-8a69-269c0e4e9d0e","block_type":"box","text":"Securities Benefically Owned","page_number":47,"box":{"x":740,"y":616,"width":169,"height":9}},{"id":"f8538c0c-98f3-49ba-b2ae-6a624b3cdc66","block_type":"box","text":"Chi Chen","page_number":47,"box":{"x":69,"y":634,"width":62,"height":9}},{"id":"7093ce46-b321-4cb1-b198-146f6fe8fc41","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Core","page_number":47,"box":{"x":136,"y":634,"width":437,"height":9}},{"id":"859bee22-41fc-43c5-a965-d8ebfeb95699","block_type":"box","text":"Bond Portfolio $1 - $10,000","page_number":47,"box":{"x":580,"y":633,"width":292,"height":12}},{"id":"6267f83a-bde4-4cdf-bc90-9b6782fdb9af","block_type":"box","text":"Akiva Dickstein","page_number":47,"box":{"x":68,"y":649,"width":107,"height":9}},{"id":"23325fe2-b539-4f94-9395-95290f395562","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Low Duration","page_number":47,"box":{"x":185,"y":649,"width":418,"height":9}},{"id":"cd563bd9-65dd-4f18-85ba-b440f11534bb","block_type":"box","text":"Bond Portfolio $100,001 - $500,000","page_number":47,"box":{"x":610,"y":649,"width":294,"height":11}},{"id":"65ef8eac-95c7-4776-962a-6cf82b6e3d9e","block_type":"box","text":"Rick Rieder","page_number":47,"box":{"x":70,"y":665,"width":79,"height":8}},{"id":"3a11fe43-d72f-4b82-81a2-b77d48b05f44","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Core","page_number":47,"box":{"x":160,"y":664,"width":413,"height":9}},{"id":"8ae4c216-a85e-4463-b11e-a7cee5d2cd12","block_type":"box","text":"Bond Portfolio None","page_number":47,"box":{"x":580,"y":664,"width":262,"height":9}},{"id":"a6287089-e44e-4596-ad6d-141b294a1c1c","block_type":"box","text":"David Delbos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High Yield Portfolio","page_number":47,"box":{"x":70,"y":679,"width":608,"height":12}},{"id":"5ff1b172-e060-4538-a896-ff04b2c7f5a1","block_type":"box","text":"$100,001 - $500,000","page_number":47,"box":{"x":745,"y":679,"width":159,"height":11}},{"id":"75255cb0-fa92-4cc6-bd4b-7468994159c7","block_type":"box","text":"Mitchell Garfin, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High Yield Portfolio","page_number":47,"box":{"x":70,"y":694,"width":608,"height":12}},{"id":"4544b058-af76-4594-9397-9b0fdde83078","block_type":"box","text":"$100,001 - $500,000","page_number":47,"box":{"x":745,"y":694,"width":159,"height":11}},{"id":"ea8f14bf-3269-4923-9a9b-ce0be6dca9be","block_type":"box","text":"Amanda Liu, CFA","page_number":47,"box":{"x":68,"y":710,"width":120,"height":10}},{"id":"2d84f418-6d6e-47ba-8ed0-e78dc9530024","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Low Duration","page_number":47,"box":{"x":193,"y":710,"width":410,"height":9}},{"id":"9d2e04ed-d46a-4d3a-8139-7575c383b141","block_type":"box","text":"Bond Portfolio $10,001 - $50,000","page_number":47,"box":{"x":610,"y":709,"width":284,"height":11}},{"id":"061840bf-a48c-409c-a774-bf7ca999bf26","block_type":"box","text":"Scott MacLellan, CFA, CMT . . . . . . . . . . . . . . . . . . . . . . . . . . . Low Duration","page_number":47,"box":{"x":69,"y":725,"width":534,"height":10}},{"id":"b8de93ae-f6af-42db-8a14-ce46e27cc936","block_type":"box","text":"Bond Portfolio $50,001 - $100,000","page_number":47,"box":{"x":610,"y":724,"width":289,"height":11}},{"id":"ead5d070-14eb-469d-a5f7-e0b3ec9fdae5","block_type":"box","text":"Sam Summers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Low Duration","page_number":47,"box":{"x":69,"y":740,"width":534,"height":9}},{"id":"923969fd-3369-4f29-84f7-782a42d32528","block_type":"box","text":"Bond Portfolio $10,001 - $50,000","page_number":47,"box":{"x":610,"y":739,"width":284,"height":11}},{"id":"54596114-2b46-4384-9168-7bcf6e42004d","block_type":"box","text":"Core Bond Portfolio None","page_number":47,"box":{"x":541,"y":755,"width":301,"height":9}},{"id":"2b098a7a-3970-423a-8fc3-43a81348f468","block_type":"box","text":"Russell Brownback . .","page_number":47,"box":{"x":70,"y":770,"width":149,"height":9}},{"id":"d59511d8-0b27-4103-94ed-5bb581932390","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Core","page_number":47,"box":{"x":226,"y":770,"width":347,"height":9}},{"id":"12e1ba45-ecbd-4a06-960f-09f234d0020b","block_type":"box","text":"Bond Portfolio None","page_number":47,"box":{"x":580,"y":770,"width":262,"height":9}},{"id":"9d0ce30e-ecc2-4940-ae92-3477edb56d29","block_type":"box","text":"Siddharth Mehta","page_number":47,"box":{"x":69,"y":785,"width":118,"height":9}},{"id":"3bf855c7-b676-4957-8b59-4e28265d99f6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":48,"box":{"x":68,"y":331,"width":823,"height":11}},{"id":"72de7644-64d8-456b-bd6c-7d84953fbc98","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":48,"box":{"x":68,"y":345,"width":812,"height":11}},{"id":"4055dec9-2978-4bc9-8bd7-e68f7953dd13","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":48,"box":{"x":69,"y":359,"width":777,"height":11}},{"id":"a6674deb-c072-437d-b0d2-c7770a7268ad","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":48,"box":{"x":70,"y":373,"width":826,"height":11}},{"id":"96bc9d8b-863d-41ce-bbbe-6782e50ae2d6","block_type":"box","text":"Accounting Services","page_number":48,"box":{"x":68,"y":395,"width":150,"height":11}},{"id":"3b1b65df-1268-4fd1-9d0c-608b5afd47af","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Funds. JPM records","page_number":48,"box":{"x":101,"y":412,"width":766,"height":12}},{"id":"878101e5-24cd-4b82-b9db-e0e834c547b0","block_type":"box","text":"investment, capital share and income and expense activities; verifies and transmits trade tickets; maintains","page_number":48,"box":{"x":70,"y":427,"width":769,"height":11}},{"id":"8919df27-b7a8-44d9-b887-124ad525c7d9","block_type":"box","text":"accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Funds custodian; reports","page_number":48,"box":{"x":69,"y":441,"width":818,"height":11}},{"id":"d28838f2-0423-4319-8dcc-2b445324fbac","block_type":"box","text":"cash balances to BlackRock; prepares certain financial statements; calculates expenses, gains, losses and income;","page_number":48,"box":{"x":69,"y":455,"width":830,"height":11}},{"id":"9ca15bc0-8d0c-46f5-97b3-8f315e571da5","block_type":"box","text":"controls disbursements; works with independent pricing sources; and computes and reports net asset value. In","page_number":48,"box":{"x":69,"y":469,"width":795,"height":11}},{"id":"435b9419-aa44-4df0-9c6e-047174d967cb","block_type":"box","text":"connection with its accounting services, JPM also provides certain administration services to the Fund.","page_number":48,"box":{"x":69,"y":483,"width":735,"height":11}},{"id":"e6f7af29-b1ab-4581-b839-2663f2d63289","block_type":"box","text":"The table below shows the amount paid by the Trust, on behalf of each Fund, to JPM for accounting services for","page_number":48,"box":{"x":101,"y":501,"width":798,"height":11}},{"id":"2e7d9f72-d0a0-4a4e-a864-a71d68c467ba","block_type":"box","text":"the periods indicated:","page_number":48,"box":{"x":68,"y":515,"width":154,"height":11}},{"id":"68204508-b2cf-4914-877f-fa643483a290","block_type":"box","text":"Fees Paid to JPM","page_number":48,"box":{"x":711,"y":542,"width":100,"height":7}},{"id":"d59e9d21-4b68-4e97-91fa-7c9e80ce8806","block_type":"box","text":"High Yield","page_number":48,"box":{"x":628,"y":568,"width":58,"height":9}},{"id":"74da5bcb-fa14-461e-8c19-b97101425a31","block_type":"box","text":"Portfolio","page_number":48,"box":{"x":633,"y":578,"width":48,"height":7}},{"id":"51b38db3-d0aa-4e59-89f8-218acf0d503e","block_type":"box","text":"Low Duration","page_number":48,"box":{"x":731,"y":558,"width":75,"height":7}},{"id":"02d0d647-f1c9-493a-b784-14a90ab1c355","block_type":"box","text":"Bond","page_number":48,"box":{"x":754,"y":568,"width":29,"height":7}},{"id":"8a17d3e8-eb3e-417f-abc2-e5fdf1255839","block_type":"box","text":"Portfolio","page_number":48,"box":{"x":744,"y":578,"width":49,"height":7}},{"id":"f6ede878-5df5-45df-bf63-e00bdd18b0a3","block_type":"box","text":"Core Bond","page_number":48,"box":{"x":843,"y":568,"width":60,"height":7}},{"id":"4d2d3158-297f-4148-86cf-02142151f728","block_type":"box","text":"Portfolio","page_number":48,"box":{"x":849,"y":578,"width":49,"height":7}},{"id":"b20fd95c-25a0-48f5-8917-eb526b384ef3","block_type":"box","text":"Fiscal Year Ended September 30, 2025. .","page_number":48,"box":{"x":70,"y":596,"width":292,"height":11}},{"id":"60b1e503-468e-4a2d-87c5-04df040b7b21","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":48,"box":{"x":368,"y":595,"width":268,"height":11}},{"id":"5cb7bf79-8b45-49e9-baf7-7e172aedfcb3","block_type":"box","text":"541,430 $221,444 $246,141","page_number":48,"box":{"x":638,"y":595,"width":271,"height":11}},{"id":"25a3a3f6-8afe-41fe-8336-204ca7ba2325","block_type":"box","text":"Fiscal Year Ended September 30, 2024. .","page_number":48,"box":{"x":70,"y":611,"width":292,"height":11}},{"id":"488f9182-98d2-4b6a-90ce-2c034d05286b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":48,"box":{"x":368,"y":610,"width":268,"height":12}},{"id":"dfe4a8ca-d85a-4dc5-b1c3-8b8a633d8745","block_type":"box","text":"196,443 $252,084 $269,808","page_number":48,"box":{"x":638,"y":610,"width":271,"height":12}},{"id":"6c47b60b-3952-456a-962f-8971abe5cb3d","block_type":"box","text":"Fiscal Year Ended September 30, 2023. .","page_number":48,"box":{"x":70,"y":626,"width":292,"height":11}},{"id":"b8889343-7e5f-43e4-a6f8-abdf8f64d85c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":48,"box":{"x":368,"y":625,"width":268,"height":12}},{"id":"4fdad209-897e-4eb6-85c4-9475937bc838","block_type":"box","text":"065,177 $286,725 $258,283","page_number":48,"box":{"x":638,"y":625,"width":271,"height":12}},{"id":"a33fdc4a-d817-4931-bfdd-5ed7626643d2","block_type":"box","text":"Custodian","page_number":48,"box":{"x":69,"y":650,"width":72,"height":9}},{"id":"94703908-39d0-4eb3-be40-142bd3f437f3","block_type":"box","text":"JPM, which has its principal offices at 383 Madison Avenue, New York, New York 10179, serves as the","page_number":48,"box":{"x":101,"y":668,"width":736,"height":11}},{"id":"ccf35b43-e005-433e-8f4c-33bdb773aad8","block_type":"box","text":"custodian for the Funds. Among other responsibilities, JPM maintains a custody account or accounts in the name of","page_number":48,"box":{"x":69,"y":682,"width":826,"height":11}},{"id":"79cfbbda-cd07-4792-b90a-9d336922bdb0","block_type":"box","text":"the Funds, receives and delivers all assets for the Funds upon purchase and upon sale or maturity, and collects and","page_number":48,"box":{"x":68,"y":696,"width":828,"height":11}},{"id":"223df1f3-0d3b-4e2c-9f9d-7480c9985447","block_type":"box","text":"receives all income and other payments and distributions on account of the assets of the Funds.","page_number":48,"box":{"x":69,"y":710,"width":688,"height":11}},{"id":"635a58c2-94e3-4948-a880-02b86a91e364","block_type":"box","text":"Transfer Agent","page_number":48,"box":{"x":68,"y":732,"width":107,"height":11}},{"id":"c3f248d9-f433-43a5-acc6-69e1190192cb","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 301 Bellevue Parkway,","page_number":48,"box":{"x":102,"y":750,"width":784,"height":11}},{"id":"36cfdf1a-c26c-418b-b006-b533d525da43","block_type":"box","text":"Wilmington, Delaware 19809, serves as the transfer and dividend disbursement agent for each Fund.","page_number":48,"box":{"x":68,"y":764,"width":724,"height":11}},{"id":"b215de17-410a-4e15-8b33-8f6b28bd1957","block_type":"box","text":"Credit Agreement","page_number":48,"box":{"x":69,"y":786,"width":129,"height":11}},{"id":"628824b8-5ae0-41bd-aff7-7f5741ca6042","block_type":"box","text":"The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates","page_number":48,"box":{"x":101,"y":803,"width":766,"height":12}},{"id":"8e1de6f3-0bc0-4723-b272-74dd2dcccab7","block_type":"box","text":"(“Participating Funds”), is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":48,"box":{"x":69,"y":817,"width":817,"height":12}},{"id":"e9e5cc2f-83e7-465a-9755-53da8971c50b","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":48,"box":{"x":68,"y":832,"width":743,"height":11}},{"id":"222a9263-897c-4d8f-a5b4-71cd951f3839","block_type":"box","text":"commitments designated for certain Participating Funds, the Participating Funds, including the Funds, can borrow up","page_number":48,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"0a63eb1a-5a20-4a76-95c9-141dc189571a","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":48,"box":{"x":68,"y":859,"width":818,"height":12}},{"id":"ac9522a4-96cd-4100-a782-5763a3f00948","block_type":"box","text":"limitations as specified in the Credit Agreement. The Funds may borrow under the Credit Agreement to meet","page_number":48,"box":{"x":70,"y":874,"width":770,"height":11}},{"id":"ed29fb7d-c05e-437e-8400-eff27c635daa","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, each Fund may not borrow under the Credit","page_number":48,"box":{"x":69,"y":888,"width":779,"height":11}},{"id":"db75f383-8734-44a5-9a38-303d1dde61f4","block_type":"box","text":"Agreement for leverage. Each Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":48,"box":{"x":68,"y":902,"width":833,"height":12}},{"id":"a4187570-c9c2-40af-867b-1fccc16c5ab4","block_type":"box","text":"I-25","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4e89c78b-229f-4662-9ac6-c1ac1b07437f","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":48,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dc792fd5-2831-4616-9908-755cd8114e8a","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":49,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"1a095ae1-8f11-4923-8552-d5f04e435065","block_type":"box","text":"other fees and expenses for a Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce a","page_number":49,"box":{"x":69,"y":59,"width":838,"height":11}},{"id":"52f05634-f2e7-434d-a875-d94e15b30d1f","block_type":"box","text":"Fund’s return. Each Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":49,"box":{"x":70,"y":73,"width":780,"height":11}},{"id":"f9418111-e29b-4504-8500-048e3a175d1a","block_type":"box","text":"commitment amount based on its net assets. If a Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":49,"box":{"x":69,"y":87,"width":819,"height":11}},{"id":"06d29e42-3ab8-4ed8-af10-7a4773038a1c","block_type":"box","text":"charged interest at a variable rate.","page_number":49,"box":{"x":69,"y":101,"width":245,"height":11}},{"id":"613509cf-f02c-459d-a1cf-284d2299b85d","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":49,"box":{"x":68,"y":123,"width":491,"height":11}},{"id":"45f33c3a-d75a-4dca-80c1-74a5d3082752","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan.","page_number":49,"box":{"x":102,"y":141,"width":421,"height":11}},{"id":"240a5049-2f92-4823-9a14-e538abbf6845","block_type":"box","text":"The Trust has entered into a distribution agreement","page_number":49,"box":{"x":529,"y":141,"width":368,"height":11}},{"id":"ae155a8f-96c0-4b46-afe8-fb2b5cba3ab4","block_type":"box","text":"with BlackRock Investments, LLC (“BRIL,” or the “Distributor”) under which BRIL, as agent, offers shares of the","page_number":49,"box":{"x":68,"y":155,"width":795,"height":11}},{"id":"081d92f4-09ea-42f8-83c6-4ebff9c9ab9d","block_type":"box","text":"Funds on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is not","page_number":49,"box":{"x":70,"y":169,"width":821,"height":11}},{"id":"711fa225-23dc-4c64-8724-f2256e46455c","block_type":"box","text":"obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New York,","page_number":49,"box":{"x":69,"y":183,"width":822,"height":11}},{"id":"d6ffdf01-9cfb-4522-996d-4d8508114515","block_type":"box","text":"New York 10001. BRIL is an affiliate of BlackRock.","page_number":49,"box":{"x":70,"y":197,"width":359,"height":9}},{"id":"d3fb1199-10c1-4052-886b-eac0e4477536","block_type":"box","text":"The Trust may also pay shareholder servicing fees (also referred to as general shareholder liaison services fees)","page_number":49,"box":{"x":101,"y":215,"width":805,"height":11}},{"id":"68563cb7-a46f-4441-a7fd-565eb08ea47d","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":49,"box":{"x":68,"y":229,"width":808,"height":11}},{"id":"589b8f04-410d-4e7a-8c6c-cd4d6d03d312","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":49,"box":{"x":69,"y":243,"width":791,"height":11}},{"id":"7d751c74-dcc6-4092-9cf4-ca7c3ec4727b","block_type":"box","text":"Organizations”) for certain support services rendered by Service 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. . . . . . . . . . . . . . . . $6,797 $6,797","page_number":49,"box":{"x":395,"y":856,"width":506,"height":11}},{"id":"8c181c23-5066-493a-9ca8-63ea27e06aee","block_type":"box","text":"I-26","page_number":49,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ec747cb4-c1a7-4a79-80e0-03ade2679127","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":49,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5a807d44-9a78-44b4-a947-da3e709a8d90","block_type":"box","text":"Core Bond Portfolio","page_number":50,"box":{"x":69,"y":45,"width":143,"height":9}},{"id":"c5826eaf-a411-4a4e-8eb0-e1a227f5a71d","block_type":"box","text":"Investor A Sales Charges Information","page_number":50,"box":{"x":70,"y":62,"width":264,"height":12}},{"id":"08cdd8a4-3000-42cb-9a32-dc3dcaac9702","block_type":"box","text":"Investor A Shares","page_number":50,"box":{"x":634,"y":90,"width":102,"height":7}},{"id":"5ff1790d-6145-44cf-bb0f-1f2651f39243","block_type":"box","text":"Gross 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3,454","page_number":50,"box":{"x":70,"y":143,"width":810,"height":11}},{"id":"2336b720-28d2-4e27-9a5d-513156c94620","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . $ 82,808 $ 7,249 $ 7,249 $ 2,273","page_number":50,"box":{"x":70,"y":158,"width":810,"height":11}},{"id":"e9d35c20-58c0-464d-a1a1-a445780e3819","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . $139,727 $11,412 $11,412 $13,360","page_number":50,"box":{"x":70,"y":173,"width":810,"height":12}},{"id":"678b30a4-f0ae-49c2-9124-e07003993e69","block_type":"box","text":"Investor C Sales Charges Information","page_number":50,"box":{"x":70,"y":198,"width":265,"height":11}},{"id":"cc62af1c-c472-4f16-945d-84b8f3f2c139","block_type":"box","text":"Investor C Shares","page_number":50,"box":{"x":760,"y":225,"width":103,"height":7}},{"id":"49e20b1a-c638-49dd-a13e-5a192763f098","block_type":"box","text":"CDSCs 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599","page_number":50,"box":{"x":395,"y":268,"width":506,"height":10}},{"id":"93abed9c-0419-4dbd-8266-1a909c1afd34","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . . . . . . . . . . . . . .","page_number":50,"box":{"x":70,"y":284,"width":466,"height":10}},{"id":"558a6340-aeaa-4198-a475-bd1c185715ab","block_type":"box","text":". . . . . . . . . . . . . . . . . . $1,181 $1,181","page_number":50,"box":{"x":542,"y":283,"width":359,"height":11}},{"id":"7536da99-f3e6-4b12-b8d6-798520742685","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . . . . . . . . . . . . .","page_number":50,"box":{"x":70,"y":299,"width":466,"height":11}},{"id":"b43e8601-e38a-4420-b5da-e77c0ad07045","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 428 $ 428","page_number":50,"box":{"x":542,"y":298,"width":359,"height":10}},{"id":"956d92e9-6423-4f73-9248-5b01ed23060f","block_type":"box","text":"The tables below provide information for 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J.P. Morgan Securities LLC D","page_number":52,"box":{"x":365,"y":77,"width":366,"height":11}},{"id":"da18ed0d-13ea-4d7f-a8b6-fb16bf0746cf","block_type":"box","text":"$162,890","page_number":52,"box":{"x":827,"y":76,"width":72,"height":11}},{"id":"b141c0f6-aa9c-44db-b072-651e5aacca2d","block_type":"box","text":"Morgan Stanley & Co. LLC D $135,853","page_number":52,"box":{"x":438,"y":91,"width":461,"height":12}},{"id":"32304ef8-be48-4e99-ac2f-0c9bde665488","block_type":"box","text":"Goldman Sachs & Co. LLC D $127,039","page_number":52,"box":{"x":437,"y":106,"width":461,"height":11}},{"id":"c0990733-7629-4cc1-ba83-1722bc6d039a","block_type":"box","text":"Citigroup Global Markets Inc. D $86,063","page_number":52,"box":{"x":427,"y":121,"width":467,"height":12}},{"id":"b488e7d2-e887-4c46-9abd-3efeace1d3ce","block_type":"box","text":"BofA Securities, Inc. 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LLC D $41,414","page_number":52,"box":{"x":437,"y":258,"width":457,"height":11}},{"id":"c64a36f8-3952-4885-954c-dc81d60a5d56","block_type":"box","text":"BofA Securities, Inc. D $31,419","page_number":52,"box":{"x":459,"y":273,"width":435,"height":11}},{"id":"ac4d2ee0-6c9f-408b-b600-1100abc94ad3","block_type":"box","text":"Wells Fargo Securities, LLC D $26,257","page_number":52,"box":{"x":433,"y":288,"width":460,"height":12}},{"id":"e0aeee87-cb9a-4a2b-aa93-d63f1a690660","block_type":"box","text":"Citigroup Global Markets Inc. D $20,991","page_number":52,"box":{"x":427,"y":303,"width":467,"height":12}},{"id":"92dac3c1-8f48-4825-aca0-2f49b9238331","block_type":"box","text":"Barclays Capital, Inc. D $9,745","page_number":52,"box":{"x":456,"y":318,"width":433,"height":12}},{"id":"204c2bb2-bde0-4899-9400-d76c65cda3b8","block_type":"box","text":"Securities Lending","page_number":52,"box":{"x":68,"y":343,"width":135,"height":11}},{"id":"a4b9f00c-6f4a-43b1-be6c-8b0f7df5be05","block_type":"box","text":"To the extent that a Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":52,"box":{"x":101,"y":361,"width":793,"height":11}},{"id":"50f520a3-e49b-4a41-b161-d8deed82fde9","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":52,"box":{"x":69,"y":375,"width":817,"height":11}},{"id":"db2e6521-df47-4644-8721-15bfb4076ac2","block_type":"box","text":"and to retain an affiliate of the Fund as lending agent. To the extent that a Fund engages in securities lending,","page_number":52,"box":{"x":69,"y":389,"width":785,"height":11}},{"id":"fa5facf9-e9a9-4f82-9567-5fe282494ae3","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”), an affiliate of the Manager, acts as securities lending agent for the","page_number":52,"box":{"x":70,"y":403,"width":834,"height":11}},{"id":"0aecfe64-82e5-417a-b991-b3ef203e056c","block_type":"box","text":"Fund, subject to the overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending","page_number":52,"box":{"x":70,"y":417,"width":808,"height":11}},{"id":"13af67f2-ff76-4a8e-a41f-ff857376a001","block_type":"box","text":"Agency Agreement”). BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":52,"box":{"x":68,"y":431,"width":801,"height":11}},{"id":"0bda4fc9-be04-4738-bd9d-a14c354e8872","block_type":"box","text":"To the extent that a Fund engages in securities lending, the Fund retains a portion of the securities lending","page_number":52,"box":{"x":101,"y":449,"width":763,"height":11}},{"id":"988e0c6c-cc57-4e99-a26e-a09cbe86dc7b","block_type":"box","text":"income and remits the remaining portion to BIM as compensation for its services as securities lending agent.","page_number":52,"box":{"x":70,"y":463,"width":781,"height":11}},{"id":"b20e984a-994a-4a53-9d74-5aa7d7cc0f3c","block_type":"box","text":"Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral","page_number":52,"box":{"x":69,"y":477,"width":814,"height":11}},{"id":"560669d7-5fcd-4ab8-93ef-61b4fb12c4f3","block_type":"box","text":"(and excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":52,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"d398870f-8815-46a2-88bf-371a5cc62c70","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. Each","page_number":52,"box":{"x":69,"y":506,"width":807,"height":11}},{"id":"9a3377f4-992f-43fe-95d9-1b037dfeec03","block_type":"box","text":"Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a","page_number":52,"box":{"x":70,"y":519,"width":821,"height":11}},{"id":"2405edd2-f80d-4c2f-a158-341aed8cd558","block_type":"box","text":"money market fund managed by BlackRock (the “collateral investment fees“); however, the securities lending agent","page_number":52,"box":{"x":69,"y":534,"width":823,"height":11}},{"id":"7e4a22e4-2b9a-47b0-ac79-79e198a1ca3e","block_type":"box","text":"has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":52,"box":{"x":69,"y":548,"width":809,"height":11}},{"id":"5b1b10b6-df01-4978-b236-6bfc409fff44","block_type":"box","text":"investment fees a Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":52,"box":{"x":70,"y":562,"width":814,"height":11}},{"id":"e5435316-8122-4dee-8aff-0656383d7745","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":52,"box":{"x":69,"y":576,"width":296,"height":10}},{"id":"a7f2c0ac-c680-42d6-bd77-8c79ac5cfadb","block_type":"box","text":"To the extent that a Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":52,"box":{"x":101,"y":594,"width":762,"height":11}},{"id":"8ed57450-c078-4c12-a2fe-fc59fa5bb524","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":52,"box":{"x":69,"y":608,"width":831,"height":11}},{"id":"03ea433a-ab0f-4c21-9013-4339233683ed","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":52,"box":{"x":68,"y":622,"width":812,"height":11}},{"id":"38479812-c838-4a79-add8-78fa825d44e1","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":52,"box":{"x":69,"y":636,"width":799,"height":11}},{"id":"3bf1d409-93f0-4d11-ab9c-1e2b12ca6c75","block_type":"box","text":"Additionally, a Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on a","page_number":52,"box":{"x":68,"y":650,"width":835,"height":11}},{"id":"a66bcdcd-6684-4761-98c2-da89bd9306b6","block_type":"box","text":"single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":52,"box":{"x":69,"y":664,"width":804,"height":12}},{"id":"d52a2644-50c8-4843-8ff6-d9f981032986","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":52,"box":{"x":68,"y":678,"width":789,"height":12}},{"id":"53373482-3853-488e-b136-34c52bd931a1","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":52,"box":{"x":69,"y":693,"width":829,"height":11}},{"id":"f71aed4a-d64b-4084-ac77-9ba84b7b25aa","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":52,"box":{"x":69,"y":707,"width":839,"height":11}},{"id":"0ac3e633-7fd3-4db7-a607-32886e4bef29","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":52,"box":{"x":69,"y":721,"width":802,"height":11}},{"id":"55ce1feb-1e9f-456b-8781-cf4bc06cbfe6","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":52,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"908fae7e-a803-4718-8fb3-4c9a0547d7ab","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":52,"box":{"x":69,"y":749,"width":838,"height":11}},{"id":"6a483d79-2902-436f-b905-1dd52c8530f1","block_type":"box","text":"Fund’s returns on securities lending.","page_number":52,"box":{"x":70,"y":763,"width":258,"height":11}},{"id":"3ed2c7fa-a7c0-415d-a37b-5e06591cf6ae","block_type":"box","text":"Under the securities lending program, each Fund is categorized into one of several specific asset classes. The","page_number":52,"box":{"x":102,"y":781,"width":785,"height":11}},{"id":"3c84acf9-2780-4067-a692-c8e998381609","block_type":"box","text":"determination of a Fund’s asset class category (fixed income, domestic equity, international equity, or fund of funds),","page_number":52,"box":{"x":69,"y":795,"width":834,"height":11}},{"id":"8bae76d8-a7c2-4a6a-8d65-534f18e6ead0","block_type":"box","text":"each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the Trust and","page_number":52,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"39a46565-0aac-4b42-87c5-19cfe566dbaa","block_type":"box","text":"BIM.","page_number":52,"box":{"x":70,"y":824,"width":29,"height":8}},{"id":"6f2b898c-a562-499b-b1cc-bc558f8f0d59","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Low Duration Bond Portfolio and/or the Core Bond","page_number":52,"box":{"x":102,"y":841,"width":805,"height":11}},{"id":"59690a75-4e04-496d-b13f-b90684fbd7c5","block_type":"box","text":"Portfolio were to engage in securities lending, the Low Duration Bond Portfolio and/or the Core Bond Portfolio","page_number":52,"box":{"x":69,"y":855,"width":784,"height":12}},{"id":"0d0edad8-5c63-4e06-bbc4-8d62863fcbdd","block_type":"box","text":"retain(s) 82% of securities lending income (which excludes collateral investment expenses), and (ii) this amount can","page_number":52,"box":{"x":69,"y":869,"width":827,"height":12}},{"id":"7293670a-86b2-4ab7-8a42-4192bf6f0b4c","block_type":"box","text":"never be less than 70% of the sum of securities lending income plus collateral investment expenses.","page_number":52,"box":{"x":69,"y":883,"width":720,"height":12}},{"id":"9f979ac2-2feb-4946-b828-030efd258ae4","block_type":"box","text":"I-29","page_number":52,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"381ff343-b463-49ef-bc48-e4917c59fc97","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":52,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3ea38eeb-3dd9-4c24-95f0-17af6ae539bd","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":53,"box":{"x":102,"y":45,"width":753,"height":11}},{"id":"9111dbfa-88bd-4a88-8a7d-3e259d5644c1","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Low","page_number":53,"box":{"x":69,"y":59,"width":780,"height":11}},{"id":"422e95ca-d273-41ce-ac63-d5b2ba592ef9","block_type":"box","text":"Duration Bond Portfolio and the Core Bond Portfolio, pursuant to the current securities lending agreement, will","page_number":53,"box":{"x":70,"y":73,"width":786,"height":11}},{"id":"56d010c7-9d64-4fea-a12f-8022a1cfd7c7","block_type":"box","text":"receive for the remainder of that calendar year securities lending income as follows: (i) if the Low Duration Bond","page_number":53,"box":{"x":69,"y":87,"width":797,"height":11}},{"id":"e56af2b1-1184-48a2-b63a-b171bfe2a515","block_type":"box","text":"Portfolio and/or the Core Bond Portfolio were to engage in securities lending, 85% of securities lending income","page_number":53,"box":{"x":69,"y":101,"width":793,"height":11}},{"id":"919383ed-83b3-4f95-bf88-64b1c8876639","block_type":"box","text":"(which excludes collateral investment expenses); and (ii) this amount can never be less than 70% of the sum of","page_number":53,"box":{"x":69,"y":115,"width":796,"height":11}},{"id":"a4f0939d-8f51-4a46-aff6-000113cccd43","block_type":"box","text":"securities lending income plus collateral investment expenses.","page_number":53,"box":{"x":69,"y":130,"width":446,"height":11}},{"id":"c85f4c6c-b0c7-4b65-b02f-78b00acfed9b","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the High Yield Portfolio retains 82% of securities lending","page_number":53,"box":{"x":102,"y":147,"width":807,"height":11}},{"id":"98b4934e-cf9b-4136-b8c9-edfd49063db9","block_type":"box","text":"income (which excludes collateral investment expenses), and (ii) this amount can never be less than 70% of the sum","page_number":53,"box":{"x":70,"y":161,"width":832,"height":11}},{"id":"0aae47a0-e288-431a-86d4-adb21176ccb1","block_type":"box","text":"of securities lending income plus collateral investment expenses.","page_number":53,"box":{"x":69,"y":175,"width":465,"height":12}},{"id":"0a4a48e3-4772-403a-945e-056f156ce4bd","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":53,"box":{"x":102,"y":193,"width":753,"height":12}},{"id":"56cffcc6-2438-414b-8954-c4048aa861d9","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the High Yield","page_number":53,"box":{"x":69,"y":207,"width":823,"height":12}},{"id":"768ffd8d-7341-4792-92e1-24b618b273fb","block_type":"box","text":"Portfolio, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year","page_number":53,"box":{"x":69,"y":221,"width":814,"height":12}},{"id":"448d55a1-fea5-41f6-ad8a-71cea6419a00","block_type":"box","text":"securities lending income as follows: (i) 85% of securities lending income (which excludes collateral investment","page_number":53,"box":{"x":69,"y":236,"width":793,"height":11}},{"id":"43f38671-418c-41dc-86ed-c36c06f6befd","block_type":"box","text":"expenses); and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral","page_number":53,"box":{"x":69,"y":250,"width":815,"height":11}},{"id":"ca9996ce-ce6f-46a1-9423-87f10cd75724","block_type":"box","text":"investment expenses.","page_number":53,"box":{"x":70,"y":264,"width":153,"height":11}},{"id":"399fbe7d-10a8-46b8-ab0c-a68440cb1333","block_type":"box","text":"The services provided to the High Yield Portfolio by BIM, in the most recent fiscal year ended","page_number":53,"box":{"x":101,"y":282,"width":663,"height":11}},{"id":"8682e6ac-68fd-4759-8e03-846e8ffa02ea","block_type":"box","text":"September 30, 2025, primarily included the following:","page_number":53,"box":{"x":69,"y":296,"width":383,"height":11}},{"id":"8d3b06f5-a0ba-43a4-9f33-e7316a13c465","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":53,"box":{"x":69,"y":312,"width":818,"height":12}},{"id":"4af407eb-7e3c-47a8-9767-0232c7e742a3","block_type":"box","text":"on behalf of the High Yield Portfolio with each such borrower;","page_number":53,"box":{"x":102,"y":327,"width":435,"height":11}},{"id":"0e37c922-b611-4621-b4e8-ba2f4a3bf602","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":53,"box":{"x":69,"y":343,"width":538,"height":11}},{"id":"a2fef302-43c8-4aa4-ae40-8381ad654cb1","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":53,"box":{"x":69,"y":360,"width":330,"height":11}},{"id":"11a649b7-0ff9-408f-9d12-edff91bb6384","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":53,"box":{"x":69,"y":376,"width":834,"height":12}},{"id":"41fd4793-3289-41c8-9a56-8fcd236e7fea","block_type":"box","text":"of excess collateral, as necessary;","page_number":53,"box":{"x":102,"y":391,"width":246,"height":11}},{"id":"5f25b336-889e-455c-ba0e-391b5ef194d1","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":53,"box":{"x":69,"y":407,"width":562,"height":11}},{"id":"3382510b-f01a-403e-8f56-d4d1c97c506b","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":53,"box":{"x":69,"y":424,"width":665,"height":11}},{"id":"fcac70a0-cd0a-4dc2-a124-23a6cd3ddd85","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":53,"box":{"x":69,"y":440,"width":822,"height":12}},{"id":"fb668ba4-9aa7-46cf-be0e-7ac18246144f","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":53,"box":{"x":101,"y":455,"width":803,"height":11}},{"id":"3e8c4ed9-37c2-497e-83ef-07e6d0ce5d51","block_type":"box","text":"of the loaned securities; and","page_number":53,"box":{"x":102,"y":469,"width":203,"height":10}},{"id":"b5f54429-e363-41ae-ad56-507e61c8891e","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the High Yield Portfolio at loan","page_number":53,"box":{"x":69,"y":485,"width":819,"height":12}},{"id":"0133e6ac-d810-48b0-a3bb-7656d9398c4d","block_type":"box","text":"termination.","page_number":53,"box":{"x":101,"y":500,"width":85,"height":8}},{"id":"2c0d70d8-b7e3-4590-9a2e-af96e9ee93c8","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":53,"box":{"x":101,"y":517,"width":805,"height":12}},{"id":"3fa151c4-89e2-4d6d-9847-2dddc79bace6","block_type":"box","text":"activities of the High Yield Portfolio during its most recent fiscal year ended September 30, 2025.","page_number":53,"box":{"x":69,"y":531,"width":697,"height":12}},{"id":"90ac450c-8052-49d3-9098-7d9a1de78ae5","block_type":"box","text":"High Yield Portfolio","page_number":53,"box":{"x":797,"y":559,"width":112,"height":9}},{"id":"71cbf67b-4c39-4b8c-8898-0867464bb036","block_type":"box","text":"Gross income from securities lending activities","page_number":53,"box":{"x":69,"y":576,"width":343,"height":11}},{"id":"722a0372-64bc-4360-8cfe-e19f114105b6","block_type":"box","text":".............................................","page_number":53,"box":{"x":415,"y":584,"width":361,"height":1}},{"id":"8e5b9336-0446-48de-9f65-f5e383fd2f5e","block_type":"box","text":"$21,235,284","page_number":53,"box":{"x":805,"y":576,"width":97,"height":11}},{"id":"5c5ab5b0-11b1-41bd-abf2-e125564f8997","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":53,"box":{"x":70,"y":596,"width":565,"height":11}},{"id":"70836e25-d055-4fae-9442-3ba8e01c16d9","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent .","page_number":53,"box":{"x":79,"y":611,"width":566,"height":11}},{"id":"e8bfe6b1-06e9-4b47-b4b7-c3ef79fbc286","block_type":"box","text":"................ $","page_number":53,"box":{"x":652,"y":610,"width":161,"height":11}},{"id":"78d5211a-0d31-4a4a-ae6b-c3e4f9bd96df","block_type":"box","text":"271,946","page_number":53,"box":{"x":839,"y":611,"width":62,"height":11}},{"id":"72a8927e-881c-437a-acd2-60285c007b2b","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM. . . . . $ 181,477","page_number":53,"box":{"x":79,"y":625,"width":822,"height":12}},{"id":"9c6a96e0-22c7-47d0-b8ee-18a21dc97ae4","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":53,"box":{"x":78,"y":641,"width":519,"height":12}},{"id":"72dc9331-880f-4422-8712-8e63e159d4e9","block_type":"box","text":"...................... $ 0","page_number":53,"box":{"x":603,"y":641,"width":298,"height":10}},{"id":"865e904d-1dda-4f51-8105-a91cd4866098","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM . .","page_number":53,"box":{"x":79,"y":656,"width":542,"height":12}},{"id":"240d4bd1-49c0-441f-b9ea-889280ef96ea","block_type":"box","text":"................... $ 0","page_number":53,"box":{"x":627,"y":656,"width":274,"height":10}},{"id":"1ccbad48-827c-497c-b8ba-10e3f340e90e","block_type":"box","text":"Rebates (paid to borrowers) .","page_number":53,"box":{"x":79,"y":672,"width":207,"height":11}},{"id":"f0f06828-aadd-4956-b918-75784cbd420f","block_type":"box","text":"............................................................","page_number":53,"box":{"x":293,"y":679,"width":483,"height":1}},{"id":"36677baa-0a1b-475d-bdd0-5a6dabad9c02","block_type":"box","text":"$19,493,615","page_number":53,"box":{"x":805,"y":671,"width":96,"height":11}},{"id":"eedb44cc-4c30-4cc9-b965-6858b1af5efd","block_type":"box","text":"Other fees not included in securities lending income paid to BIM","page_number":53,"box":{"x":79,"y":687,"width":456,"height":11}},{"id":"764b2e6d-447b-4f93-b1b2-531d5b18eb7f","block_type":"box","text":"............................. $ 0","page_number":53,"box":{"x":546,"y":686,"width":355,"height":10}},{"id":"f3f086a7-311e-41d6-825e-c24ab59d616e","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":53,"box":{"x":68,"y":702,"width":455,"height":11}},{"id":"0dd38ecf-0fcd-4734-8cd8-82dc2a067b74","block_type":"box","text":"...............................","page_number":53,"box":{"x":529,"y":709,"width":247,"height":2}},{"id":"04d87c30-71b5-47c1-b02c-c145a444009e","block_type":"box","text":"$19,947,038","page_number":53,"box":{"x":805,"y":701,"width":96,"height":12}},{"id":"b84233b8-9d4c-4b16-ba1a-9f535dd8605e","block_type":"box","text":"Net income from securities lending activities","page_number":53,"box":{"x":69,"y":721,"width":327,"height":11}},{"id":"ab39e209-e3c0-4aeb-ae2b-54e7cd64837c","block_type":"box","text":"...............................................","page_number":53,"box":{"x":399,"y":729,"width":377,"height":1}},{"id":"a32b7031-5c69-40a5-bc92-19ee46cb2770","block_type":"box","text":"$ 1,288,246","page_number":53,"box":{"x":805,"y":721,"width":96,"height":11}},{"id":"00b6c18e-98b8-4993-b560-44d6da7aa7f2","block_type":"box","text":"The Low Duration Bond Portfolio and the Core Bond Portfolio had no income and fees/compensation related to","page_number":53,"box":{"x":101,"y":746,"width":793,"height":11}},{"id":"ba8eb745-5e9d-4718-a98b-7d3ad11f94e1","block_type":"box","text":"their securities lending activities during such Funds’ most recent fiscal year ended September 30, 2025.","page_number":53,"box":{"x":68,"y":760,"width":747,"height":11}},{"id":"74847e23-c828-47ad-890a-010b81209e41","block_type":"box","text":"VIII. Additional Information","page_number":53,"box":{"x":68,"y":782,"width":195,"height":9}},{"id":"aa486430-ba98-4fd2-8b16-309bf692d73b","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 19, 2018 and is registered under the","page_number":53,"box":{"x":101,"y":800,"width":760,"height":11}},{"id":"a750cb13-1d14-4dcf-b7af-b1c9adbb78bf","block_type":"box","text":"Investment Company Act as an open-end, management investment company. Each of the Funds is diversified. The","page_number":53,"box":{"x":70,"y":814,"width":811,"height":11}},{"id":"3f6a0e29-e62b-4c77-8973-b393d144b062","block_type":"box","text":"Trust and its series were organized for the purpose of acquiring the assets of corresponding series of BlackRock","page_number":53,"box":{"x":68,"y":828,"width":804,"height":11}},{"id":"dd288f25-6419-45e7-9482-be977387c861","block_type":"box","text":"Funds II in reorganizations that occurred on September 17, 2018.","page_number":53,"box":{"x":70,"y":842,"width":468,"height":11}},{"id":"f331eaca-e1c7-4439-bba6-adc715161af8","block_type":"box","text":"On September 17, 2018, the High Yield Portfolio, the Low Duration Bond Portfolio and the Core Bond Portfolio","page_number":53,"box":{"x":102,"y":860,"width":788,"height":11}},{"id":"715b9537-c956-484e-b416-b61e55f29fb7","block_type":"box","text":"acquired all of the assets, subject to the liabilities, of BlackRock High Yield Portfolio (the “High Yield Bond","page_number":53,"box":{"x":69,"y":874,"width":757,"height":11}},{"id":"0388511e-7706-48c4-8aef-c827e4a78547","block_type":"box","text":"Predecessor Fund”), BlackRock Low Duration Bond Portfolio (the “Low Duration Bond Predecessor Fund”) and","page_number":53,"box":{"x":69,"y":888,"width":782,"height":11}},{"id":"a0279f64-4064-4b09-9094-b8974bcc8385","block_type":"box","text":"BlackRock Core Bond Portfolio (the “Core Bond Predecessor Fund” and collectively with the High Yield Bond","page_number":53,"box":{"x":70,"y":902,"width":767,"height":11}},{"id":"71ab20b8-3633-44d7-bed2-095cb6d26987","block_type":"box","text":"I-30","page_number":53,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4612b242-a7b8-4300-8ccd-3368071245d3","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":53,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9d45f646-1842-4aa5-beec-fb91b78ab2ca","block_type":"box","text":"Predecessor Fund and Low Duration Bond Predecessor Fund, the “Predecessor Funds”), each a series of BlackRock","page_number":54,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"b683a28f-4f54-42b6-8b7e-0d713654523f","block_type":"box","text":"Funds II (the “Predecessor Trust”), through tax-free reorganizations (collectively, the “Reorganization”). Each","page_number":54,"box":{"x":70,"y":59,"width":769,"height":11}},{"id":"18700f9e-0c28-4cd9-9c3a-92a0469cb50b","block_type":"box","text":"Predecessor Fund is the accounting survivor of the Reorganization, which means each Fund adopted the performance","page_number":54,"box":{"x":69,"y":73,"width":839,"height":11}},{"id":"dcf2e389-8c88-4353-b247-33c184fbf42e","block_type":"box","text":"and financial history of the corresponding Predecessor Fund as of the date of the Reorganization. The Reorganization","page_number":54,"box":{"x":69,"y":87,"width":836,"height":11}},{"id":"efa31f17-2368-43b6-b7e9-eedf6ad039b6","block_type":"box","text":"resulted in each Predecessor Fund effectively becoming a series of the Trust. Each Fund had the same investment","page_number":54,"box":{"x":69,"y":101,"width":817,"height":11}},{"id":"8b215645-0bdf-4aed-842b-7c7dd570792d","block_type":"box","text":"objectives, strategies and policies, portfolio management team, service providers and contractual arrangements,","page_number":54,"box":{"x":69,"y":115,"width":805,"height":11}},{"id":"41eeb639-cb6b-4e25-8475-6e0e30ae118a","block_type":"box","text":"including the same contractual fees and expenses, as those of the corresponding Predecessor Fund as of the date of","page_number":54,"box":{"x":70,"y":129,"width":839,"height":12}},{"id":"3b36be66-2467-4a03-95b8-5ad755fb8d1e","block_type":"box","text":"the Reorganization.","page_number":54,"box":{"x":68,"y":144,"width":137,"height":11}},{"id":"bab1165e-0f27-4f20-a2d8-5b35edaab115","block_type":"box","text":"Shares of each class of each Fund bear their pro rata portion of all operating expenses paid by a Fund, except","page_number":54,"box":{"x":102,"y":161,"width":786,"height":12}},{"id":"565b78cd-4105-4019-813b-6138a3f83af6","block_type":"box","text":"transfer agency fees, certain administrative/servicing fees and amounts payable under the Trust’s Distribution and","page_number":54,"box":{"x":68,"y":175,"width":821,"height":12}},{"id":"19f17717-e167-4049-a4b7-788bac724244","block_type":"box","text":"Service Plan. Each share of a Fund has a par value of $.001, represents an interest in that Fund and is entitled to","page_number":54,"box":{"x":69,"y":189,"width":815,"height":11}},{"id":"3c650bec-a170-423e-9006-6acbffe0f6d2","block_type":"box","text":"the dividends and distributions earned on that Fund’s assets that are declared in the discretion of the Board of","page_number":54,"box":{"x":68,"y":204,"width":795,"height":9}},{"id":"aed24e75-6c36-4b9a-9a1e-f60f5bb99dbf","block_type":"box","text":"Trustees. The number of shares in each series of the Trust, and class thereof, is unlimited. The Trust’s shareholders","page_number":54,"box":{"x":68,"y":218,"width":835,"height":10}},{"id":"225275e2-5d6b-46c7-8146-28477232a5d6","block_type":"box","text":"are entitled to one vote for each full share held and proportionate fractional votes for fractional shares held, and","page_number":54,"box":{"x":69,"y":232,"width":802,"height":11}},{"id":"672d058f-8835-410e-bb41-393c27749f9a","block_type":"box","text":"shares of each series will be voted in the aggregate and not by class, except where otherwise required by law or as","page_number":54,"box":{"x":69,"y":246,"width":822,"height":11}},{"id":"4a4bbb0c-3fea-4645-9747-ff939cfc4143","block_type":"box","text":"determined by the Board of Trustees.","page_number":54,"box":{"x":69,"y":260,"width":264,"height":11}},{"id":"95913627-83dc-4b65-ba21-2ba7187cbdf5","block_type":"box","text":"Effective on the close of business on February 24, 2020, all issued and outstanding Investor C1 Shares of the","page_number":54,"box":{"x":102,"y":278,"width":791,"height":11}},{"id":"6f8fadb8-8e0d-4ceb-b58a-4129101a8749","block_type":"box","text":"High Yield Portfolio were converted into Investor A Shares of the Fund, and all issued and outstanding Investor C2","page_number":54,"box":{"x":70,"y":292,"width":812,"height":11}},{"id":"68077200-b796-4d96-8d75-33fae0b957cd","block_type":"box","text":"and Investor C3 Shares of the Low Duration Bond Portfolio were converted into Investor A Shares of the Fund.","page_number":54,"box":{"x":69,"y":306,"width":784,"height":9}},{"id":"67c9ac4c-b22b-4c16-9915-4531a6437abe","block_type":"box","text":"Effective on the close of business of July 6, 2021, all of the issued and outstanding Service Shares of the Low","page_number":54,"box":{"x":70,"y":320,"width":791,"height":12}},{"id":"5d01a707-a50b-4ed9-9fc6-5bf74089dacc","block_type":"box","text":"Duration Bond Portfolio and the Core Bond Portfolio converted into Investor A Shares of the Funds","page_number":54,"box":{"x":70,"y":334,"width":700,"height":9}},{"id":"50c71117-fca2-495f-a39f-0f007364c2c0","block_type":"box","text":"Shares of the Trust have non-cumulative voting rights and, accordingly, the holders of more than 50% of the","page_number":54,"box":{"x":102,"y":352,"width":765,"height":12}},{"id":"954ae6cd-dd53-4096-ad8b-b331c38bd83b","block_type":"box","text":"Trust’s outstanding shares (irrespective of series or class) may elect all of the Trustees. Shares have no preemptive","page_number":54,"box":{"x":68,"y":366,"width":830,"height":12}},{"id":"5ee756ba-d35b-40e3-999b-524595aa4b78","block_type":"box","text":"rights and only such conversion and exchange rights as the Board may grant in its discretion. When issued for","page_number":54,"box":{"x":69,"y":380,"width":784,"height":12}},{"id":"9f51d74e-5b33-46bb-93de-c6c343aac01d","block_type":"box","text":"payment, shares will be fully paid and non-assessable by the Trust.","page_number":54,"box":{"x":70,"y":395,"width":476,"height":11}},{"id":"cb571fb4-0471-48b9-a71a-2df981e341f3","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":54,"box":{"x":101,"y":412,"width":781,"height":12}},{"id":"cac0c70e-fc16-4800-acbe-fe0eee75dacc","block_type":"box","text":"time as required by law. At that time, the Trustees then in office will call a shareholders meeting to elect Trustees.","page_number":54,"box":{"x":68,"y":427,"width":816,"height":11}},{"id":"2163e291-2059-4e40-baa7-ada645d6eae9","block_type":"box","text":"Except as set forth above, the Trustees shall continue to hold office and may appoint successor Trustees. The","page_number":54,"box":{"x":70,"y":441,"width":787,"height":11}},{"id":"53ba21ef-2f89-48cb-9f03-afacbac785bd","block_type":"box","text":"Trust’s Declaration of Trust provides that meetings of the shareholders of the Trust shall be called by the Trustees","page_number":54,"box":{"x":68,"y":455,"width":817,"height":11}},{"id":"99879208-8f79-4f81-8abd-83dc1df12a86","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":54,"box":{"x":69,"y":469,"width":744,"height":11}},{"id":"320ed059-c216-4ed9-ab9a-11cfbe6e06d4","block_type":"box","text":"Rule 18f-2 under the Investment Company Act provides that any matter required by the provisions of the","page_number":54,"box":{"x":102,"y":487,"width":742,"height":11}},{"id":"06cb93f9-0dcb-4152-8076-0ba8fcd11b3f","block_type":"box","text":"Investment Company Act or applicable state law, or otherwise, to be submitted to the holders of the outstanding","page_number":54,"box":{"x":70,"y":501,"width":800,"height":11}},{"id":"efce92c7-03a4-47bf-8abf-3f578c28fa48","block_type":"box","text":"voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted","page_number":54,"box":{"x":68,"y":515,"width":808,"height":11}},{"id":"f2cb5568-1793-427c-a19b-2fae080842f2","block_type":"box","text":"upon unless approved by the holders of a majority of the outstanding shares of each investment portfolio affected by","page_number":54,"box":{"x":69,"y":529,"width":835,"height":11}},{"id":"8447655d-1233-4316-b088-0a0e66d106c5","block_type":"box","text":"such matter. Rule 18f-2 further provides that an investment portfolio shall be deemed to be affected by a matter","page_number":54,"box":{"x":69,"y":543,"width":805,"height":11}},{"id":"8ebd893f-fbda-4728-b75b-482cf88a5801","block_type":"box","text":"unless the interests of each investment portfolio in the matter are substantially identical or the matter does not","page_number":54,"box":{"x":69,"y":557,"width":798,"height":11}},{"id":"ad8bc71a-964a-4459-a20a-96facce82833","block_type":"box","text":"affect any interest of the investment portfolio. Under Rule 18f-2, the approval of a management agreement, a","page_number":54,"box":{"x":69,"y":571,"width":782,"height":12}},{"id":"2691977e-1f1b-4717-a749-41fcb62fe4f4","block_type":"box","text":"distribution plan subject to Rule 12b-1 under the Investment Company Act or any change in a fundamental investment","page_number":54,"box":{"x":69,"y":586,"width":840,"height":11}},{"id":"3eb4d408-df87-4ee9-b6b9-2e4169c2702a","block_type":"box","text":"policy would be effectively acted upon with respect to an investment portfolio only if approved by a majority of the","page_number":54,"box":{"x":70,"y":600,"width":808,"height":11}},{"id":"dbde5582-3e80-4de5-9cf8-c72f142d6cc7","block_type":"box","text":"outstanding shares of such investment portfolio. However, Rule 18f-2 also provides that the ratification of the","page_number":54,"box":{"x":69,"y":614,"width":782,"height":11}},{"id":"8f7f2d8c-23c8-4cd9-a5b3-cb02b9bf4a95","block_type":"box","text":"appointment of independent accountants, the approval of principal underwriting contracts and the election of","page_number":54,"box":{"x":69,"y":628,"width":777,"height":11}},{"id":"8a4aa5c2-12f1-4305-84e2-e74a32620a80","block_type":"box","text":"Trustees may be effectively acted upon by shareholders of the Trust voting together in the aggregate without regard","page_number":54,"box":{"x":68,"y":642,"width":823,"height":11}},{"id":"d8d449cd-84e3-4f51-82ae-f769ccbb78a0","block_type":"box","text":"to a particular investment portfolio.","page_number":54,"box":{"x":68,"y":656,"width":252,"height":11}},{"id":"77ce75df-df37-4616-b4b7-7e8ffc3c0365","block_type":"box","text":"The proceeds received by each Fund for each issue or sale of its shares, and all net investment income, realized","page_number":54,"box":{"x":101,"y":674,"width":804,"height":11}},{"id":"2546a359-9a74-4b82-ac06-3ffef302b312","block_type":"box","text":"and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated to and","page_number":54,"box":{"x":69,"y":688,"width":824,"height":11}},{"id":"8eeb6f8b-4faf-4ae2-91ff-ac4e13bf21ec","block_type":"box","text":"constitute the underlying assets of that Fund. The underlying assets of each Fund will be segregated on the books of","page_number":54,"box":{"x":69,"y":702,"width":833,"height":12}},{"id":"845b785e-3d8e-4b2d-9262-e163d03abc2b","block_type":"box","text":"account, and will be charged with the liabilities in respect to that Fund and with a share of the general liabilities of","page_number":54,"box":{"x":69,"y":716,"width":815,"height":12}},{"id":"6ff016ee-6977-4d09-b9ac-8e2d3ab31c6a","block_type":"box","text":"the Trust. As stated herein, certain expenses of a Fund may be charged to a specific class of shares representing","page_number":54,"box":{"x":68,"y":730,"width":814,"height":12}},{"id":"5351194a-84c0-405a-ac4a-dc88d2061211","block_type":"box","text":"interests in that Fund.","page_number":54,"box":{"x":70,"y":745,"width":155,"height":9}},{"id":"4c377f31-d15b-454d-a489-423bef250ada","block_type":"box","text":"The Trust’s Declaration of Trust authorizes the Board of Trustees, without shareholder approval (unless","page_number":54,"box":{"x":101,"y":762,"width":736,"height":11}},{"id":"d6f81e23-4358-4418-9369-4e689baab036","block_type":"box","text":"otherwise required by applicable law), to: (i) sell and convey the assets belonging to a series of the Trust to another","page_number":54,"box":{"x":69,"y":777,"width":826,"height":11}},{"id":"211058d8-e551-4266-9923-aafcba3fd252","block_type":"box","text":"management investment company for consideration which may include securities issued by the purchaser and, in","page_number":54,"box":{"x":69,"y":791,"width":807,"height":11}},{"id":"52411237-9e61-4a03-be88-799659b778c5","block_type":"box","text":"connection therewith, to cause all outstanding shares of such series to be redeemed at a price which is equal to","page_number":54,"box":{"x":69,"y":805,"width":803,"height":11}},{"id":"0d345be1-7b12-4107-be57-737e09b290cc","block_type":"box","text":"their net asset value and which may be paid in cash or by distribution of the securities or other consideration","page_number":54,"box":{"x":68,"y":819,"width":777,"height":11}},{"id":"771a7ef4-8d0c-412e-a5d9-ebd6ed7ba479","block_type":"box","text":"received from the sale and conveyance; (ii) sell and convert the assets belonging to one or more series into money","page_number":54,"box":{"x":69,"y":833,"width":821,"height":11}},{"id":"75183961-ed76-4492-ad26-0519188fcb3c","block_type":"box","text":"and, in connection therewith, to cause all outstanding shares of such series to be redeemed at their net asset value;","page_number":54,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"b53c7cad-290c-4c4d-8fa1-0beeac9bfe6c","block_type":"box","text":"or (iii) combine the assets belonging to a series with the assets belonging to one or more other series, if the Board of","page_number":54,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"e3bc25f4-17de-492c-b85f-bee32e17123a","block_type":"box","text":"Trustees reasonably determines that such combination will not have a material adverse effect on the shareholders of","page_number":54,"box":{"x":68,"y":875,"width":839,"height":11}},{"id":"3aaad358-5710-4da3-8d6f-e0efbe5df249","block_type":"box","text":"any class of shares participating in such combination and, in connection therewith, to cause all outstanding shares","page_number":54,"box":{"x":69,"y":889,"width":822,"height":12}},{"id":"90247a6a-8fe0-4893-84f6-823a7c026939","block_type":"box","text":"of any such class to be redeemed or converted into shares of another class of shares at their net asset value. The","page_number":54,"box":{"x":69,"y":903,"width":819,"height":12}},{"id":"8d4df0c2-2fbe-4c24-9bd4-7fc732c1ab28","block_type":"box","text":"I-31","page_number":54,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"8951b939-97f1-4f5f-8c0c-e6d561d9c506","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":54,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dd08ebc3-dec1-4aef-bbd2-94ecc222abda","block_type":"box","text":"Board of Trustees may authorize the liquidation and termination of any series. Upon any liquidation of a Fund,","page_number":55,"box":{"x":70,"y":45,"width":779,"height":11}},{"id":"5933bc41-5e5a-419b-a3dc-42d81c90711a","block_type":"box","text":"shareholders of each class of the Fund are entitled to share pro-rata in the net assets belonging to that class","page_number":55,"box":{"x":69,"y":59,"width":781,"height":11}},{"id":"edc0bb13-39a0-49a2-86be-43526a3929c0","block_type":"box","text":"available for distribution.","page_number":55,"box":{"x":69,"y":73,"width":174,"height":9}},{"id":"f292a0a3-4de7-42dc-b624-df63994c3e84","block_type":"box","text":"Shareholder and Trustee Liability of the Trust","page_number":55,"box":{"x":70,"y":94,"width":321,"height":12}},{"id":"6d0832fc-8e19-48ec-8bb6-83494231dd0f","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under certain circumstances, be held","page_number":55,"box":{"x":102,"y":112,"width":734,"height":12}},{"id":"8ca517f4-e6fa-4436-97ea-3a90f0ad02ad","block_type":"box","text":"personally liable as partners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":55,"box":{"x":70,"y":126,"width":822,"height":12}},{"id":"f61f05d3-0eaa-4fdb-a455-389f98e7d7ad","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":55,"box":{"x":69,"y":141,"width":814,"height":11}},{"id":"2de2adf7-ec29-450a-8f28-e695a00024e7","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other undertaking made by the Trust shall","page_number":55,"box":{"x":69,"y":155,"width":794,"height":11}},{"id":"72fe358e-af0b-4f52-a0e9-dc8bad03da98","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":55,"box":{"x":69,"y":169,"width":824,"height":11}},{"id":"9963f3e4-48a5-4926-b7a2-004e2867c3d8","block_type":"box","text":"provides for indemnification out of Trust property of any shareholder held personally liable solely by reason of his","page_number":55,"box":{"x":70,"y":183,"width":804,"height":11}},{"id":"9f9559a2-c0ed-488c-b958-625f6dfac7b6","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":55,"box":{"x":69,"y":197,"width":830,"height":11}},{"id":"422c4042-ac8f-4e4d-852f-37478436f221","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":55,"box":{"x":68,"y":211,"width":807,"height":11}},{"id":"64e2798b-25bd-4086-b960-11abc4d2197a","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":55,"box":{"x":69,"y":225,"width":719,"height":12}},{"id":"b4fb06d2-459e-416b-adf8-ecdaed665139","block_type":"box","text":"The Declaration of Trust further provides that all persons having any claim against the Trustees or Trust shall","page_number":55,"box":{"x":101,"y":243,"width":777,"height":11}},{"id":"3edd0d72-b70f-454f-994b-bd91a889144e","block_type":"box","text":"look solely to the Trust property for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":55,"box":{"x":70,"y":257,"width":828,"height":11}},{"id":"39d7477f-28e8-4df1-b144-50ac5d87f7e9","block_type":"box","text":"of any contract, debt, tort, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":55,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"5e59810f-59a7-4599-b262-1ff5f8262d87","block_type":"box","text":"preservation of the Trust property or the conduct of any business of the Trust; and that no Trustee shall be","page_number":55,"box":{"x":70,"y":285,"width":762,"height":12}},{"id":"11682ffa-49a4-4825-80db-12784c6a1ba6","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":55,"box":{"x":70,"y":300,"width":836,"height":11}},{"id":"2b8df713-9167-49f6-bd87-9f6097716d53","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":55,"box":{"x":69,"y":314,"width":567,"height":11}},{"id":"4e329a3a-51a3-4ba0-879c-b4593125dc40","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":55,"box":{"x":101,"y":332,"width":792,"height":11}},{"id":"36d40c2d-dd2b-462f-802c-2dcde6d58e82","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the 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Financial Statements","page_number":59,"box":{"x":69,"y":401,"width":179,"height":9}},{"id":"fa27fa7d-acdf-4f3e-83e8-0a38bb2255b0","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Funds’ Annual Financial","page_number":59,"box":{"x":101,"y":418,"width":726,"height":12}},{"id":"e41ff00a-6262-42be-aa53-eeade4c02c25","block_type":"box","text":"Statements for the fiscal year ended September 30, 2025, as filed with the SEC on Form N-CSR (the “2025 Annual","page_number":59,"box":{"x":69,"y":432,"width":822,"height":12}},{"id":"293e2d71-3101-444e-b960-c666a191459c","block_type":"box","text":"Financial Statements”), are incorporated in this SAI by reference. No other parts of the 2025 Annual Financial","page_number":59,"box":{"x":70,"y":447,"width":782,"height":11}},{"id":"6d3eae3d-85ef-455a-a5da-ee8dbee279a3","block_type":"box","text":"Statements are incorporated by reference herein. The 2025 Annual Financial Statements have been audited by","page_number":59,"box":{"x":69,"y":461,"width":792,"height":11}},{"id":"4b1b00d8-fae5-40f4-9367-cf3db70f13f3","block_type":"box","text":"Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein by reference. Such 2025 Annual","page_number":59,"box":{"x":70,"y":475,"width":812,"height":11}},{"id":"d4ccd05c-e041-45cc-b58b-b50f8233ba04","block_type":"box","text":"Financial Statements have been incorporated herein in reliance upon the report of such firm given their authority as","page_number":59,"box":{"x":70,"y":489,"width":822,"height":11}},{"id":"aa6617b6-efdb-4beb-94f3-9de5d38ab4a1","block_type":"box","text":"experts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual reports to shareholders","page_number":59,"box":{"x":69,"y":503,"width":824,"height":11}},{"id":"90c8991a-e50d-4d2e-ac1f-586261e75058","block_type":"box","text":"and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be obtained at no","page_number":59,"box":{"x":69,"y":517,"width":795,"height":11}},{"id":"f2d8c21a-b056-48d4-9486-43faee30666c","block_type":"box","text":"charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":59,"box":{"x":69,"y":531,"width":728,"height":12}},{"id":"2f0c5796-b47c-4cff-926a-54430ec16994","block_type":"box","text":"I-36","page_number":59,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"87ea8b74-d173-4b2d-b6f7-9dce10dc1e04","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":59,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0e4da1a5-f062-4f42-9d0e-03fb1e9dbb4e","block_type":"box","text":"PART II","page_number":60,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"05609150-82f5-44a9-b134-05f5e3302737","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":60,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"c232a385-02e4-44f2-a9b8-8d233ded4bf4","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to as “Municipal Funds” if","page_number":60,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"065a775f-4287-427c-a037-32f9861007cb","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":60,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"b516d0be-2017-4c1f-871a-4dbbb860340a","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":60,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"a3740b55-5b3f-409a-9952-0ccd14f9995b","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":60,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"582b6f4e-af5c-419c-941b-995b2ec18dfd","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":60,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"36f25517-1cb5-4948-b160-fee635709f8b","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":60,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"b93bb630-a7f3-453f-8888-5eb14952cb02","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":60,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"083d06ac-c118-4384-a92b-226eae7a9013","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":60,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"38843fca-0898-48d1-88c0-0ada553a8701","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":60,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"19401a35-2b5b-4194-b732-ffa70e6bf7a8","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":60,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"bc337c9d-ecba-43d1-8c74-4c905dbc1a18","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":60,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"16365e1c-9adb-431d-b105-e4bf5bbac41b","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":60,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"72cc037f-f5f2-49be-8155-7c3a0da07e50","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":60,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"d5fd17e2-5193-4ca9-b910-1ce774bb2884","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":60,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"5ce2b312-c67f-4210-89fe-eb4f605e90c9","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":60,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"51b26c5c-9ab3-42b3-a8df-144d283ed7ef","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":60,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"dd3e8dbd-0e31-4e54-bd61-fd610853f51e","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":60,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"eaad0b73-ad73-43f1-8f83-824c1c316c04","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":60,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"5369fb47-2d61-43e0-b02a-1406186a51be","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":60,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"e0ea8036-e03b-4f0e-8bf7-07af7f3db697","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":60,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"983014e2-154b-480d-967e-e46f73a03895","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":60,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"1cfbdd2d-ebcc-47c4-8425-18db985bd958","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":60,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"2a5cd79a-3740-499f-a87d-71e5d7bd89ed","block_type":"box","text":"particular Fund.","page_number":60,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"dfbd7552-85ce-44f7-b15c-69f7238e52cb","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":60,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"512aee52-e28a-4075-bdf5-08f833222e1e","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":60,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"63d10fc3-86e7-4b71-9068-1e7970fd3b67","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":60,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"7336f5ae-c5f9-4e6c-8ece-83f58f318196","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":60,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"ec268d51-5baf-411c-8e35-464704c2235c","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":60,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"64845079-cf1a-4dc7-bf47-fe6256f42250","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":60,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"b88fb85e-df93-47e0-b080-80eed74359af","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":60,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"5d8589cb-bf65-458a-8375-84d408310837","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":60,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"592e6191-2ddc-4f52-8b4a-124e121469cc","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":60,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"0501c88a-b48e-473c-8735-11c7c45e69ab","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":60,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"7b704341-fc4a-442c-b241-991d860d6b65","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":60,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"22dae512-2493-4a08-a425-b4afea438b60","block_type":"box","text":"Asset-Backed Securities.","page_number":60,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"7f54f1bc-fa6f-4158-afca-1ddd545cc181","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":60,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"04fa6703-bb71-496f-8b48-a02f77d11151","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":60,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"9b8d7565-e0d5-4919-978c-5ce096e9727d","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":60,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"a374f1c6-d6c3-49d0-8b74-0e481dbf81a4","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":60,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"79e02c2c-d801-4c01-8fb2-58fbfcabe5cb","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":60,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"e8906084-004d-41db-b87e-7abe3c3b6944","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":60,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"70cf129b-0f5c-4e18-9b9b-20d6bbc59f59","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":60,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"ee5a55db-e0d3-4b44-92aa-f13483ca4d31","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":60,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"2e10f594-2405-4be1-bc46-e218aa66fe57","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":60,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"bd8b65a3-6400-4ae2-abae-1a97c5add138","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":60,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"620bf0a0-c72d-49ba-a43c-e8dd02969cd8","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":60,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"600664ab-d314-4b89-8c41-79b73e593ab5","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":60,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"ccfd7792-8bda-4555-8304-f27d190a8f29","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":60,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"afc00756-c064-458b-b126-893d8a257ed3","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":60,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"b031dba2-de93-4828-a7a8-3f1a9d944e06","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":60,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"7bfea09d-de57-46bc-866a-ba94d41537d4","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":60,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"81b24080-2ece-4e99-b72b-50367dfb920e","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":60,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"2f2bf33f-aa87-42c6-9da2-6b6a0bf14b05","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":60,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"599bbc39-2ed4-4398-9407-e2683c9175c0","block_type":"box","text":"II-1","page_number":60,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"6345ab0f-e434-48e3-80d3-ed8539c3f473","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":60,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"21d94796-fef2-41fd-a332-9ff2f2b31643","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":61,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"4661b6ef-f101-414f-813b-cd674b7d92bd","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":61,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"edfd93bf-1c38-4ce0-836e-b3f89758fae2","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":61,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"841e558a-a271-49e8-95b7-8a0d4e97cc8e","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":61,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"6a0f9218-c8ab-47ce-b2cb-dd17f61b44dc","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":61,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"d96138a4-274f-4161-b195-b40c2ffa7a88","block_type":"box","text":"Asset-Based Securities.","page_number":61,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"6914bba5-58aa-482b-84ea-9a00e8133407","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":61,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"adfd60bb-4849-4243-b667-cc842d71e601","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":61,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"619458a6-f167-41dc-aaab-30997c193d3d","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":61,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"1d244fdd-f6a7-44ce-a57d-96effb8a4dc6","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":61,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"5062f80f-b9b4-4140-9b50-c6378ef694b1","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":61,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"22e20778-2665-4573-bb48-85fdb8788401","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":61,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"ca317c3d-9c09-4258-a252-027e7941bc75","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":61,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"8078653c-1c4a-43c0-91eb-07eddf5181bd","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":61,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"85228fb3-1bf8-4dee-9abe-a125cd78bd77","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":61,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"f463e89f-338b-415c-a2e1-15422f41c5f4","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":61,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"c83b6439-5a9b-464d-a81f-d5c96834cf85","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":61,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"69d57dc0-3db2-422d-819e-67f010585b8e","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":61,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"fddb8f1d-2393-4a02-a266-c98e58de315d","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":61,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"c55b16d2-423a-4ac2-94a5-9049c5c2c420","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":61,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"dccf7e89-137c-44e1-bde6-d9868e5c8e7e","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":61,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"71a3f6bf-ea97-4c55-9b45-3e50ae7455c1","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":61,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"6fb508ae-ae9e-4ce5-a182-56dcab4e02ad","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":61,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"74c49ffe-b243-460b-82bf-8eaccf5075b7","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":61,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"f3f2904c-f69a-4dcd-9a50-243ecb90f72f","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":61,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"26e5ad59-df4f-49a5-988c-6ffb8f417548","block_type":"box","text":"appreciation in the underlying asset.","page_number":61,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"b098d695-660c-4308-854b-47bbc4c9f8ce","block_type":"box","text":"Precious Metal-Related Securities.","page_number":61,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"9282a525-7d52-482f-99ce-3008e86520ef","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":61,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"285a55bb-089d-4c93-b6a6-8e089b6ab6d4","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":61,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"48e8d500-ccea-4068-80d6-58443d063d38","block_type":"box","text":"e.g.","page_number":61,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"b1be22d8-0a4c-4c1f-bdf5-24ce4c960b01","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":61,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"b3e31cbc-a596-4c1f-8292-0182b4e5126a","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":61,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"5e53ec6b-5a10-4ae2-994f-49c1da9c0d2c","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":61,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"72e4c8b6-503e-41a4-b681-8f348c36c719","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":61,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"573c3f07-2429-4b1a-ba51-331fb6c18a92","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":61,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"bf16caa6-67f7-4133-8dad-38391a4d14bf","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":61,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"ea76c45a-8a1e-4177-9b08-0128a8101210","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":61,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"45639e2d-ead2-4e12-b2e6-0b3122669afd","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":61,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"e79d2dd5-a80f-46e8-a653-8fa8845e22d4","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":61,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"3517b897-1414-4fad-a585-71a6c4e31e32","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":61,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"57b367a7-3fa8-4d76-b9a5-bebe7a064735","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":61,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"ddb9648a-7bb4-42ff-aa1a-6a363e44038c","block_type":"box","text":"South African gold production.","page_number":61,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"f700c7f0-5c21-48e8-9f18-ebb1dcde925f","block_type":"box","text":"Borrowing and Leverage.","page_number":61,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"bb68a904-d894-42fe-b79e-f24c59e4ee61","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":61,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"a91b4bc7-cf93-4e04-a068-3bd5f36a0446","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":61,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"7cec4252-f64c-47ca-98b5-119cdb9fe60c","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":61,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"381ddf05-3432-4020-afb9-af8a666d2fde","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":61,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"72d9237d-9e80-49d7-96d7-57572bef0acb","block_type":"box","text":"other securities transactions.","page_number":61,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"02affad6-8d1f-4c3a-b206-07fd9da2e14d","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":61,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"3e8fbdf1-6514-4137-bd28-41993cc1501b","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":61,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"ed8c18d7-1998-4c20-b2ca-cfbed391eea6","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":61,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"30d4e5c9-3b1e-4c10-a2ff-156f9b0a8135","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":61,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"5809ecef-892a-4719-9956-b5d8815c7ffe","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":61,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"acb07d8d-3ca2-4e14-a809-d36004371d1b","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":61,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"6c9281aa-0a82-4c7d-9848-bb44db8afa6e","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":61,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"884eb91e-f95f-41cc-a853-5e8589e18956","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":61,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"c46f1555-516f-48d3-8376-72cb9c301b05","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":61,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"f1af6dc4-192c-4945-af57-423e9b74d94c","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":61,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"02e5c89a-bb46-4b5a-8723-22f3282494c3","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":61,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"aff26bbc-2f4f-4670-9ad4-4fb2bc8052bc","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":61,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"fee953bc-edd9-4604-84b6-a3946cb42c59","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":61,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"8860cf59-92ff-4b6d-8b9a-dd7befb8c038","block_type":"box","text":"II-2","page_number":61,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a247bd4b-4148-4759-bd2a-4df70cd198e4","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":61,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5836cac3-acd8-4cb2-8012-a345726ee577","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":62,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"976ab50a-24a7-49cc-b181-261a7a041cf0","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":62,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"0fbd26e2-5ec7-4cdd-9e3a-69f1ab3a7098","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":62,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"8b93d4b4-f02d-4804-bdbb-655c2f245694","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":62,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"df4d0091-f957-4ffd-baac-7e79f1a17321","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":62,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"6fb222b6-a299-48e3-89b6-28c6f4c2ab68","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":62,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"035bc56f-9ec6-4b68-af92-4d9b2fbd0d5f","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":62,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"86ad326d-555f-4d30-b25d-43d92d1de8bc","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":62,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"9c987f5e-cccf-44b8-8157-17ff83ffbe37","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":62,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"000b582a-df80-413a-bc3f-c1f622f3a587","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":62,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"d05512a7-4235-4280-ac08-c36d6fe4c197","block_type":"box","text":"Cash Management.","page_number":62,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"6fa0aa42-7724-47c4-9c9d-c1506ad4bcd8","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":62,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"02304bf4-3179-4f8e-8e18-3ef9287f4e23","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":62,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"8ba5ec87-611c-4e21-a9d4-f61ecf45a7f2","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":62,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"2853fedf-5b83-4eb7-993e-3d6ee2a4c3fa","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":62,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"8276bc99-75c4-4e06-99ca-ad898441e7d0","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":62,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"4221e03c-8e98-4eaa-94dd-a5a7d56712b4","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":62,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"9d09801d-6188-4ca8-a593-d7c203a7fec9","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":62,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"2f59aa87-88bf-4be4-8b19-ecb9286bf70a","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":62,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"e2d821c8-96bc-46ca-9afa-09731f572534","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":62,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"605625aa-0360-44b0-9e19-6b9d49e42992","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":62,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"8521e021-330b-404f-a0d1-70d86a5b9654","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":62,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"dce333ef-dfee-4083-82de-c9c5b42dff49","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":62,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"18f513e1-7546-4610-8cc9-cd6756e6087e","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":62,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"a37b85f5-3c81-467b-a976-27f6bb0ce0af","block_type":"box","text":"Collateralized Debt Obligations.","page_number":62,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"129e6828-8d8a-4918-bf47-a38cbfd386b3","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":62,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"e27b557d-b75c-4623-a225-981624012f48","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":62,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"26235a20-5db5-4dcc-82aa-51eb1f5a2ae5","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":62,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"4f77393c-4827-4889-9f4b-0e56e578dd74","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":62,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"3d91fc67-9ae4-4889-ae2a-ac88530115fc","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":62,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"df320c2b-2ac5-45cf-966e-093f397ff21e","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":62,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"c072f276-a829-4508-b9f1-31949993d5ec","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":62,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"5e9d44e1-5139-46b6-bfb3-1193265c4bd2","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":62,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"5a58806c-abd9-475f-8eb8-bf577621c3c6","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":62,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"33e7c273-fc3e-444a-836f-549c2c045b3e","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":62,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"6f233e5b-5854-4660-a48a-48034cb628dd","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":62,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"57fd16d2-57d9-467b-8e13-0459c88777c5","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":62,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"b87f2ca6-fcc6-4c8c-a2e4-6b5700b28750","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":62,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"b11ac351-79ec-45c5-bfaf-8e0fbba4e272","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":62,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"798d0d6c-aab5-430c-b539-68a25d7386fe","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":62,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"f0f0f9d6-d18a-4919-aabc-380e5b9f674f","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":62,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"522f627b-a544-4ab1-9abf-7cdc704b6009","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":62,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"f2ae7473-3ad5-4dd3-9651-e2af6a570d3f","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":62,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"95af19b7-499e-4194-83d0-537621eef6db","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":62,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"5be46a4f-9389-4024-9ea2-b158ff588e06","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":62,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"239b1051-cf71-48ca-b5a6-268190ddc4d5","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":62,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"32250a8c-5f32-46eb-968c-082dffd14b5d","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":62,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"e64b9579-01e8-4b94-9707-f758b17496ed","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":62,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"470b6d66-3b6a-4436-a979-8f5c613d5de2","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":62,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"29cd9511-e733-4463-be60-99253a28de57","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":62,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"b67049c7-621c-4ec3-b70d-050286df9d7f","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":62,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"1e5475dc-71ee-42ba-9e1c-206a0231dee8","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":62,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"f1aca147-ce63-4419-b512-51f9209d0da3","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":62,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"9b6504a5-f581-486c-8dc9-2bdb71710939","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":62,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"d6cd3808-c1e9-47ae-88ec-9ac369cba006","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":62,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"c9c07443-22c8-42ba-ab3e-322d082e3795","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":62,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"da2dd301-50e7-4e5d-9b0a-cd61f507febc","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":62,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"9267acca-5960-404b-9ca4-e2213f3282e8","block_type":"box","text":"II-3","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4626f518-9c40-42e6-ae77-a75089cf667e","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":62,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"842d04e9-3a3c-4083-80d2-70d82c2cf420","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":63,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"c0a14493-9d66-4f85-88ee-ffe618161af5","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":63,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"e78fd32f-8225-4a85-a3cc-0cb1121f3635","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":63,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"89d6d31a-7fb7-4b42-8ea4-944e1c2ca521","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":63,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"ffebd6e6-4be1-4dbb-81ae-9b23f45681ed","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":63,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"8a41ca2d-82b5-4c70-b836-aaa3d67d0815","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":63,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"c098aebc-65ab-48e0-b1ba-60348ae239ba","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":63,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"9d929ec3-e06e-4d82-aa90-f54f808933a3","block_type":"box","text":"Commercial Paper.","page_number":63,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"8c9db450-75c1-4d96-bf0c-cb6394acd780","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":63,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"d72de199-58d1-4c9b-9bf2-1eb641574902","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":63,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"4944733c-f20a-489b-990d-9518e880adb5","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":63,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"9ebcc005-7995-4033-ae58-fac13cf34730","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":63,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"a0fe3360-1d21-49df-93a7-f182ffe254f5","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":63,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"aa8da3ad-4af0-4f2f-9912-63ccd551ec66","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":63,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"d068aa2b-6bad-47ac-b21b-a7801712ffea","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":63,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"522d5383-811b-42d8-83f1-0f77248708fd","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":63,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"a99e0d6e-48e4-4c2a-ab75-2f6654f07bc4","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":63,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"c2627f1c-e77f-409f-97fe-3e451f1b2da0","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all fixed income","page_number":63,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"928f5d26-9e2d-4c20-9137-19faf0f7df2e","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":63,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"acd20f15-f033-404d-b2a0-ee78b395e73f","block_type":"box","text":"paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment generally","page_number":63,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"c61eee59-5117-4ad8-994d-e55f7d178561","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":63,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"d53369b0-1a36-4044-bad1-49645b5dd89d","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":63,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"03649446-0bfe-4cfd-b0cc-4637c733a247","block_type":"box","text":"debt because securities with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":63,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"badd4997-6396-48cc-8223-59bd3d400778","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":63,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"011fc400-2e22-47b9-9532-7b4ecf9c83cf","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":63,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"dceb4bec-e453-48f1-9fc4-9ce3a3923d18","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":63,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"f6f6d60d-f701-41af-9896-564c1e39e820","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":63,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"ae0380df-d70d-47fc-b5f4-69c8cfd7bbf4","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":63,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"47f48663-54cb-43b9-949a-6df33809eb3a","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":63,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"dfbd9600-30c7-4384-9a3f-2613b689cf7d","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":63,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"e9353db5-e4bf-4623-a8c6-40c1bd07909a","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":63,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"4d667563-e5a1-4459-bc20-74f0a5d198cd","block_type":"box","text":"variable.","page_number":63,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"1fb0c580-d0b9-4133-a1ef-9d921c963427","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":63,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"283729be-ba6b-4453-ba14-fb55d7ea2455","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":63,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"201afd66-51c2-4f2e-9a90-66cd5942a074","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":63,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"cc548214-bb8e-4a1f-b253-2825489d18ba","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":63,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"6cf14939-d894-4e92-8a87-5d69a2e56c7b","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":63,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"cb2659bb-1737-41ec-9211-5eb01e450940","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":63,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"6163bf41-db35-4645-bff5-fc5b0221c2d7","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":63,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"cb557e97-716c-4864-9d66-9c107e8e599f","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":63,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"4668845b-e815-4dcd-81e2-9897e623f18c","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":63,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"b71575d2-9e57-4af9-81df-2532cfd4919c","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":63,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"4ba332bc-2881-4be1-a0ec-01cd63694a67","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":63,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"6d468340-26ab-42e1-870c-098320c13a9e","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":63,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"b564ab48-1b77-496b-b0d7-9b6b44e16c03","block_type":"box","text":"correlation with stocks and bonds.","page_number":63,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"a3fbd65b-0ef9-4cab-9cc5-6e0a152c91a7","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":63,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"78b6b8d5-0af6-4340-9c4f-08dd42b45d2a","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":63,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"248dacec-5ee7-4e91-8017-ec9eca66b6d5","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":63,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"3c7d73b0-f4ce-4e9c-af77-fb274a3c5a46","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":63,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"0adb1d32-d4b3-48a6-9697-554f7ed62cc7","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":63,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"5abc8b13-bf7f-4d93-bc8c-a2d744badb08","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":63,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"e5b3796b-f798-4288-a549-281de355efce","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":63,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"d52aa36a-627e-4c87-84f9-14e9f0442a78","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":63,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"88b8a756-7751-452e-add0-da292b0f5873","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":63,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"5cca2ef9-f236-4c8f-b3d7-4dafad017428","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":63,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"560e08ed-0b9a-4742-b4e1-6fd8d85928d9","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":63,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"24a31967-98f2-480c-9a51-6d3fe4b8a5c1","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":63,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"7b632ea4-da08-4c6d-9275-28cda6fae883","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":63,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"9d5acd21-75d7-44f2-a4b6-6fa146d00071","block_type":"box","text":"II-4","page_number":63,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a084935b-b275-4fc5-b489-7ed18f06ed9d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":63,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"80622b6d-0b0f-4b87-b4cd-36b1832e51db","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":64,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"114ce485-58e4-4fe8-970b-f117dce2a267","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":64,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"d5946ff6-f0f7-445e-bdf8-e48ee25138a2","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":64,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"9138c350-d5ef-44d4-9d55-da630d5c3886","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":64,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"1320b01d-af71-4205-acfa-ff6c3937805d","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":64,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"efa5da81-0051-4560-b612-02737793e4f8","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":64,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"298137a9-fd1b-494d-a92a-69ab5521aafe","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":64,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"608216ae-d56c-451b-8998-70f2496359cb","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":64,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"77dbb6bb-1f1f-4e69-89a5-ac480c9d791f","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":64,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"91a4929f-3c73-4b56-9f6b-b197696258bb","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":64,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"1c5fd241-2180-438a-a19e-e699bee86689","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":64,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"b71b6425-21ed-43f4-a83f-4043fea53cc0","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":64,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"f15f2b8c-8918-4e71-86db-ee5a0a79a663","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":64,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"48c4638a-6454-43ca-81a1-ca4b45e008cd","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":64,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"9272b55f-f2be-436e-aa79-a7db63b14b9b","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":64,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"b985e228-2195-4240-aa2d-22484f7300b1","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":64,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"5e9640c4-8c5a-4a55-bf0c-9891edfa8ce2","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":64,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"355c5acb-f70a-4e7d-a36c-005c9526ae89","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":64,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"eca9674b-f821-48a1-ae2f-42119e2ca00c","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":64,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"8919c109-78ec-4341-8bc2-9b19edf56d86","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":64,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"e116cbe1-713b-45bd-8ef0-36bff9f1ceeb","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":64,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"d3db3bd7-c011-4f50-8e5c-4805bf956e53","block_type":"box","text":"the Manager believes are relevant.","page_number":64,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"eace3eca-245b-41fe-81c9-b00010255491","block_type":"box","text":"Limitations on Leverage.","page_number":64,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"6bd10fdb-4215-40d8-870e-5a6b94159036","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":64,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"49ae560e-fc69-4a5e-9ab7-e76944622d34","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":64,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"b5a6f64f-fed9-493a-9c84-ee6906d81fc0","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":64,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"e54fee8e-520f-4746-86e7-5285c9bbe653","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":64,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"959100ee-d707-4c92-9961-8efd7fb39635","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":64,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"c471a880-cfcc-460c-b668-01313b43bae2","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":64,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"b29d9282-531e-4d4b-8d22-8173fe02d129","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":64,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"a2d4d3da-056e-4957-bfcb-5c986075080b","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":64,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"ec58f45c-b104-41f0-82d1-23f483ae50ab","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":64,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"ee6e9750-c93c-451b-9bbb-42ee6bfb8779","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":64,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"5226fd8f-b140-4591-a685-4e7ccdac2290","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":64,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"146faeb1-1a3c-4e4d-8e12-9ff47804a834","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":64,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"d67ed059-b11f-4398-b222-9372edbdeb3e","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":64,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"36bf57b1-e52f-4098-a7bc-b1ad6aab01f6","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":64,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"55ad2e22-d804-4656-a14c-41b6db204915","block_type":"box","text":"Counterpar ty Risk.","page_number":64,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"6c0e02ec-a3b9-4ad9-b3b0-ebe97bd3ca3f","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":64,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"dd805b7e-9440-4fcb-ad89-3f565ddebc2b","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":64,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"3112eb7f-94bf-4d9f-82f9-84c6974b973e","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":64,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"aa9d37b1-df4f-4268-8657-17cbaf720311","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":64,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"b2d6ac1a-738b-4762-b8a1-ad91cf4e6e98","block_type":"box","text":"e.g.","page_number":64,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"f2b0d867-cc2c-482b-a92a-5837fd182731","block_type":"box","text":",","page_number":64,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"11398440-67b3-405d-a857-e83b1f4ef010","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":64,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"e356a9af-c5f5-4256-8afc-8a53914f1eb3","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":64,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"bb8cf27c-4d04-4f1c-bed6-f76c887978a0","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":64,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"8667945a-0d81-4607-8a0d-97643e3267f6","block_type":"box","text":"obligations under the structured note.","page_number":64,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"f2077b28-d864-4355-9776-97cb47746868","block_type":"box","text":"Convertible Securities.","page_number":64,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"ece42235-3dc7-4bf9-a075-d9db6f5f17d0","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":64,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"acb0e793-094f-48e9-8c0a-c10bee267a5d","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":64,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"2bdc27cc-4ec2-4475-9d47-3163c04323a9","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":64,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"7d68717b-6393-47ca-9b95-94a6ae8cb399","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":64,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"d47845fa-f459-40a2-84a2-7ac121d30278","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":64,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"0f36bd95-0a4d-4fe4-bede-3aaeb8210c71","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":64,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"dfa3a9d0-f684-4d1b-9bc7-96d1bd134ab5","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":64,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"ba2de616-72d6-444b-8489-04859299bd9a","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":64,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"dde639b4-7d41-44d1-9c6d-c3850214df64","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":64,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"3e4b2596-9559-417e-9da2-bde0a835f247","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":64,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"8ac13b43-20fe-4908-b123-fc3eb33ea979","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":64,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"d1d2c103-c54e-4729-af87-894c4bcf2aae","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":64,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"ad758b76-ec31-4820-b78a-b6d04dfb545a","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":64,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"cb8c7f00-a1d5-48b1-8725-e3a16a0008c5","block_type":"box","text":"II-5","page_number":64,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"484cc8f0-d3f3-4c49-81f9-01a5e5182013","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":64,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d40a0395-e626-4811-97f6-e760d1965857","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":65,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"a34b013c-588b-4154-8eff-f86e254bf009","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":65,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"37d60945-8f58-455a-be09-85db4d7956b4","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":65,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"aaade4d6-0264-440a-a7c4-bd52123f286e","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":65,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"b2dbf82f-8687-4b40-b5b0-67c0e544c316","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":65,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"503294f3-a604-498f-9252-2e51da1bc266","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":65,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"0d2dc81d-af71-4561-b578-ea3ebec8059b","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":65,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"c9c7667b-4e3e-422d-b060-e68caf651bd8","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":65,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"aa628b8c-0c52-4bb4-b983-3e8b67188f79","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":65,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"c1aa16a1-d71c-469b-8809-f66f6de162bd","block_type":"box","text":"things.","page_number":65,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"6d6cbcf2-925f-4ca4-9742-a630339d6eb9","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":65,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"60551de3-be8d-4e07-9714-f303d2284eef","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":65,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"68a836fc-5ce9-4e4b-80f0-3b57c27ef581","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":65,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"a277f496-6d21-4392-a309-c18eef69b0a1","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":65,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"92ab7166-9be1-4070-ae77-cc865a16a4da","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":65,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"1ade4645-8568-4caf-8b0b-280e94553685","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":65,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"6063155f-ba9f-4c60-b3e4-4ba04ff85e77","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":65,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"6d99ae28-bb57-4c9d-a566-f89c66d93ba6","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":65,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"bc6ea17f-c40f-4090-97fc-98f75b891757","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":65,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"eea1ee2c-6202-481b-b02e-c5c3e22c4497","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":65,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"d0a49528-11ab-4359-b52a-0bc0d0d8ccf1","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":65,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"12394ffd-ab59-4888-86ba-3185fec73439","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":65,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"366de0df-1a53-43dc-8bc1-9ebfc840f649","block_type":"box","text":"i.e.","page_number":65,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"3dbf131b-7ada-4f33-853d-f5bb8cbe2814","block_type":"box","text":", strictly on the basis of its yield) is","page_number":65,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"94c4451c-68e8-4a99-8a73-5913fd8ed724","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":65,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"2e708767-2737-4f27-8213-199033fa9a31","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":65,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"cc09d904-5104-43e0-85f3-c05041bcb93e","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":65,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"f147694b-43b3-40d9-9145-2b27b8a7be25","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":65,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"d81d533e-542b-436c-baa2-d7435d7e5018","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":65,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"cfd923bd-2f8e-4bb0-9c02-ccd889268f86","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":65,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"44149548-a7d4-46e3-9731-a6bdfa322b4c","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":65,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"4f2e720e-8c71-46cf-b8fe-1bdf4e866e62","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":65,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"e2b3c5c0-46ff-4994-8ce7-6fb4dbb8b66e","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":65,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"1ace3c1c-8e37-4acf-b252-e4bb8e840138","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":65,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"528b8aa4-f2a8-4558-86e5-85e51b30d406","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":65,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"6154992d-9e7f-47e3-bede-3e1859d6bdd7","block_type":"box","text":"than the securities’ investment value.","page_number":65,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"83694e25-d285-4b07-b719-8026b80e8167","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":65,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"ff24b1f8-702f-476c-a6bf-8eda25c24963","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":65,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"a9cef9ef-d87d-4079-b501-2da44cf9a4bc","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":65,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"344021bb-b588-42e0-905d-c1a9ec9f0fd2","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":65,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"b4f07329-50f4-4e0f-95b0-f142a490ecd7","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":65,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"a882a6b3-45a3-400e-a757-164b6ab9e601","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":65,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"abd4a7d4-ed30-4c0d-b983-d4bec69aea98","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":65,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"509c45ee-207d-4d90-890d-c02b3fcbcfe2","block_type":"box","text":"security under certain circumstances.","page_number":65,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"52173a68-2013-4d86-8497-a4e74601ad69","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":65,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"afaa919d-a4da-4133-a8e0-a83fa46080bb","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":65,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"25a775c7-2a0f-4229-87fe-74a73c7a744e","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":65,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"11d6d718-f8d9-445b-a1e9-72d2597aa6ff","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":65,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"cf346fc1-f666-419e-b186-6c79d8f2357c","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":65,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"f11b58c1-ed5c-4194-95ed-0b3260172939","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":65,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"2f613848-f84a-4366-bcee-2d22aa9218c6","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":65,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"1233202f-a279-4d97-bc68-9d56db6c5f2f","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":65,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"c160e9e9-c80f-4d68-8918-8e1b66519837","block_type":"box","text":"i.e.","page_number":65,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"7121ca87-bf95-4098-9963-fa8cf6a48855","block_type":"box","text":", fixed-income (“fixed","page_number":65,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"637ee696-d3bc-4599-aa13-fcadd22a0df5","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":65,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"5288f7b2-9edc-494b-85e6-8ff8ac390b74","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":65,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"6c174224-a7a7-4f8b-878d-d755c3c89482","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":65,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"aaf44171-f029-4763-9209-6944c45769e1","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":65,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"925459eb-d019-4a5e-ad3a-92cbec3ea5da","block_type":"box","text":"II-6","page_number":65,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"1a522c56-035c-4d8d-8842-edcc6a840864","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":65,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"99d3d48b-c272-4d1b-af00-84257b0ac6e8","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":66,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"836b3991-866a-4d92-ba13-4ac40a3bbe3c","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":66,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"b2942dc2-f156-4f8f-bdea-c4b38db2ae37","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":66,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"f9b410d6-e86d-4055-aa0d-589aa2eaf7f0","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":66,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"bb25913a-99df-4010-ad19-eda31b4f0a5f","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":66,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"6533f6e2-33cc-45de-be1b-c3f84dc80f3a","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":66,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"3533f176-aeca-4c16-b67b-b2fa61de6cc7","block_type":"box","text":"component.","page_number":66,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"f15b4ed7-8d3d-4717-b888-db4bfd01f2db","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":66,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"cab276ab-d6eb-409d-9b8c-b30543da3854","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":66,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"d6b6c4b0-6298-4368-9015-50eb44023f4a","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":66,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"b4866f8a-35f3-415f-a404-003b8071b931","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":66,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"80eea342-44ba-444f-b29a-462f8615ba84","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":66,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"6a2c85ac-1c70-4c30-93a5-9a37b66706d9","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":66,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"836edcf6-fa52-436d-ac46-bdd6ed6651eb","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":66,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"110bb093-d88a-4310-96b6-6c17c8488aad","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":66,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"19631c5c-8754-406b-a691-876828323110","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":66,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"c3655237-69c7-48c7-ac74-f148b91a7045","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":66,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"e1a054cd-1dea-49a1-8e3c-049c8a9e5d9a","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":66,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"dcd98245-c507-4084-8d83-ced5b3e25b4d","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":66,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"59c5ce9c-678d-44fc-aad8-e9a80fbbed86","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":66,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"2c7181e4-bc3a-47eb-b2ec-66eee02280b3","block_type":"box","text":"favorable market conditions.","page_number":66,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"0e71fe4b-d82d-4b87-b035-0332b6a72335","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":66,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"5b9706b1-dffb-408a-a6d4-8d2d0ca1423f","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":66,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"5e48a053-9367-4d46-bbfb-4896f5b49deb","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":66,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"7f70d23c-6710-4506-a238-61d0917a8e84","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":66,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"6491ed7a-9a82-48ad-8ad3-dd8777553472","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":66,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"b4f83c1c-db5b-4a36-8ad4-7e28af872671","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":66,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"9715872a-d3ab-43df-a0c0-34d6f91435ba","block_type":"box","text":"Corporate Loans.","page_number":66,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"749343b6-4a39-4cc9-9afe-eb7b7b44c298","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":66,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"acaf9659-8655-41ed-bf9c-27c6c5dda508","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":66,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"83a08972-daea-43ec-a9f5-40aae5bffb26","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":66,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"fc69ccbb-4962-4c47-ad9e-36ee9b9152f7","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":66,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"79ace789-2121-4fbc-bebf-4bb473c9870e","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":66,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"754811b1-96f6-473b-8ee6-c260072e0c3c","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":66,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"1bee0316-194d-47d3-bc43-cbc29aed83e9","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":66,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"67007d42-9e18-4e5b-b2a6-6535217d4081","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":66,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"0e97dc3b-564d-42a5-83f6-6ab7ae929e63","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":66,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"04e19fa7-be3c-44c7-aaad-95fcc62420fe","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":66,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"21eea107-ccac-4787-85b2-972567404896","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":66,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"2068cec7-2bdf-43d1-90ef-c48ceaa0cec3","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":66,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"ee012f97-e76f-4fcf-bb03-b0d181c781fc","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":66,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"73167ca0-6773-4cc5-8154-4069dad2f25f","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":66,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"ea659eb4-6b70-47e5-b1d6-c3e7590b638c","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":66,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"7562411e-5e0e-4bb5-bbd9-b24639057cf2","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":66,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"fa062749-7d1d-442f-917d-56c835d672c0","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":66,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"607e3755-ecd0-403a-a069-13fbe0a809d9","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":66,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"f3fe4a58-e516-4736-89c1-d161c4feddb0","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":66,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"8e40dc0a-ff4f-4805-89b0-a45ed56cb7fb","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":66,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"613f7df3-f935-4296-b8cd-a6ea0065f7a7","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":66,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"02e23ff9-4f12-4fe0-955e-77d0b9f3ade1","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":66,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"7b870c21-6343-4d4f-9e96-1e2a1ca2ceeb","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":66,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"1546a524-459f-4d01-9d5e-b5dce268eeb0","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":66,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"204ab3e0-90d0-4a8f-8d59-a2214e003ce2","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":66,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"f82b45ed-b915-4da3-bf6f-35262f7dc110","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":66,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"0d6aaa43-fefa-490a-996c-8ea075172612","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":66,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"d036d4cc-2f6c-4ff5-9928-9d2528b720fc","block_type":"box","text":"of the borrower.","page_number":66,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"3b41127a-9d58-4224-b11f-c300a13b0a80","block_type":"box","text":"II-7","page_number":66,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4052fdde-b49f-4577-89e6-5b7a7b6bab2d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":66,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6933f832-cf79-4263-9c6c-a42abb401852","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":67,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"1a3b9e3f-59a0-4470-924a-120bad3fe0fc","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":67,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"3a32373c-7bdf-4a44-917b-8975578961ae","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":67,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"6f4114b4-1b18-4b6b-8110-178bc10994c3","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":67,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"eb89f9aa-8eb0-4a5d-9771-2c795ffad008","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":67,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"2629f91e-9801-46f9-b28a-7b4f874f70ca","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":67,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"f5bb7f13-9997-4dee-aaae-5b5522742509","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":67,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"0adc4cd8-e4ef-47c2-a6fe-39069e772695","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":67,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"8e494615-121e-4977-bd8b-846aab8b546d","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":67,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"c789c224-8366-4608-bb47-6349f6e10f50","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":67,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"3be299de-33ad-44b3-82b5-cef9e4ff1129","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":67,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"e019fa90-4333-41a0-a01e-d9cf29e2d80f","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":67,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"5e50b0d5-01f4-48a3-a4eb-1890b513fb36","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":67,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"aa96b4d3-9b0b-4481-8627-2014d0da7a38","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":67,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"4523a91e-c976-4281-8613-dd7f59b128f2","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":67,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"13b1b8f6-d5f4-4da5-b661-4a76c5fd03dc","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":67,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"9df9a14e-5291-492d-81c0-57ab493a89ba","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":67,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"ceada732-ebd6-4f8d-af5d-e110dcfd19c2","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":67,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"f09799ff-154a-484e-b5e3-9e93f56bd781","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":67,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"b43a6fb6-7dad-41bd-a7aa-43293bbff6aa","block_type":"box","text":"state law.","page_number":67,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"383131f3-1fb8-4e9c-a1a3-9127e9cc95be","block_type":"box","text":"Direct Lending.","page_number":67,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"cb9015a1-8f62-486b-b88b-9bc17596c12e","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":67,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"5d17269b-4710-42e1-8cb7-dbbf098d28a7","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":67,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"1caa2700-2833-4a68-9eb5-6851ba163289","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":67,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"1bb29023-077e-459e-9dbc-87a97bf0711b","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":67,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"05e381b2-c283-475b-9607-83f2d8f11bbe","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":67,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"15aa0519-4c83-466d-9f3e-59b0d2d9f38b","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":67,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"85c19bdf-e049-41a1-8d6d-84fd61de821e","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":67,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"083a7685-191c-4d4f-a620-8985d9491ffb","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":67,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"46a56345-d2cd-446a-a1b2-52f3bccb2836","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":67,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"96682fc5-1b15-4720-9bc2-236025f5ee4a","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":67,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"98ee7f32-55ee-43d9-b0b2-46f2b4de7b7d","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":67,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"97d45284-3769-4a6b-b3b6-53d42d8667ef","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":67,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"d8072184-3061-4ad7-b73a-7eeb200649bb","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":67,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"1ad02b9a-5a80-43ff-9a56-8ef9e82ec813","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":67,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"b0375d05-4e46-4829-83c7-26b161f67f18","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":67,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"fb7b4443-56cd-45e0-a0da-51e2f8b820c9","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":67,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"b443e04a-730c-40e0-b12b-2a0b1c55ea4f","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":67,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"3f90f36c-8fe2-419e-91d9-692afafccf8c","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":67,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"f6f00dad-dae4-4a64-b121-f2eb0a4365b5","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":67,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"a86d1e9a-47e5-4d44-923e-2e5ce69b4071","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":67,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"fd317874-32c7-4e03-baee-ab8235200c87","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":67,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"307cdff3-6487-4576-9d2a-f8be7b845456","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":67,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"e2c4d8c8-1879-4322-a9db-38fb08237fc4","block_type":"box","text":"Credit Linked Securities.","page_number":67,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"75bae39a-d3e5-4c08-ae7b-0be684e219a8","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":67,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"b178231e-745d-4dca-a890-91649b93547a","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":67,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"d2bd05bd-654d-466e-aab8-3857142e1d02","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":67,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"3ac929ec-6332-411c-b10c-bcc080f2db8e","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":67,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"35e0da90-f4c7-49dd-9866-cdc5e0df8da7","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":67,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"62e42925-f47a-4acb-bd9b-407d68d65542","block_type":"box","text":"traditional income producing securities are not available.","page_number":67,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"584daafc-0454-4dea-83db-380c5deb14fb","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":67,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"3cb3b325-8ac1-4e0c-b436-414c67d1479c","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":67,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"3d0713b6-144c-4404-b792-4f2c29dd8e39","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":67,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"83c46cbb-9952-46fd-8f75-00b86dd38be2","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":67,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"a9fda525-6224-4bc7-9670-228a694f24cf","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":67,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"5007f03a-b8f6-470f-8e66-1f5713c0d2d8","block_type":"box","text":"II-8","page_number":67,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e5828521-4558-475a-a6b8-e81525776727","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":67,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e30a4e09-61b0-4897-a67b-32109270ab1f","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":68,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"036adeea-b989-473b-aa10-9f3f166aa834","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":68,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"79c39e63-680f-4fd2-a627-f2c49eed1eb7","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":68,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"908d6794-ef8d-46a4-99d9-8084f2830062","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":68,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"1ccdb6ae-6a60-475e-8990-6bbac17bd91d","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":68,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"2741259c-181a-42f1-959f-be9fffba16c0","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":68,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"459addd3-f25e-41c2-9532-b5aa4ae1db3f","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":68,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"e8134d39-3599-4d36-8afd-5342cfa6d983","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":68,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"81a2f0fd-85e6-486b-b415-cf6088a04aeb","block_type":"box","text":"investments.","page_number":68,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"ddffdc13-82ec-454f-9b77-cf2093f14f75","block_type":"box","text":"Debt Securities.","page_number":68,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"c4158883-e809-4f5d-90fb-b743449b8d1f","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":68,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"fe51bf63-501f-4e1b-a2fc-5be4979cbb86","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":68,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"abbc2163-250a-42e0-8c58-f000dd78c92a","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":68,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"b7d09506-67ff-47e7-b722-41011195487b","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":68,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"46e00e35-592e-4fea-a758-2294912dfb0a","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":68,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"64c4e813-3749-4b57-b1ee-c1e0ee6cc8e7","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":68,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"32258f4b-2430-44eb-8e58-34c61ba6101a","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":68,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"548b634e-aa25-411d-9da8-f9c1b78f2516","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":68,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"d38c5edf-7c4b-42cc-b0f0-93f0887e3bf7","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":68,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"b9fe69ca-85ae-4720-b6c0-074c11624442","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":68,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"ea476b72-6044-46eb-8425-996c999627b3","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":68,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"a7ccfc0d-996a-4ca0-91d6-47cdbcf61181","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":68,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"82baa255-17fe-49f6-887a-630bde45fb8f","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":68,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"1f1b3c79-1c37-4f47-87b8-5364ee330b6b","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":68,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"655e083a-3b0a-4526-93ce-f8919a583b1a","block_type":"box","text":"lose value. This is known as extension risk.","page_number":68,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"f8139e17-8d1b-414b-892a-351ae4265d4d","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":68,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"a564ae63-d7f8-4c98-b377-5f2b6d779bad","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":68,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"556d14e5-297f-48e9-a1f4-c40fbaebcab9","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":68,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"ce08837c-e783-4973-bfe8-89a56568d912","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":68,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"bb02bc41-498c-4ff1-be2c-ba8263bb10c9","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":68,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"48bd5064-6041-4781-8fb8-6ba0a8623d41","block_type":"box","text":"Floating and Variable Rate Securities","page_number":68,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"7bfe1bcc-2aef-4e63-9429-5ebebb098b85","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":68,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"5a11a590-03e6-401e-8172-d7422cbdc6e3","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":68,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"396849ec-dd09-4fa6-af53-154c5088cd6c","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":68,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"232bc46b-2b8a-4135-8efc-b95fb46d05cd","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":68,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"81b55cf6-df89-4399-88f6-b8160bd5a632","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":68,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"a5b2a18c-72d0-45fc-bf09-347a65cbc8ce","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":68,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"87577d21-9b64-413e-bf05-db955333f017","block_type":"box","text":"market interest rates.","page_number":68,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"1662c839-4f14-4327-87d0-2adaac494462","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":68,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"996347c5-ef15-47b9-8ae1-18722c66c59b","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":68,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"f1bf5f05-8726-4880-881b-0a2989c0216a","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":68,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"53c8b41b-e307-423a-a14e-e5cca3edc51f","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":68,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"6f453d30-2609-4967-b915-4eef299dd64e","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":68,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"0545a616-ab25-44ad-ae79-6a169a7d9009","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":68,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"4687e970-a6d3-4f95-a029-cf18104a2cab","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":68,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"72d12e48-a496-407d-ba29-ccb9def6ccc1","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":68,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"8e8b2641-7966-4e07-a3c9-60b577dd854b","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":68,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"16753773-1a13-43af-aa2f-7fa28fb8220e","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":68,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"a7cd176d-d707-4693-9321-0c186f922616","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":68,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"7b3362f3-940e-44fc-8c33-9ab1eadb55d6","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":68,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"08ae96f5-b76b-4589-a7e0-cc36fde58c31","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":68,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"3695dc90-329d-4a9a-bc6c-edd26371047f","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":68,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"5566c17f-b8c5-4b9c-924b-5df31a37d404","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":68,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"4770983c-3de7-4ce5-8994-832843066582","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":68,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"e38a656f-e317-4532-9e7b-5f2e620539f1","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":68,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"6562eb26-11bc-448c-b16e-db473cf086e1","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":68,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"6e0f9828-360a-42c3-9005-27c797e77ac5","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":68,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"1b1fa531-89d3-4da2-abdb-674e0402b596","block_type":"box","text":"II-9","page_number":68,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c336e822-1fec-497e-9e59-d4cafab40a41","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":68,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"454fa35c-c8be-40ad-9d3d-5b72f80f5e2d","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":69,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"b111958c-9f8f-4e25-a58a-980a1daaf3ee","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":69,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"afdbb525-a337-49e0-a052-6c90280b1119","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":69,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"2dc62c46-209c-4954-9f99-2c7c441d874b","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":69,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"a6cc8b77-fcd9-464e-a91d-1483d4832ebe","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":69,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"d7343e06-343a-4450-a93c-4b06d3580870","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":69,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"00c410e3-6838-4868-ba54-1aead0a6f83a","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":69,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"d2318aa4-7192-47e5-90e0-a442f3f92baa","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":69,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"894833f1-2bc1-4d17-b37b-8a13aaee6f40","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":69,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"34ba0e8d-dd8e-4606-8435-daadbe872b94","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":69,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"42d9a9db-41fc-414f-91d2-fed87e7cd16b","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":69,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"2e6f233a-2b0f-427f-962b-093da4942309","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":69,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"1cadd4b2-1e95-4563-a85d-df9b0fc09bd4","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":69,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"2a10cd25-0c3b-48eb-8a4a-5bf16f87474a","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":69,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"ecaf7271-b232-4413-be94-f6dee0c7c21f","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":69,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"c5e4c7f3-0ba8-4435-874d-91b809b095cc","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":69,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"7c713f7d-ff7f-4064-a080-792275d74564","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":69,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"53622cc5-1f6f-455a-a644-f2591681effa","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":69,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"406c3839-827d-4fb4-b87f-ca4af7dd6be7","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":69,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"5c9f8f1f-a66f-4d86-b60a-1a83042a4b59","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":69,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"cbfa98dd-bd92-4bc0-9c31-eefdb6488cfe","block_type":"box","text":"United States.","page_number":69,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"30d0501e-e393-46f8-b3ff-5f77a93bca04","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":69,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"748b5978-148a-43f3-a321-6c629a3c095b","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":69,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"bd86ac81-e67f-471d-a015-44c20a0ecf5c","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":69,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"db630f2c-8c9d-44e8-8652-d7e4e498ea2b","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":69,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"6fb9f64d-1222-4c71-a304-69698e81ccd1","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":69,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"85b2b94d-82f5-4e0f-a845-9aa395b94a3c","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":69,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"c4b2891d-f98d-4157-ad1c-a9a8b399f69e","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":69,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"7fa56079-a249-45a5-bf89-3333e1cd637d","block_type":"box","text":"i.e.","page_number":69,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"14bc2801-5552-4fbd-830f-4592fb193b51","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":69,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"37085c50-e391-4942-a1e2-297ec79e6a09","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":69,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"dc9c6a0c-1229-431f-be3d-cedc67622423","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":69,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"5be1665e-57dc-4103-9211-92e7e604ecf3","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":69,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"a69eef43-4b43-4bc0-a3a8-011a54b26700","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":69,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"fb9aa47a-5f89-4c10-a2d0-04b0e9da001a","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":69,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"754ef97a-dad3-48e4-904b-d0c728cd3149","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":69,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"84109fac-a9a4-43c4-bc42-d22741e5e51a","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":69,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"cf3ef46f-d8b0-4c08-962d-3d6f599513fd","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":69,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"fbd538c1-46d2-4350-861b-50168af36de2","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":69,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"cffab4fa-8c97-4991-8d39-72f76328d4b8","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":69,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"b1c42127-c336-4b3b-921f-4bd5ecde7b7e","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":69,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"6cbc2559-bdd4-4508-9c8b-7acd7d9c6cd2","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":69,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"28935749-3285-4123-869a-54bedbaad0eb","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":69,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"f0c37d39-8913-4e34-a324-03d8f709afa7","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":69,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"e263eed2-9b59-457e-9c4f-f35cc0b3e478","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":69,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"fed53f66-3776-4611-97f2-b6efa80cf344","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":69,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"3551d058-666b-4abb-ba46-dd04f5bb32f0","block_type":"box","text":"risk than higher rated securities.","page_number":69,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"9d9f8782-e8dd-42af-928c-8af4b807f853","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":69,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"2a6933b9-f5ce-4248-a193-ca8dfa5a90ab","block_type":"box","text":"•","page_number":69,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"43d2aba1-43aa-403c-a44c-23f6a150ef11","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":69,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"99198262-58e0-4c0b-add2-d132b7e5f780","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":69,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"8d59a7f3-2c81-4a1d-ace4-207ab9fddddf","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":69,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"b251bdd7-3ff4-4b78-9c6e-454e795242d2","block_type":"box","text":"unavailability of additional financing.","page_number":69,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"2fa9bf18-c08f-4f7a-8472-7fd57c7cbdc2","block_type":"box","text":"•","page_number":69,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"f2346f79-7740-4bb8-ba93-a5cba12d9a66","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":69,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"3a2a08b3-9beb-40a4-ad9e-b0163a9d3637","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":69,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"b6ddc79e-f381-4365-81dc-39c2eb3182b7","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":69,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"6618b8f0-5935-46e0-90f4-8f196ce595a9","block_type":"box","text":"II-10","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b11d5050-d189-44de-b305-64fcb36b92be","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":69,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"618fa9a0-2637-4199-9192-45c6c2cfc3d4","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":70,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"bebc50dd-ceeb-41b4-9157-fec6aa25f532","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":70,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"787a1f62-2c20-4602-9d3e-3798e918e672","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"8746c1ef-d9a2-4453-9f66-de32182531fd","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":70,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"5ec6b84c-f14a-46ac-a8c7-774e710cc392","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":70,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"3b57f99c-1b20-472a-82ef-42f42640699e","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":70,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"9d473a00-5447-4485-9d7a-da649cb30b56","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":70,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"d39b988c-9003-4ff8-b2b0-27814809714b","block_type":"box","text":"investors in higher rated securities.","page_number":70,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"945580a9-ba70-4fab-a95f-66e0fb8be9e5","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"7e3544ed-b251-42c5-9ee6-5b2b2130aa15","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":70,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"e91f6f56-fae1-473a-8cd7-20ba58ed082a","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":70,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"4c402d06-1072-484d-bedf-4f4fd294bea8","block_type":"box","text":"lower yields and may lose income.","page_number":70,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"0939ac00-97b1-4c53-b408-1a7de8f9a7a4","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"8079f4bd-97e3-4f50-9230-f455726bbb94","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":70,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"239cf4ed-c8af-4d6a-9d4c-5beb32a06232","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":70,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"8f168044-0025-4d24-beb2-965565557ca7","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"7dc25968-e01a-4231-a5b3-aace5f7da53a","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":70,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"8ec38761-99b6-4c6a-8b59-8fb6c1c88c22","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":70,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"ea5238a3-53a0-41e3-b322-b82dc1bda96c","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":70,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"3690b9f1-dff2-4120-848a-5d6ce08a4919","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":70,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"d762e13d-043b-4cf7-b8a3-7082a536c057","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":70,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"4d827c98-2835-429b-95ca-b3c40c6d379f","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":70,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"a4799d03-3733-4d55-852a-0d2bbf38ca01","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":70,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"a93bf928-5ffa-4219-ab90-776183e66384","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"3b5ec8e4-c799-4fa1-9544-64280323e378","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":70,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"8beec0e5-fc53-4895-859e-9fbbf8747ca5","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":70,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"e4d39b5d-d6ba-4ca1-be6f-30de2723b3e0","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":70,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"608680c1-5f20-42cb-8753-12496408b3f3","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":70,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"e8940008-c2da-4a82-b1a7-004fb2649daf","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":70,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"f5ddb158-4813-4faa-bcd8-1ae477a41294","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":70,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"0f840582-c195-43fb-bd12-5dbdd2beb058","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":70,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"59fe849a-f039-44a8-8315-bb0102480ab0","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":70,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"b6c13a82-e65c-4d3b-89ed-3984514f1daf","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":70,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"9101999b-b641-4d8e-af5e-92b12857260f","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":70,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"7372a7e6-e78e-497d-bdfa-748ff80c728d","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":70,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"9b443c07-aa85-4bdd-aeea-693e4bae142a","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":70,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"c3fe711b-8750-44ea-a91e-9c711045c0a7","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":70,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"76aa5a7e-533e-4be2-b2e9-f1e4acefa444","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":70,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"ed36b46e-58bb-4ff4-827d-936b49c6cc09","block_type":"box","text":"role in determining such valuations.","page_number":70,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"64669a33-61ff-42db-ae5e-ab08849431c1","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"261eddd6-43bf-48eb-8d5c-5140a524d38f","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":70,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"b3ddcd2d-b9a3-423d-ab0b-1d7ffa506183","block_type":"box","text":"a defaulting issuer.","page_number":70,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"e3a3ee12-8b85-4797-9946-36163f9c0127","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"a21226a9-58b7-4772-a4aa-ef506a6a82d7","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":70,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"2bfbed88-0045-4008-9cef-add5b4c7c9e4","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":70,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"22aa877e-e9ba-4ba7-9a89-0acb27cb1cb0","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":70,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"2700c5d4-a355-4240-82a5-68cfdc909608","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":70,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"cee43c74-b775-4961-9c94-718bb36073ef","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":70,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"6d5cc40d-eb51-4907-aa9c-8542a14dddfb","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":70,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"857ce576-641d-4cd9-8703-191a95c553ed","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":70,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"2846004a-e03b-4d16-832a-55d0818433d0","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":70,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"b90b4f87-50f6-477d-adfe-de1d2c1a2494","block_type":"box","text":"•","page_number":70,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"d3f5dfa4-ff6d-4f72-9259-ae08d9c1ddfc","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":70,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"213d6896-5bdf-4d7d-b857-5cf43273e10c","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":70,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"ce2bf692-ee8a-497a-9479-7e4216bf2787","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":70,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"fbc20968-1ec5-4e34-8ffa-bc85398c0ee4","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":70,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"7ce2ada1-8a8c-48f3-bbaa-d1b06c6bda33","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":70,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"8c0f9d22-158b-41b8-bf44-9669e90f1014","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":70,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"c0028b44-0d99-483c-84c1-cd2bb54ca58d","block_type":"box","text":"higher-rated securities.","page_number":70,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"06bbb5e2-2b21-4b47-adcf-e3a7a2fa5778","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":70,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"bc4e0dda-969b-4073-b4a1-9cc585086afb","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":70,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"51cb66ac-ac15-412f-be4d-562053e1c4a8","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":70,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"1492e054-b1d1-4f2f-9f4d-ba9622a3349b","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":70,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"26abab42-813c-46dd-8002-40993106f22f","block_type":"box","text":"II-11","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d60caffb-563b-4bc8-9b76-0202b8f29b16","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":70,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e8cd85de-c48e-4c08-8c0c-ce1169580450","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":71,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"874ad43b-c66e-4134-85e1-1cf925832aea","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":71,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"9b2f6fa7-6065-48a0-9e71-06e33805bc11","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":71,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"a51ec96f-83a4-4be6-b8d4-59476a684123","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":71,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"47831fcf-4517-4aff-b99c-9415fc6d702c","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":71,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"1cf883b0-058a-423b-9d2b-5f52ed166779","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":71,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"a5520515-73a8-4298-9f36-be85fb3459e2","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":71,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"c92b1bbc-57b8-4f20-bff3-b02eb7ada018","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":71,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"40777e4e-35d2-4336-bccd-4ec6e0a6f321","block_type":"box","text":"Mezzanine Investments.","page_number":71,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"c9a170d4-1334-46a0-b85c-4fc556b997da","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":71,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"d479a9ad-b335-4242-90b2-0ca358e870a9","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":71,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"e0382072-530c-431f-b0df-fc0406634bbb","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":71,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"a795ea57-5e67-49fb-89c3-946bf141eabd","block_type":"box","text":"e.g.","page_number":71,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"848bf869-e305-4090-a34f-4fbbe36b6e1b","block_type":"box","text":", with","page_number":71,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"fdd0ced2-805f-40cc-9c53-f6023d024d46","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":71,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"3c29555f-5e19-49f1-9c14-2c03c7dfb828","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":71,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"a0db2614-8cb4-4ffc-b8ab-86ec414e9a87","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":71,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"a1be3906-53f4-4a96-bb9f-dea8b5d3477b","block_type":"box","text":"other obligations of the issuer.","page_number":71,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"ce5a29d8-4695-47cd-866a-5fd7ad3ead9c","block_type":"box","text":"Pay-in-kind Bonds.","page_number":71,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"192bcde2-9852-43e7-87c6-c46f92d26cbc","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":71,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"25c79264-8483-4ab2-a83f-5862a0f6f18b","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":71,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"f090075a-c0af-4b90-a4c4-c38a4af1c32e","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":71,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"2487cca5-e762-4fbb-a9c1-fd8e2d1c7c6a","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":71,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"e30718ae-0bd2-4bd7-81b6-aee8da86511c","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":71,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"5034ec27-e97e-4bfe-bfde-ec7068bae4f1","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":71,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"4159d405-0b6a-4be6-913c-4c5ffc2f5372","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":71,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"532455a6-9467-492a-afab-ab602a4ffbd3","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":71,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"4108372e-bf50-455f-8907-3cb4f891297c","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":71,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"ce49ee60-c233-4da7-84ec-ede196a02d4b","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":71,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"968df147-2563-497b-ac29-b39e790e92f8","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":71,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"8c10b8de-b894-4dab-af74-779e495cc0bb","block_type":"box","text":"Supranational Entities.","page_number":71,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"72583286-fbf2-4621-bb4f-983a3257b67f","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":71,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"40e848aa-d882-4468-9aa6-c6980986ee75","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":71,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"5ff61944-8115-4dad-b2fd-66e785640516","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":71,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"d1875ddb-05be-4309-8fcd-afefc393b61f","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":71,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"fa03a655-e2d4-42ac-9ccc-0c40712e6920","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":71,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"3fe508c6-4b08-4747-a20c-aeba13b5821b","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":71,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"4a03e698-6960-4304-b20d-d5cc7fd063f3","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":71,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"d0f4eba6-27ea-4561-bcc5-6ac5f470e0d2","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":71,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"5814c0cb-6f4f-4902-9593-4575ad31ad0b","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":71,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"603e5b9f-c412-4f4f-9c16-cae4fafdc9f6","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":71,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"88ce8ab5-22ae-4bc4-88e3-6a0b9ff01210","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":71,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"add6216a-e3d7-4cbb-a85b-3b3df76f28f4","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":71,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"679c1786-0003-4d6b-aaf0-5abb616b39f5","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":71,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"c2e790f5-d712-4874-a61d-79f758515b56","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":71,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"a0b7cd17-f6a3-47fb-9b33-6d56fa39abb2","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":71,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"ad1cbdc3-76ee-4ad5-b7bd-ac2f66ef8b48","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":71,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"2151ca48-fd71-442d-a506-165752cf63cf","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":71,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"1135a530-c8ab-4039-84b7-d3cb2a4197f5","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":71,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"32550996-4bb4-49e4-b011-b234ed750f1f","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":71,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"aa58f741-fa8b-47d9-b98d-48f9fc854e7a","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":71,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"69b4f802-d767-4b2e-957c-5f969091d54e","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":71,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"9c3eebab-766a-4d07-b565-d8fd59e6e933","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":71,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"b082865b-b593-4526-8fb5-fd4c91ff5756","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":71,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"4bdbacd5-cb93-44c0-8cd4-3e04100c2018","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":71,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"99f9b64b-87f9-4e22-bd3d-efe57488f0bc","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":71,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"29312de0-0070-4ea6-9c5f-8a8b92cb6dd2","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":71,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"52643071-0261-47f8-9d38-d58960f26bb8","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":71,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"d5bdaa3e-a64c-4a38-9a81-a163c6847ee1","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":71,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"e5c646b1-9ff8-4131-8d14-5076fef73edd","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":71,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"d894ea58-6162-42a3-8218-6ab17913302f","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":71,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"ae8183e2-681e-412b-b2b4-7e2ac4f2ae92","block_type":"box","text":"II-12","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6131f217-88c4-4fcb-ada3-35d72e8bafb0","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":71,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f7891dbc-7338-4468-bccc-73eba25b8475","block_type":"box","text":"Derivatives.","page_number":72,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"e9f8baef-c44c-4256-8d92-e5c1f8bc2ad9","block_type":"box","text":"General.","page_number":72,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"b05d697e-230c-433f-9949-53f74ab3ca39","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":72,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"121b4861-00ee-482a-b397-c00c9289f1eb","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":72,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"e761e1fe-6a51-4ae1-9493-ec043b644935","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":72,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"0c518f0f-5dad-4614-85ed-3f50c5d12ec5","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":72,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"5ed2e4e3-0abb-4d2a-b8d9-ad613443e34e","block_type":"box","text":"efficiently than with other transactions. Certain Funds may use derivatives to maintain a portion of their long and","page_number":72,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"5176c91f-606d-4ec4-b7da-8b1e1b0ee93d","block_type":"box","text":"short positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":72,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"0bfb9296-5ed9-41ca-b87a-74cb4dc5039e","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":72,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"148147de-c16f-4b0e-9f16-6f77e0d6e712","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":72,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"8cc53033-a806-43c5-9f3b-c8fa56f1a0da","block_type":"box","text":"i.e.","page_number":72,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"b8a4e251-f6fa-49f2-a425-760fc13f24a8","block_type":"box","text":", the payment","page_number":72,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"626e2ab9-1bd2-46d6-b007-0f9c254b5e22","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":72,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"f6cd0763-13eb-438c-82f9-97870e5c0105","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":72,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"9ee4dc72-e640-405a-a621-d9c50663d1d2","block_type":"box","text":"Hedging.","page_number":72,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"901e5406-ebc6-45aa-b304-7d1ae0c29109","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":72,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"13a70ed0-ba77-43e8-b614-3696d9ffd5a7","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":72,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"064ba3e7-7c8e-4f3d-a2fb-c7c08809e594","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":72,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"91fcab47-0c12-47d6-b691-56a36a7db19e","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":72,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"9bb43fb9-2a47-4fdc-85c4-bcc708f9ae18","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":72,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"7e6333df-4cea-4bb9-b872-0dfe1bcd2077","block_type":"box","text":"correlation risk,","page_number":72,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"881f39f0-4a4a-4ec5-a193-6040b53f6430","block_type":"box","text":"i.e.","page_number":72,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"974cbf72-e9aa-4413-96ee-79f6e27d171a","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":72,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"4e746399-4a05-4f96-8760-f714798bb07a","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":72,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"8596cdb1-921a-4220-9849-47c543bc69ef","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":72,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"9b6cfffc-502a-4acc-9fbe-af9e342aa61f","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":72,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"cf412684-9243-44fa-a2a8-90fd1af488ee","block_type":"box","text":"Speculation.","page_number":72,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"1b17ac41-5ee6-4c2d-bc0c-f3d2a48a74b6","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":72,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"4c72dc26-9f7d-4d13-a0e6-74e24d85cd75","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":72,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"47c7ea9c-2590-4b77-a72a-fda6de616bd8","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":72,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"8d81323d-83c1-431b-bd33-60fca2ceb9c3","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":72,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"c61f1a18-503c-4c5f-a46a-e22af4453c85","block_type":"box","text":"in certain cases may be unlimited.","page_number":72,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"743e01b3-0547-4272-a534-23285f437d79","block_type":"box","text":"Regulation of Derivatives.","page_number":72,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"62410475-4c14-439e-814f-54c4ef1cd5c3","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":72,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"59a86d61-7d0a-48e7-8bd6-15f0440cb5e5","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":72,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"b90c7bc1-5b43-45d2-ad7d-f45036e375ae","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":72,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"cd7fd4cf-1b43-409e-a4c9-d2cd1a9002b3","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":72,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"d69d8a7e-27f1-4e15-8c67-dbbea3838922","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":72,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"791cd8d0-57aa-4c2c-9282-e29e0a4b925c","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":72,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"7dde80eb-5986-4da2-a0ad-38f0bb60c23f","block_type":"box","text":"coverage”).","page_number":72,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"e713b957-d099-4305-8fa2-71dfd02a08ff","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":72,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"2f5280b4-9b77-439b-b10e-8aa76f69c43b","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":72,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"5b5d091b-cd9d-48dd-9b66-0e9e658b0f91","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":72,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"ff36e748-a076-496c-bd6f-5d9dff66409b","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":72,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"519ef5b3-4e5a-4e7c-9757-1a55e5da096f","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":72,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"565e5b61-a826-4ef7-8add-5a8fed19aae8","block_type":"box","text":"financing transactions (","page_number":72,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"b30c7384-1c48-4b49-834b-270758582718","block_type":"box","text":"e.g.","page_number":72,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"5417f756-6783-45eb-ac96-d63ce017dd17","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":72,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"51fb8e1e-d140-4a48-94bf-7859e87a0d7a","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":72,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"ccc98d74-8d77-44c5-b669-d0352ee2dd2b","block_type":"box","text":"securities (","page_number":72,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"b1f78fb2-33c5-44fa-b5bc-920869c0f3ca","block_type":"box","text":"e.g.","page_number":72,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"1b244841-8b91-4d15-9d07-b11bc52f0ef6","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":72,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"b47a16da-932d-45ea-b512-e8b8d73f20d9","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":72,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"3f39155a-2f59-41b2-bcd0-e654471b14c2","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":72,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"cb2e4acf-1894-4fd7-a6bd-f814d834d934","block_type":"box","text":"Commitments”).","page_number":72,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"83fe8b24-ddff-448b-ac80-2e7da7d62778","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":72,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"55594dc4-e3bf-42ed-8ecd-41ca12ec5e81","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":72,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"ef10e3fe-01fb-4f81-8040-6b056dd37eb8","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":72,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"c24d8c31-ab63-4a79-ba19-59298ae01808","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":72,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"70d8bcc3-e33e-45a9-8d49-c4da648796a2","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":72,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"7f4c0aba-8d70-42aa-af02-f45c8fc03376","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":72,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"1b281dc2-d08a-46d6-8204-9e035c62cd02","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":72,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"40d3c173-8e1d-46d4-8305-a9a415a8cad1","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":72,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"c96c9387-8233-447d-9385-01452c31df48","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":72,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"245215be-daa6-4bbc-96fc-d424398bb5b1","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":72,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"5e3b6246-d718-4f1d-a59c-8a465cc90167","block_type":"box","text":"II-13","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91dad3ae-7bcb-4cba-866b-3a57e3bd8def","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":72,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"39546cbb-5e18-42a4-8213-7c7b9df8f4cf","block_type":"box","text":"Dodd-Frank Regulations.","page_number":73,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"b470a503-509d-4cad-94bb-9a48870acdaf","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":73,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"49057c1d-314f-4fc0-9b2c-cdb82d6c83a8","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":73,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"ddd4c155-9444-4ddd-9366-79f7d14e736b","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":73,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"348cef83-2e1c-4717-90fa-e5e70e5eb0c1","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":73,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"890aeed4-3cc2-4716-ba48-82f180dedd84","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":73,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"0037ad20-1956-40d6-90ab-eca3f1926076","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":73,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"41ba68ba-d5a3-412d-ad80-ddf5ec18b8ef","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":73,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"8e51ba37-49a1-48fb-ad65-c7800c1b51dc","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":73,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"3f6ac548-4e94-48ab-9943-9af017efce8e","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":73,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"4ccc1bdc-d9f6-4b39-87e6-1adeca468ed3","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":73,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"a61f2230-1b51-49cc-a604-ad3c4984c11d","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":73,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"ba38b16c-009d-470d-afb3-8428b6149c11","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":73,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"0fd78258-84a2-4bae-94cc-7a620d7f2c97","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":73,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"729ce4c9-cd2b-4c44-b45a-a24972f03654","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":73,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"247cd5f3-fe0f-4b2b-992f-3ef06c0dbb6b","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":73,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"6219053e-9d79-467c-90f3-4c2ff7ff0eca","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":73,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"cc1ea438-425c-4d36-8f63-f079a87c7202","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":73,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"efaf358f-956f-468f-9754-c19cfc182a18","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":73,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"dee725d7-1921-4e92-9da2-20c1b5a93406","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":73,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"271a2008-c77c-4c83-85f3-e7a2697136a8","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":73,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"e405df5c-31db-4c4c-b26f-4621c3176a31","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":73,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"b1a89c3e-a686-4ec1-92e2-22a47346c28d","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":73,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"69fa1be9-82ad-4664-9215-013aaacdb2de","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":73,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"60828576-de5e-40eb-b529-b7849538b2b0","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":73,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"957c1c4f-e5dc-4dec-a3aa-e28cf40a144c","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":73,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"b31eb7d4-6d03-4739-9a4e-94c6f74b0f1b","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":73,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"d1695796-497e-4c0b-a9bc-c21bc8fb611a","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":73,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"45c780cc-c494-4d30-8e37-d0db288916d9","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":73,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"524fc7cc-5123-4898-8321-384c569967f9","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":73,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"130407de-38f7-4981-afbb-f6f4e66bc8d9","block_type":"box","text":"member.","page_number":73,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"04b5e6bf-0ef7-4fc3-9423-5aedce1e3f5d","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":73,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"a7c66169-56a8-47f3-9738-e3b17414a6ea","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":73,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"bb82415f-5134-4432-b9eb-d4dbba016b29","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":73,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"1fc19597-a3f3-4336-b65e-f868b27f1084","block_type":"box","text":"margin in excess of clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on","page_number":73,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"5902171b-90d0-4bf1-bd78-baf339a12750","block_type":"box","text":"initial margin with their clearing members, some portion of the initial margin that is passed through to the","page_number":73,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"8eb8a107-2d48-45c2-b3cd-b8085d022c70","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":73,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"744e0d36-442c-4e93-9414-1013e55d02ea","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":73,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"8b37f304-6a5c-4c9c-81cc-29df1cd15746","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":73,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"6f363c7a-8477-4eca-9ffe-33e827d761a3","block_type":"box","text":"provide for non-cleared OTC derivatives. Furthermore, customers, including the Funds, are subject to additional fees","page_number":73,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"8173a8f2-eaa4-435a-9a04-2eca188891d9","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":73,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"8903beca-e941-48ae-aef1-2e7b97ab901b","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":73,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"11ecdb78-3884-44e5-89e7-022309dbbccc","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":73,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"c667cb60-dfca-4207-805a-964a0c6909c5","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":73,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"4b5c94ee-d359-4fde-9ca8-d24fc125a872","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":73,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"66944cb3-ece7-4e95-a9e2-d0f5360c8c23","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than certain","page_number":73,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"d5f09755-4a2e-4890-99e3-38f6d5e401b8","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":73,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"7ec641e4-8826-4ca6-88b5-127662337486","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":73,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"6b712579-d1be-42f3-a9ff-800064e0c46d","block_type":"box","text":"and","page_number":73,"box":{"x":69,"y":801,"width":25,"height":9}},{"id":"2a2d10ac-8a37-4024-8e4b-deb1f45c5585","block_type":"box","text":"monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":73,"box":{"x":102,"y":823,"width":802,"height":11}},{"id":"84c4f72e-de1f-42bd-b2fe-b38de5f2ded0","block_type":"box","text":"group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits","page_number":73,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"6669cf64-b911-4682-ac28-3ef6e65fbc03","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy","page_number":73,"box":{"x":69,"y":853,"width":789,"height":12}},{"id":"4f3f0577-f656-4116-be51-01ffd2e3a155","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":73,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"5075dbd9-681a-42e3-a7bb-2bbc83eddb01","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":73,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"4c834763-d836-4f4a-87d6-657fc659f82f","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":73,"box":{"x":69,"y":899,"width":791,"height":11}},{"id":"7284798f-e7d8-4b8b-be7d-6ec386dbd010","block_type":"box","text":"II-14","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c1bb0dab-5a8e-4c8c-ad0d-12fc270283a1","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":73,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ea8c82e0-a3de-4c20-8c33-c2a7bd564766","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":74,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"123bb71b-60a6-4951-9250-871ea6278182","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":74,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"02b13165-a839-4cdd-88b1-2467221fad36","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":74,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"28492ad1-2d3e-4633-ab92-be8ab9b0773f","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":74,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"9be53f32-bd63-4aa3-9a0e-660731a11b05","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":74,"box":{"x":69,"y":105,"width":785,"height":11}},{"id":"f0030ab6-5edc-431a-b38c-9adf18f9b1b7","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":74,"box":{"x":70,"y":120,"width":350,"height":11}},{"id":"0a401ce3-2d10-498e-bcdf-961556f17eac","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":74,"box":{"x":101,"y":143,"width":256,"height":11}},{"id":"957a4caf-2443-4ffb-b645-1f49d6e25d8e","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":74,"box":{"x":364,"y":143,"width":513,"height":11}},{"id":"1a2f1efe-ba5e-4a30-bcbd-288b434f58de","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":74,"box":{"x":70,"y":158,"width":757,"height":11}},{"id":"8a2e1e9f-f66c-473e-951f-6235fdd18044","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":74,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"fc988588-f2b6-43a2-a2b1-620076c5df63","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":74,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"6c64cb27-bbb6-4c1c-85ad-a1387fd84804","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":74,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"28325bde-9dd9-4248-b353-51f93e0de407","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":74,"box":{"x":69,"y":218,"width":798,"height":12}},{"id":"00c07257-8da9-45af-99c8-6e6d1aaa1ee7","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":74,"box":{"x":70,"y":234,"width":785,"height":11}},{"id":"445f9714-ea1f-4a85-b855-c6319a9c0a22","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":74,"box":{"x":69,"y":249,"width":787,"height":11}},{"id":"36610daf-baeb-4311-b83f-7ec6bc618c60","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":74,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"fe366a0c-b4bd-4192-b7ea-8301a15eb5a4","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":74,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"dc66923c-15af-4d54-bdb9-2a4d65585449","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":74,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"d0430c88-7560-40bc-93f7-9474e5b8beec","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":74,"box":{"x":69,"y":309,"width":839,"height":11}},{"id":"181b0c2c-5093-4518-a6d1-dcd53e38ee76","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":74,"box":{"x":70,"y":324,"width":793,"height":11}},{"id":"77512af8-5461-49e0-b3b0-88a87b5e83df","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":74,"box":{"x":69,"y":339,"width":765,"height":12}},{"id":"e35d4141-7aaa-4009-b9cd-5eb483aea797","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":74,"box":{"x":69,"y":355,"width":720,"height":11}},{"id":"f6f4d1d0-c8bb-4c1a-8ac3-73484cf1fd92","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":74,"box":{"x":102,"y":377,"width":802,"height":12}},{"id":"9d18e60f-425a-4148-8ee9-66c9ebc59178","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":74,"box":{"x":69,"y":392,"width":762,"height":12}},{"id":"fd5e8fd2-603e-43d3-9c7f-93512f94fdc2","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":74,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"1f6ac031-2a82-413c-a27b-8a3e74a8c082","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":74,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"88ed0f4e-ba33-44bc-9b35-3ad06961db67","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":74,"box":{"x":68,"y":438,"width":787,"height":11}},{"id":"de68c411-e463-4678-a24d-5d7fcb65339a","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":74,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"5c15773b-aae5-479d-b569-b86600c2e145","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. In particular, in the United","page_number":74,"box":{"x":67,"y":468,"width":795,"height":11}},{"id":"343e4455-73c3-41d7-b30a-10a41eb2164c","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or convert to equity the liabilities","page_number":74,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"9e9e56d4-4deb-4895-bdea-d5f432d49609","block_type":"box","text":"to a Fund of a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":74,"box":{"x":68,"y":498,"width":839,"height":11}},{"id":"c797e8e1-1ed9-46d7-b30d-11a7d12f19ad","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":74,"box":{"x":68,"y":513,"width":814,"height":12}},{"id":"bc30a7cd-8507-4fb7-baa5-153ec29651d1","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":74,"box":{"x":69,"y":528,"width":773,"height":12}},{"id":"9ec6edbb-7fc8-4a88-b415-88e1b15db09c","block_type":"box","text":"collateral received under such contracts.","page_number":74,"box":{"x":69,"y":544,"width":288,"height":9}},{"id":"83ba0bfe-f77c-4a8c-b46a-395d50730d41","block_type":"box","text":"Risk Factors in Derivatives.","page_number":74,"box":{"x":102,"y":566,"width":191,"height":9}},{"id":"1a698b4b-79cf-4cbd-9b86-aabed920277b","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":74,"box":{"x":101,"y":589,"width":597,"height":11}},{"id":"a1ca5793-b29b-4e9a-9e46-f6973b72805e","block_type":"box","text":"Correlation Risk","page_number":74,"box":{"x":102,"y":612,"width":114,"height":9}},{"id":"5619c49c-4354-4983-8729-59c1f004499d","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":74,"box":{"x":220,"y":612,"width":668,"height":11}},{"id":"c82f20b2-5297-47d8-af6b-5a845189286f","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":74,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"01a92562-cae2-43d5-b0c3-54259a31746a","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":74,"box":{"x":68,"y":642,"width":818,"height":11}},{"id":"c04e5ed0-86ea-426c-b07e-2d5b3d034700","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":74,"box":{"x":70,"y":657,"width":806,"height":11}},{"id":"07479f04-9daa-4402-9eaf-2b389f452f6f","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":74,"box":{"x":69,"y":672,"width":725,"height":11}},{"id":"65ceaa0d-0a8a-49a8-a31b-375266378742","block_type":"box","text":"Counterpar ty Risk","page_number":74,"box":{"x":102,"y":695,"width":128,"height":11}},{"id":"feefe89a-719e-4800-ae52-840be456bfc0","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":74,"box":{"x":233,"y":695,"width":632,"height":11}},{"id":"935dd043-4d07-4446-8201-17c91a1f043b","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":74,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"b4d7483e-3530-4658-a200-4a56a5062cf5","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":74,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"14b9031c-f1ef-42af-906c-aeb233f8e90f","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":74,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"752fb775-6bc7-407e-a2b2-4b32ac7a18e5","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":74,"box":{"x":70,"y":755,"width":831,"height":11}},{"id":"17667d15-f32a-413c-8e41-222e4778d739","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":74,"box":{"x":69,"y":770,"width":806,"height":12}},{"id":"cb8e550b-c2c5-4a51-a0a4-242d48e9b145","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":74,"box":{"x":69,"y":786,"width":803,"height":11}},{"id":"e54a0f9d-a1f7-46a0-929e-32369ee4f4a0","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support. When a Fund enters into a derivatives","page_number":74,"box":{"x":70,"y":801,"width":760,"height":11}},{"id":"780b6809-ec3f-46ab-a371-dfbcfdf3258d","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":74,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"26a86b4b-1da6-4379-807b-288d408b89d4","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants","page_number":74,"box":{"x":69,"y":831,"width":834,"height":11}},{"id":"e8cfa5ee-f7d4-4364-b769-8fffdb6d6e93","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":74,"box":{"x":68,"y":846,"width":826,"height":11}},{"id":"b436bd7d-0f8a-45fa-871f-09d29b009566","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":74,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"e470abe4-0b5b-4cdf-ba94-9b6a127156d5","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":74,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"a68dff8b-1c7b-454c-8136-885f093278c6","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":74,"box":{"x":70,"y":891,"width":816,"height":12}},{"id":"e8a18643-7772-4659-9eff-dea7bfdb7f40","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":74,"box":{"x":70,"y":906,"width":771,"height":12}},{"id":"751d1d77-e6b9-4cc5-a761-38c208af7f07","block_type":"box","text":"II-15","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f51f1ef-bc4a-4a9c-a9b9-4cd973a53765","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":74,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6a841d2e-1a42-45b4-bb7e-27ce46581c65","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":75,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"b0822811-1f4d-45a9-b7fe-7be2f514a5cd","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":75,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"0289c0d7-3347-463d-b515-d96fcc6ece6f","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":75,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"e07d9154-42af-416b-ae26-b2d21c4291b0","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":75,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"ec1eb748-c1d5-41f0-8782-dc51717c4964","block_type":"box","text":"by the clearing member.","page_number":75,"box":{"x":69,"y":105,"width":169,"height":11}},{"id":"ded1dfca-e3fd-44b1-a68e-1292b9a654ea","block_type":"box","text":"Credit Risk","page_number":75,"box":{"x":102,"y":128,"width":78,"height":9}},{"id":"605340b4-e346-41ac-b55e-dcc679dd4f93","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":75,"box":{"x":184,"y":128,"width":698,"height":11}},{"id":"0899c9cd-50a3-44b0-9630-1c8447617c75","block_type":"box","text":"honor its financial obligations.","page_number":75,"box":{"x":69,"y":143,"width":213,"height":11}},{"id":"35aa4f0e-0b08-4b77-9cf4-d1731fe582f3","block_type":"box","text":"Currency Risk","page_number":75,"box":{"x":102,"y":166,"width":98,"height":11}},{"id":"a248a6c3-a2e4-4baf-92c5-4ff8a12da4cc","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":75,"box":{"x":204,"y":166,"width":669,"height":11}},{"id":"b2e20ce0-034d-4a42-81d2-88cce7490328","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":75,"box":{"x":68,"y":181,"width":300,"height":11}},{"id":"04b37509-40b4-4709-a07b-2818d2d2d362","block_type":"box","text":"Illiquidity Risk","page_number":75,"box":{"x":102,"y":204,"width":98,"height":11}},{"id":"863a11bd-68c6-402b-b771-9adea96bbfd3","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":75,"box":{"x":204,"y":203,"width":693,"height":12}},{"id":"f9bb6384-9f8f-4d1f-aa44-c661eaa8d05e","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":75,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"58142d09-d6af-48a0-b96a-a19dd18e554e","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":75,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"807e5b98-ca54-4102-9ef7-4a60f3f714df","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":75,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"53e89947-5cab-4e1b-85e5-d545509f7cf2","block_type":"box","text":"incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve substantial","page_number":75,"box":{"x":70,"y":264,"width":824,"height":11}},{"id":"65154d7c-0cb8-45a9-9a36-35fd788c6c0d","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such derivatives. A","page_number":75,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"b5158274-9c90-4a09-8b27-cb11ccf7c353","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":75,"box":{"x":70,"y":294,"width":762,"height":11}},{"id":"f3748cef-f6d2-4c6f-b4bc-736784a769b2","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":75,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"07498826-840c-4097-8dbc-1a76f7bfd40d","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":75,"box":{"x":69,"y":324,"width":816,"height":11}},{"id":"397df90b-110e-48f9-80b4-9544dbc8e00b","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":75,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"07176c07-4a56-49ee-9291-af724f834751","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":75,"box":{"x":69,"y":355,"width":828,"height":11}},{"id":"51232dd3-5397-4b12-97d3-b6349a76fe48","block_type":"box","text":"the participation of speculators, government regulation and intervention, and technical and operational or system","page_number":75,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"73238e18-0730-4ae2-a935-f3aeb6583638","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":75,"box":{"x":68,"y":385,"width":826,"height":11}},{"id":"492b4df5-76f3-41a7-8dae-e4c53c911201","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":75,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"2310dd53-c446-4289-8efd-707e3feba1eb","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":75,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"c2d2e6f2-3437-4e68-bec1-bb5b7b078a7c","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":75,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"67883d1f-1b00-40b2-8626-4953720ed0f0","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":75,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"815202c4-7d6b-4f81-b116-1c8e77ad9841","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":75,"box":{"x":69,"y":461,"width":796,"height":11}},{"id":"d8d3bfe2-53bb-4dd4-9e21-4d9642bab23d","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":75,"box":{"x":70,"y":475,"width":759,"height":12}},{"id":"c7c371d9-0b0a-4636-802f-dcc9cbc56f36","block_type":"box","text":"insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it","page_number":75,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"67ad78e5-2f35-4ea4-8383-5b88fe0cb47d","block_type":"box","text":"may be disadvantageous to do so.","page_number":75,"box":{"x":69,"y":506,"width":243,"height":11}},{"id":"d683ee6b-5722-48a5-b7f2-ce60cfeed91a","block_type":"box","text":"Index Risk","page_number":75,"box":{"x":102,"y":529,"width":73,"height":8}},{"id":"5bc3f079-c79e-4ebc-be7a-0f2907485726","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":75,"box":{"x":179,"y":528,"width":714,"height":12}},{"id":"4a0d0869-28fb-41c7-b79f-977c964e30eb","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":75,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"8a4b94d1-b64c-4b58-87c7-5a123feea1f8","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":75,"box":{"x":69,"y":559,"width":678,"height":11}},{"id":"31090d64-24fc-41bb-bb31-1db661beeba1","block_type":"box","text":"Legal Risk","page_number":75,"box":{"x":102,"y":582,"width":73,"height":11}},{"id":"cfec39dc-70d9-4b63-acc7-24cd6c22e949","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":75,"box":{"x":179,"y":581,"width":717,"height":12}},{"id":"25d28a9d-4f0f-4ecb-a07c-e0805223f643","block_type":"box","text":"or enforceability of a contract.","page_number":75,"box":{"x":69,"y":596,"width":211,"height":12}},{"id":"41b7bcac-7315-4f01-bfc6-4ff55857e59b","block_type":"box","text":"Leverage Risk","page_number":75,"box":{"x":102,"y":619,"width":99,"height":11}},{"id":"f83bd5fd-78d6-4f83-a8eb-c6797157f115","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":75,"box":{"x":205,"y":619,"width":648,"height":11}},{"id":"85b10424-2a51-4884-94f1-583ba4295d12","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":75,"box":{"x":70,"y":634,"width":823,"height":12}},{"id":"aafeb2da-bb7f-4f85-86d4-0d31476160b2","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":75,"box":{"x":70,"y":650,"width":425,"height":11}},{"id":"9b063a32-7691-45d1-bba3-195719fbeb61","block_type":"box","text":"Market Risk","page_number":75,"box":{"x":102,"y":672,"width":85,"height":9}},{"id":"1a4d0d0f-ead3-43ef-83f0-256007806f36","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":75,"box":{"x":191,"y":672,"width":716,"height":11}},{"id":"b2fb468d-f832-435a-b865-3dd84d8f22b0","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":75,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"44674223-45f1-41e5-842e-9964cf526ce2","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":75,"box":{"x":69,"y":703,"width":794,"height":11}},{"id":"e1477097-814d-4a00-9f68-b7533649e37a","block_type":"box","text":"affected.","page_number":75,"box":{"x":69,"y":717,"width":62,"height":9}},{"id":"ba3c1c65-7f48-4e1f-9220-57e105104f61","block_type":"box","text":"Operational Risk","page_number":75,"box":{"x":102,"y":740,"width":117,"height":11}},{"id":"c98c52f0-a075-4c2a-b7bc-6117c4c95b9f","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":75,"box":{"x":223,"y":740,"width":674,"height":11}},{"id":"b7c9c481-edac-496b-9953-23a35e3c4ee7","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":75,"box":{"x":70,"y":755,"width":451,"height":11}},{"id":"972207a2-2be1-4471-badc-17ea30361a5b","block_type":"box","text":"Valuation Risk","page_number":75,"box":{"x":103,"y":778,"width":99,"height":9}},{"id":"e2d7707f-d57a-436e-8bd6-2a214fb2286a","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":75,"box":{"x":206,"y":778,"width":701,"height":11}},{"id":"d7316be0-ba1b-4edd-b36c-93c27910db38","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":75,"box":{"x":70,"y":793,"width":779,"height":11}},{"id":"421056fb-1ddd-4ac3-9362-099666af4b65","block_type":"box","text":"complex instruments or quote prices for them.","page_number":75,"box":{"x":69,"y":808,"width":329,"height":11}},{"id":"e9683736-e84c-4659-b0f8-a1c241e34faa","block_type":"box","text":"Volatility Risk","page_number":75,"box":{"x":103,"y":831,"width":93,"height":11}},{"id":"c53704b4-2842-4035-a2be-676959d2d763","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":75,"box":{"x":200,"y":831,"width":652,"height":11}},{"id":"759dadb4-1859-40e8-9c76-e00d8c6f401e","block_type":"box","text":"Types of Derivatives Transactions.","page_number":75,"box":{"x":103,"y":853,"width":240,"height":12}},{"id":"f89d1b4f-e74e-44ce-9922-b99ddb66c441","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":75,"box":{"x":101,"y":876,"width":771,"height":11}},{"id":"b23d49ac-ec24-4430-ad16-78d42272add2","block_type":"box","text":"including the following:","page_number":75,"box":{"x":70,"y":891,"width":159,"height":12}},{"id":"18c79765-5bac-45cd-8964-8a64e4f4b10c","block_type":"box","text":"II-16","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b37cbca-0abf-4f2e-b503-666d3cc1b729","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":75,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e9160e49-ea07-4ce9-8b22-264e2a4d1e70","block_type":"box","text":"Futures.","page_number":76,"box":{"x":102,"y":45,"width":56,"height":9}},{"id":"080dd62a-343d-4d8f-a095-23ce0f866927","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":76,"box":{"x":101,"y":67,"width":791,"height":11}},{"id":"2683c7bd-eff5-4207-9ca4-104acdc47a4b","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":76,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"4f04846a-68d1-49c3-9836-fedab6f83b92","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":76,"box":{"x":69,"y":98,"width":800,"height":11}},{"id":"1a367e8d-05ce-4b93-8d31-9994cdf95dd4","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":76,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"fb08389e-459c-4b92-aebe-bab3e5fb87ff","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":76,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"6dd57615-6008-473f-9551-7479ef72e364","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":76,"box":{"x":69,"y":143,"width":478,"height":11}},{"id":"2be5110a-2855-4187-bd09-ff4c6422973b","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":76,"box":{"x":101,"y":166,"width":801,"height":11}},{"id":"893e93c2-3d52-45ff-8749-c5c92b418095","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":76,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"9474d975-6716-4e22-ba23-8d2986251b8a","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":76,"box":{"x":70,"y":196,"width":822,"height":11}},{"id":"4201da5a-6ce1-463d-9c3a-18996873556a","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":76,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"6a439eb4-7122-410b-84a4-89cff4330597","block_type":"box","text":"of the futures contract.","page_number":76,"box":{"x":69,"y":226,"width":162,"height":9}},{"id":"445790a1-8521-4c28-a29f-bc6130316a28","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":76,"box":{"x":101,"y":249,"width":756,"height":11}},{"id":"e7dc5943-9ec0-4da0-8eac-912e35310c2d","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":76,"box":{"x":69,"y":264,"width":820,"height":11}},{"id":"4c7d7188-4ece-47e8-bf55-23951b02adf1","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":76,"box":{"x":69,"y":279,"width":789,"height":11}},{"id":"71813942-8394-4d42-866a-f4b2b8d97987","block_type":"box","text":"relating to the futures position.","page_number":76,"box":{"x":69,"y":294,"width":219,"height":11}},{"id":"f9f8f110-2d45-4627-b35b-9e1fb5b0233d","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":76,"box":{"x":102,"y":317,"width":757,"height":11}},{"id":"43a36ed9-04e5-477d-a668-cb3ac8396f58","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":76,"box":{"x":69,"y":332,"width":797,"height":11}},{"id":"9ae0d69f-2ccc-4070-9742-b50c8cfbfd66","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":76,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"12d082f0-fb95-458b-af64-bfec5323a9c6","block_type":"box","text":"Regulations” above.","page_number":76,"box":{"x":70,"y":362,"width":140,"height":11}},{"id":"1ffe523f-7f9d-4a6a-9bcc-898f074256b8","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":76,"box":{"x":101,"y":385,"width":799,"height":11}},{"id":"d8837545-4142-45ed-ad3a-78537c606f7d","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":76,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"3cb1a3ab-e1ec-40e9-aab9-6059aeaddd97","block_type":"box","text":"(","page_number":76,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"4440da48-4a94-4db1-ae29-3c401f549ffd","block_type":"box","text":"i.e.","page_number":76,"box":{"x":74,"y":415,"width":21,"height":9}},{"id":"0acf6923-8193-4d55-a4be-20d2ef562b6a","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":76,"box":{"x":97,"y":415,"width":803,"height":11}},{"id":"facfdc21-3b72-421a-9272-d02936cc38c0","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":76,"box":{"x":69,"y":430,"width":830,"height":11}},{"id":"17573175-6a5e-41f2-b4dc-1472bf1f0f44","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":76,"box":{"x":68,"y":445,"width":835,"height":11}},{"id":"e2268fbf-d399-4971-85bf-6bcf1888bb0d","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":76,"box":{"x":69,"y":460,"width":831,"height":11}},{"id":"4656ace9-5482-40d2-88f8-97484acd658b","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":76,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"8cc0b06b-889c-49c9-8afe-f29772969f0d","block_type":"box","text":"Fund intends to purchase.","page_number":76,"box":{"x":70,"y":491,"width":183,"height":11}},{"id":"4f7b573f-0f70-4347-8800-3ac89b1828a1","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":76,"box":{"x":101,"y":513,"width":768,"height":12}},{"id":"7401ef43-ca0c-4d98-9c5c-971219aba1f3","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":76,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"db49ca77-36cc-4703-8bbc-2904160c6293","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":76,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"51470993-6191-4a2a-893d-51a5ffdaa498","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":76,"box":{"x":69,"y":559,"width":773,"height":11}},{"id":"38011ad5-c821-414b-bfb9-f2244cca6fec","block_type":"box","text":"illiquidity.","page_number":76,"box":{"x":70,"y":574,"width":63,"height":11}},{"id":"cf7fb769-3361-4e37-8c1d-ddfdce5592f4","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":76,"box":{"x":102,"y":596,"width":757,"height":12}},{"id":"dce85a56-a44c-4a4f-8d91-f1cf07bc13ed","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":76,"box":{"x":70,"y":612,"width":807,"height":11}},{"id":"ef4f78ca-dd19-46ae-a4fe-27f33500569b","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":76,"box":{"x":70,"y":627,"width":269,"height":9}},{"id":"383fbc43-7cb4-4af3-9afc-406fc9a857c4","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":76,"box":{"x":102,"y":649,"width":791,"height":12}},{"id":"8d02a7d2-0d87-46ab-831c-9410e124f705","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":76,"box":{"x":69,"y":664,"width":838,"height":12}},{"id":"a44841c3-f176-41bc-8833-403e92c346d6","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":76,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"86ad6adf-bb3f-4388-8f03-f2f1a71beadf","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":76,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"948445f3-5ee3-4436-aa3d-bfa2d9c84d90","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":76,"box":{"x":68,"y":710,"width":657,"height":9}},{"id":"cd2f47d3-7ada-4b0f-836c-f4d57a9afbf2","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":76,"box":{"x":101,"y":732,"width":792,"height":12}},{"id":"5ecf262a-6c7b-4c8a-9c2e-d831c94a36e9","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":76,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"a1b4a591-82e4-4839-98df-81821834b2ba","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":76,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"e77d3a59-e023-4408-a90f-2e5fac1d01f9","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":76,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"36e9b1ec-56f1-48aa-bf0d-02d7488889d4","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":76,"box":{"x":70,"y":793,"width":817,"height":11}},{"id":"2587eb8b-134d-4a70-95d0-ee3b1fa878cd","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":76,"box":{"x":68,"y":808,"width":561,"height":11}},{"id":"afd5c2e6-4a93-42a1-94b8-076c28f27b2b","block_type":"box","text":"Swap Agreements.","page_number":76,"box":{"x":102,"y":831,"width":131,"height":11}},{"id":"29e8007a-2963-4cb6-9cf0-27361af925c9","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":76,"box":{"x":101,"y":853,"width":782,"height":12}},{"id":"44c31dfa-f1d6-4f6c-ab41-91ca1b092b25","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":76,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"520850dc-dfc8-45d0-b4d2-c37d18d1d450","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":76,"box":{"x":69,"y":884,"width":799,"height":11}},{"id":"56c827e2-526b-4d54-918e-3936488f7da1","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":76,"box":{"x":69,"y":899,"width":792,"height":11}},{"id":"cd9d57bf-1231-4be1-954d-9b1aba868b6c","block_type":"box","text":"II-17","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b4ff8062-629f-4bde-9e81-5a6c2d3f216b","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":76,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a69d4288-02ed-40bb-bf22-804f96244baf","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":77,"box":{"x":68,"y":45,"width":832,"height":11}},{"id":"874c0d12-9424-4f90-9de5-f3703945a962","block_type":"box","text":"a “notional amount,”","page_number":77,"box":{"x":69,"y":60,"width":147,"height":10}},{"id":"356befb5-d9cd-46d8-9da0-c2ba23a2ef67","block_type":"box","text":"e.g.","page_number":77,"box":{"x":223,"y":61,"width":25,"height":10}},{"id":"08222b69-1838-4fdc-b78e-91b3ec533844","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":77,"box":{"x":251,"y":60,"width":602,"height":11}},{"id":"de36203d-2b37-4070-9e84-8acfa9cd5902","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":77,"box":{"x":70,"y":75,"width":787,"height":11}},{"id":"50e4b839-e907-4ddb-9c6e-c61bc99558a1","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":77,"box":{"x":69,"y":90,"width":762,"height":11}},{"id":"206079b9-8e45-467a-bd91-2313a68dbc3c","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":77,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"1648379a-d402-4ec9-bf5f-c021326c12c2","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":77,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"4b1bca0f-b2d5-47e6-b905-aac403d5c495","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":77,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"20563ebc-9a29-49f4-bf5f-db00db141f92","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":77,"box":{"x":69,"y":151,"width":826,"height":11}},{"id":"db1133ca-c0c3-4f68-a404-7a84dbc1448a","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":77,"box":{"x":69,"y":166,"width":827,"height":11}},{"id":"d2d72f6d-a911-487c-a7d1-63b891037c73","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":77,"box":{"x":68,"y":181,"width":763,"height":11}},{"id":"a3db1d32-3b52-4b99-b73d-841fd1d16e46","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":77,"box":{"x":102,"y":203,"width":329,"height":11}},{"id":"2bbd9c87-febc-425d-9fd2-8b34464f7085","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":77,"box":{"x":438,"y":203,"width":439,"height":12}},{"id":"a80a1e2a-da38-4e50-94e0-aaf0a4fb3df1","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":77,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"f95ae122-07c2-43dc-a7dc-2bad6f4de04e","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":77,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"9bee67fe-7d44-450b-93fb-bf90280c66c3","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":77,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"b73d29d6-a7b5-4c22-98ff-e364467885a3","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":77,"box":{"x":69,"y":264,"width":829,"height":11}},{"id":"ea78cfd3-aa42-434b-8ab0-1e0c5e467dd1","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":77,"box":{"x":68,"y":279,"width":798,"height":11}},{"id":"1fdd4f66-47d4-4e8d-94a2-6c69c9315095","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":77,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"97b17689-e510-466c-9faa-378e0cafa38a","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":77,"box":{"x":69,"y":309,"width":836,"height":11}},{"id":"9dd9d392-5063-4af1-ae47-a740f9f5c583","block_type":"box","text":"index CDS.","page_number":77,"box":{"x":70,"y":324,"width":75,"height":9}},{"id":"de07e2a8-45f5-4861-8ab4-7ebede221b94","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":77,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"5e72ae58-71bc-4235-a996-2de79534903d","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":77,"box":{"x":69,"y":362,"width":806,"height":9}},{"id":"631a3926-4dec-41ff-9d12-db1b84f3a20e","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":77,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"852541e2-a76f-4930-bbbb-87b9faa0f89d","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":77,"box":{"x":69,"y":392,"width":804,"height":12}},{"id":"8532760c-e9e0-4110-a716-6d8af9763c79","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":77,"box":{"x":70,"y":407,"width":812,"height":12}},{"id":"887b33af-20d0-4521-b104-5cf3d997a89f","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":77,"box":{"x":69,"y":423,"width":798,"height":11}},{"id":"3db08758-602b-472d-ad8a-4c6679217e63","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":77,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"d3badfc5-05b3-4ff4-9dcd-5b0e45fbecdf","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":77,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"83319018-e5c3-445a-9bbe-d9e01f8d0b37","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":77,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"a5277bcb-b57c-4f86-8cb0-afbc66aaf614","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":77,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"f2a2be27-822f-41f9-b5ae-8a41b7606d54","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":77,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"d96186ba-88d3-47bd-84f0-3fcf1500530e","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":77,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"9dfdabf0-8750-4cbb-a945-edbb246dfedb","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":77,"box":{"x":70,"y":529,"width":834,"height":10}},{"id":"b3c7d518-7081-4741-9339-ca2dbbde1bbe","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":77,"box":{"x":69,"y":543,"width":778,"height":12}},{"id":"a4b3c382-100c-4100-bfbc-9db2280fe9c5","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":77,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"b74f8c9e-a6ca-4efc-a9a1-f1cdbcb762b7","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":77,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"5ad2708b-66e0-4946-8f2c-cd05196508cc","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":77,"box":{"x":69,"y":589,"width":807,"height":11}},{"id":"50d5c1e1-9c8b-4b83-848a-9d3473ff49be","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":77,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"096f83d6-a09e-4fde-a601-25cfb24b025c","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":77,"box":{"x":70,"y":619,"width":711,"height":11}},{"id":"790374c6-1d53-4aef-aa44-d3e67962d81b","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":77,"box":{"x":102,"y":642,"width":757,"height":11}},{"id":"9d7309e3-5f49-485b-8a93-3e1303350d13","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":77,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"6cce9255-7c12-4cfe-bb41-b39f730962e5","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":77,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"2cd7b9b9-da10-4788-a1d6-7f4ec9754aba","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":77,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"6c3862bc-5b88-4fa7-ae4d-c43772e62980","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":77,"box":{"x":70,"y":702,"width":817,"height":12}},{"id":"0dcef269-7c2f-47bf-82f5-ba4f2ef7397b","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":77,"box":{"x":69,"y":717,"width":820,"height":12}},{"id":"483a88d6-00f2-476f-a4de-362fff2016c1","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":77,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"ae8c555c-05d2-4d58-a0e4-49edba22097d","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":77,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"70d22437-be16-4e6c-854d-d0bcbe76a03a","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":77,"box":{"x":68,"y":763,"width":820,"height":9}},{"id":"ed1e8de6-114b-4a3e-a09a-01e492a47d2b","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":77,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"5e3ad519-8ebb-4c40-80c3-0b82329bbe62","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":77,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"206630d5-82d1-4811-92c9-9549dbbb3e8a","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":77,"box":{"x":68,"y":808,"width":814,"height":11}},{"id":"7a3efc9c-ae29-470a-a79b-125d724ab4f7","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":77,"box":{"x":69,"y":823,"width":766,"height":12}},{"id":"6934ff88-1f10-425e-928f-cd44ee08f015","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":77,"box":{"x":69,"y":839,"width":840,"height":10}},{"id":"40af38c3-32ba-44ef-815e-d49c8164bea7","block_type":"box","text":"conditions.","page_number":77,"box":{"x":69,"y":854,"width":76,"height":8}},{"id":"46e0178c-0553-4044-aa50-94e73f759035","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":77,"box":{"x":102,"y":876,"width":762,"height":11}},{"id":"3ca3a490-678a-492c-9712-c4d4046c1953","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":77,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"a32ce054-0e7e-447f-974d-418a3514c0e9","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":77,"box":{"x":69,"y":906,"width":727,"height":12}},{"id":"f65ade8c-6f7b-4c39-9085-e93d18b2e138","block_type":"box","text":"II-18","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"292b7c03-0cf5-4361-a4ad-dea907377b8d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":77,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2ec8354f-b762-4a48-be68-2dd60b33de82","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":78,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"5a703fb5-468c-4fcb-840a-a3f512727c46","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":78,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"684715f9-6e42-4bc7-8dbf-c07032bdebef","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":78,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"cc19ce44-84ae-4052-9c02-418e367cbfd0","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":78,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"27d3a892-c1a6-4d47-a331-5065cb7eccd5","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":78,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"7eace704-d2c2-4e9a-be93-47fe492c176a","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":78,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"b0bdd1f3-d2ae-414b-83a0-78059d802444","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":78,"box":{"x":68,"y":136,"width":355,"height":11}},{"id":"55db177f-2303-4d50-bd7d-ef36054d8967","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":78,"box":{"x":102,"y":158,"width":750,"height":11}},{"id":"96a10b96-8ae1-4b5b-bff8-ae2f52a9caac","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":78,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"64fe534c-7b77-4a13-b938-7444fb791ca1","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":78,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"d5977f59-038a-44ec-8e56-7f369d8a8168","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":78,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"1506cde4-04e0-49a7-9122-b448ef58bce5","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":78,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"b54d5590-009f-4604-8726-5f845348fb6e","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":78,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"ee3ac372-63d5-4034-bee7-94dd98413be1","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":78,"box":{"x":69,"y":249,"width":495,"height":11}},{"id":"dc31b79d-f4ef-4df4-9784-095c33151b07","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":78,"box":{"x":102,"y":271,"width":752,"height":12}},{"id":"48012ec7-96d2-453b-a96e-e921dc3e618b","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":78,"box":{"x":70,"y":286,"width":814,"height":12}},{"id":"75f97d84-ce56-4a28-87cb-12c38a4b5956","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":78,"box":{"x":70,"y":302,"width":520,"height":11}},{"id":"108947d6-0c4c-45af-bd3f-d57449fe90f1","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":78,"box":{"x":102,"y":324,"width":273,"height":11}},{"id":"a0eb91aa-9633-45b6-ac2a-741fc898632e","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":78,"box":{"x":381,"y":324,"width":515,"height":11}},{"id":"b8ab553d-f867-48cb-8b91-1a8a1d830d5a","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":78,"box":{"x":69,"y":339,"width":755,"height":12}},{"id":"3ce4b3b3-6a07-4183-aa36-cfb08450c839","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":78,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"bf09f4fa-de7a-4520-b178-de1ea2e0577e","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":78,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"4bdcede3-a8a7-43fb-ab52-d33c79fe1b1f","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":78,"box":{"x":70,"y":385,"width":461,"height":11}},{"id":"bda76e37-edfc-4402-9247-1f0d0b745291","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":78,"box":{"x":102,"y":407,"width":748,"height":12}},{"id":"dce4687d-ffef-4317-9f94-d05dcb19e8fd","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":78,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"cc4392e8-58ac-4d8d-809e-79d7d84abb34","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":78,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"d1293798-5c20-4c2b-a6c9-3ace446c8927","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":78,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"98547ff2-7c43-44b5-a0b0-14c6df823aa8","block_type":"box","text":"cleared interest rate swaps.","page_number":78,"box":{"x":69,"y":468,"width":198,"height":11}},{"id":"5b2ce3a5-40c9-486c-8f65-bc6788f6489e","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":78,"box":{"x":101,"y":491,"width":766,"height":11}},{"id":"3ad8be2c-b757-435a-bce2-c606fb4457f9","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":78,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"439e1df4-d4ae-4d5c-b000-e9ef6751ac02","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":78,"box":{"x":68,"y":521,"width":830,"height":11}},{"id":"d2c803b3-0d37-4227-96f8-db34497a829a","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":78,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"54fc66bf-0d7d-41ca-9d14-31c1c673f000","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":78,"box":{"x":70,"y":551,"width":824,"height":11}},{"id":"7f6ec338-f774-45a1-895b-742b8f92754c","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":78,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"79096be2-5057-427e-9b5e-03f1fbadb05f","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":78,"box":{"x":69,"y":582,"width":801,"height":10}},{"id":"2c15bff9-1985-41ac-a712-1684f4ba6ea3","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":78,"box":{"x":70,"y":597,"width":480,"height":10}},{"id":"d1eb4ed4-9fcf-4c39-b7f3-282308edd094","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":78,"box":{"x":102,"y":619,"width":790,"height":11}},{"id":"a632f42d-c0db-4718-8fce-41222f7c093f","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":78,"box":{"x":68,"y":634,"width":825,"height":11}},{"id":"a9be1d95-ec0f-4e1b-9521-2073983ddbec","block_type":"box","text":"or variable interest rate, index or asset.","page_number":78,"box":{"x":69,"y":650,"width":280,"height":10}},{"id":"116682c2-c402-466c-9d9b-1b1a3a8b3778","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":78,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"d9a54174-b4d9-4e87-9671-4b11ad35dd9d","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":78,"box":{"x":70,"y":687,"width":805,"height":11}},{"id":"4ae01234-643a-4487-8a22-b69dc3916dda","block_type":"box","text":"such interest rate floor.","page_number":78,"box":{"x":69,"y":702,"width":165,"height":9}},{"id":"7e5172b2-c02d-4f53-a1c9-eb8bef65071d","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":78,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"8c5d833a-446f-47ed-9dcd-668338d4e10a","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":78,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"493f09cb-3e8e-40c1-ab4d-44739095618d","block_type":"box","text":"such interest rate cap.","page_number":78,"box":{"x":69,"y":755,"width":159,"height":11}},{"id":"f80ccb2a-fff2-464e-b000-08dff2a011c0","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":78,"box":{"x":101,"y":778,"width":729,"height":11}},{"id":"e6dd7276-4d4e-4873-b57e-8306fafd7b5c","block_type":"box","text":"commitments to pay or receive interest,","page_number":78,"box":{"x":69,"y":793,"width":282,"height":11}},{"id":"3d3de0d4-9a67-406d-b766-035663163b3a","block_type":"box","text":"e.g.","page_number":78,"box":{"x":359,"y":794,"width":24,"height":10}},{"id":"4ab422a1-9345-46ac-83c3-b8c3a224c782","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":78,"box":{"x":386,"y":793,"width":482,"height":11}},{"id":"f21f4e42-c432-4253-8275-36aa7e244b8c","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":78,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"36c50bf0-51dd-445a-afd2-88a6a0e4e988","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":78,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"5501939c-2d15-402a-ae3e-fa7ce9483344","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":78,"box":{"x":68,"y":838,"width":832,"height":12}},{"id":"bbfa2221-028b-4be5-806e-32ab31b3d20b","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":78,"box":{"x":69,"y":853,"width":807,"height":12}},{"id":"a293d3c1-9479-4d62-9578-99957dfcee17","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":78,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"7cdb2b36-8864-4464-8651-cddcd564311c","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":78,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"45cc1bc0-6db2-4089-85f7-d5ead3976f6e","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":78,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"836d1306-a0e0-463f-9e7d-518c0c911162","block_type":"box","text":"II-19","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"daedc7a3-d656-40e0-bce8-bee0dd221c7c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":78,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a6eb14e8-4fcb-4938-9680-73c924b55459","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":79,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"b21fe7cf-db84-4af3-adea-e87dc1354b99","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":79,"box":{"x":68,"y":60,"width":646,"height":11}},{"id":"5f91f671-260f-4fbe-ba7f-1e83470b637b","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":79,"box":{"x":102,"y":82,"width":798,"height":12}},{"id":"156db95d-f1b9-4391-ae93-d85ffbdbd920","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":79,"box":{"x":70,"y":98,"width":490,"height":11}},{"id":"6d7d94c4-463d-4e95-8d2f-ea31dd8050a8","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":79,"box":{"x":102,"y":120,"width":791,"height":12}},{"id":"ab3711fd-c4f5-4528-a296-2c2075f4f3f6","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":79,"box":{"x":69,"y":135,"width":454,"height":9}},{"id":"af3402ed-1f64-4a7a-adcd-eb4054195006","block_type":"box","text":"Total Return Swaps.","page_number":79,"box":{"x":103,"y":158,"width":139,"height":11}},{"id":"48667d8c-660b-4940-b078-58222e1c86ae","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":79,"box":{"x":249,"y":158,"width":634,"height":11}},{"id":"a5e8d1f6-c09f-4eb3-8b2c-8a7e34329aec","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":79,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"6f21aac6-dc64-4693-85d6-d2d5937346bb","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":79,"box":{"x":69,"y":188,"width":764,"height":12}},{"id":"25de0d0c-bd0f-4853-a39c-a6d3da8b2464","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":79,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"d1f87c52-587e-469a-822d-f3ddabca5864","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":79,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"78680b39-e1ab-4aa9-9f79-774428ac47dd","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":79,"box":{"x":68,"y":234,"width":838,"height":11}},{"id":"34c4d46c-553f-4e6b-8f2a-23cc9319415c","block_type":"box","text":"“contracts for difference.”","page_number":79,"box":{"x":70,"y":249,"width":184,"height":9}},{"id":"91fc50b7-8de5-4762-9c04-3f1b859ff64a","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":79,"box":{"x":101,"y":272,"width":770,"height":11}},{"id":"b75754d1-90f6-4d1c-affe-1170e3959775","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":79,"box":{"x":69,"y":286,"width":780,"height":12}},{"id":"607e3c94-d8f1-4d29-b687-3105c09f1ee3","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":79,"box":{"x":69,"y":302,"width":839,"height":11}},{"id":"ae14f142-510a-4dc0-b023-b913e0eccf74","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":79,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"42c314dd-e10f-4c88-9345-2566f4846b67","block_type":"box","text":"the notional amount of the swap.","page_number":79,"box":{"x":68,"y":332,"width":235,"height":11}},{"id":"63bfd90b-bfb9-4568-9d1d-448d2bd4762b","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":79,"box":{"x":101,"y":355,"width":746,"height":11}},{"id":"86ef5bf9-6844-42ea-abd4-77363b46415c","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":79,"box":{"x":69,"y":370,"width":433,"height":11}},{"id":"9bed42af-90d3-4200-be95-69fe65b164c7","block_type":"box","text":"Options.","page_number":79,"box":{"x":102,"y":392,"width":57,"height":11}},{"id":"a3a2445d-fdb9-4502-93cf-189714d91ef3","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":79,"box":{"x":102,"y":415,"width":319,"height":11}},{"id":"f80882dc-5a19-48f1-ae03-c4d84700ce7f","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":79,"box":{"x":427,"y":415,"width":418,"height":11}},{"id":"523e9c0b-ac89-45a6-9603-0a00d7959780","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":79,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"dda6b927-551f-4434-a373-758ab8920712","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":79,"box":{"x":69,"y":445,"width":820,"height":11}},{"id":"e0cb9ccd-74a7-4681-b05d-1849da97e330","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":79,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"35540fc7-6bd9-4bef-a1c8-66470fc097af","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":79,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"49e3241f-b982-42c4-a670-ef284dc5ab92","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":79,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"550d1c4e-fad0-4c63-90d9-8c7cb62bb834","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":79,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"3efd41f2-0be9-494d-a0a7-af6827d77556","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":79,"box":{"x":69,"y":521,"width":366,"height":11}},{"id":"113f4ed1-60fd-4f6b-884f-a6dc6dd3dae8","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":79,"box":{"x":101,"y":543,"width":743,"height":12}},{"id":"e379cd76-178d-416d-b239-82a0d128ab5a","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":79,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"93713847-397e-45fd-ae0d-9444c6f57102","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":79,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"9aa0341b-79fe-4c76-8fe3-8d13172360f3","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":79,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"a37321d9-35ae-46fe-8c7a-517a677456ee","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":79,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"ada7472e-48f1-48bf-b861-1e193aff643e","block_type":"box","text":"OTC markets.","page_number":79,"box":{"x":69,"y":619,"width":95,"height":9}},{"id":"a722b9ce-c9d4-45d8-b883-f67b5ed041ab","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":79,"box":{"x":101,"y":642,"width":806,"height":11}},{"id":"26b74e79-710e-46b6-9849-18dc0b39eb9f","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":79,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"fa0ee6b5-0742-4a0b-8a87-3f41fefcda86","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":79,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"f0c27a91-afc7-4d3f-89b8-bd4b09ed5bbb","block_type":"box","text":"particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":79,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"e40d6809-2a08-4e42-8334-39c0312935a4","block_type":"box","text":"which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed","page_number":79,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"84063bf7-7e6c-4477-be2c-e32c99fc9ac7","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":79,"box":{"x":69,"y":718,"width":769,"height":11}},{"id":"c96bb280-eb6f-4cc6-9444-dc4a319c4615","block_type":"box","text":"restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual","page_number":79,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"2ee177ce-e2b6-49b7-b0aa-cd17c4983e47","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":79,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"61bfce61-0b8d-448f-ba15-7786f4c217b3","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":79,"box":{"x":69,"y":763,"width":796,"height":11}},{"id":"653dfab7-b7c7-4b15-9421-9789aec333ab","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":79,"box":{"x":70,"y":778,"width":798,"height":11}},{"id":"c15fde27-a494-4ccb-b90c-80e68c487c93","block_type":"box","text":"trading of options (or a particular class or series of options), in which event the market on that Exchange (or in that","page_number":79,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"ce31d858-20f5-4d7b-a96b-68bc87f3e341","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":79,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"0466cdb9-d3e4-495b-9ccc-01b47fc9bbcc","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":79,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"186ad3d2-ae2e-40df-bd06-dc6f8f0b35fc","block_type":"box","text":"terms.","page_number":79,"box":{"x":68,"y":839,"width":45,"height":8}},{"id":"c109eadb-2cbf-4a9a-a697-9739dd069b3f","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":79,"box":{"x":102,"y":861,"width":801,"height":11}},{"id":"9dd21952-1574-406e-8d17-20ffb5bcdd4c","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concert with others","page_number":79,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"a71ca7c6-c745-41ec-a776-4298b38cfb9f","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":79,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"b6d2ecb2-c53e-4852-b6cd-e474d7b61f86","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":79,"box":{"x":69,"y":906,"width":762,"height":12}},{"id":"755dfe42-20d5-464b-9dca-585500635d23","block_type":"box","text":"II-20","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"95b6e2ac-5e1e-4f85-963f-1af9b2ec2767","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":79,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9c179624-5ba4-4dd1-81c5-567235291d01","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":80,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"882da1ec-0e0f-4e3a-a066-637384f719f2","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":80,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"3bc048e2-ae72-46cc-b227-05be3373c2df","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":80,"box":{"x":69,"y":75,"width":491,"height":11}},{"id":"8409ed11-65ce-4d50-a2cb-8b926c418137","block_type":"box","text":"Call Options.","page_number":80,"box":{"x":102,"y":98,"width":89,"height":11}},{"id":"5c3213d6-a252-4375-8ae6-607824581bdb","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":80,"box":{"x":197,"y":98,"width":694,"height":11}},{"id":"784a1e41-9a23-471d-913d-0de356832e22","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":80,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"5d2d4a9c-85ec-4554-b23b-20a95cec4f4d","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":80,"box":{"x":68,"y":128,"width":813,"height":11}},{"id":"0145f3a8-9797-4701-8c60-c5d0260e73b3","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":80,"box":{"x":70,"y":143,"width":795,"height":11}},{"id":"7ef9594c-924d-48fb-9c6a-7a0c8429b306","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":80,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"83525554-9799-4a6c-b8f4-f7a48dad2899","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":80,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"e6cd0808-4c2e-42e8-995a-56b04b658b31","block_type":"box","text":"of the option.","page_number":80,"box":{"x":69,"y":188,"width":93,"height":11}},{"id":"462f935c-544f-4192-bf97-2f3d45d5a01a","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":80,"box":{"x":101,"y":211,"width":794,"height":11}},{"id":"03bccbff-2a77-4e1f-b424-477d636dd46e","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":80,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"aedeeca2-7d61-46b1-a9a5-fd5f29a6ee8c","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":80,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"93594e65-7fcb-4c6b-bdad-3c5e9a89d515","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":80,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"75d1bba8-eac7-40e9-b46d-cbb7255a98d5","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":80,"box":{"x":70,"y":272,"width":711,"height":11}},{"id":"ac42a7d1-a910-48f7-857c-87bacf2d419b","block_type":"box","text":"A Fund may write (","page_number":80,"box":{"x":101,"y":294,"width":130,"height":11}},{"id":"161faafe-65f4-44d8-a48a-9065610e2352","block_type":"box","text":"i.e.","page_number":80,"box":{"x":233,"y":294,"width":20,"height":9}},{"id":"3928a748-18d2-4345-9bb2-4f9b44803edc","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":80,"box":{"x":256,"y":294,"width":627,"height":11}},{"id":"80d54271-6982-479c-889a-248400fd56bf","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":80,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"8d00f1f7-690e-4c7a-be95-47504dcef294","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":80,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"8b061388-ea8c-4b5d-95b0-e420b8c04e11","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":80,"box":{"x":69,"y":339,"width":797,"height":12}},{"id":"b255cb03-8f03-447e-83a4-e940a8caac59","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":80,"box":{"x":69,"y":355,"width":823,"height":11}},{"id":"7df4f366-9fb2-4e56-9392-ff45b3934987","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":80,"box":{"x":70,"y":370,"width":823,"height":11}},{"id":"1a84b805-296f-4a41-9625-d3528f8710a2","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":80,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"7cde5065-d7f8-4189-bb5d-5e2c951bff8d","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":80,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"6a02623a-e66f-456f-8965-d7f0822955b8","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":80,"box":{"x":69,"y":415,"width":792,"height":11}},{"id":"d58cfe42-886f-4a94-aae2-c977e23f5030","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":80,"box":{"x":70,"y":430,"width":826,"height":11}},{"id":"290a15da-77ae-4971-bbbc-9a2992e46c41","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":80,"box":{"x":69,"y":445,"width":760,"height":12}},{"id":"785cd00e-143e-4dea-849a-4251d73a4c9a","block_type":"box","text":"A Fund may write","page_number":80,"box":{"x":101,"y":468,"width":120,"height":11}},{"id":"31da8386-dfa7-4729-9fca-d823d17e08af","block_type":"box","text":"(i.e.","page_number":80,"box":{"x":228,"y":468,"width":25,"height":11}},{"id":"6f822cc9-98a2-43ce-9120-edec337bde1c","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":80,"box":{"x":256,"y":468,"width":628,"height":11}},{"id":"7f81953c-9655-48a3-a92e-4b5bb674f62d","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":80,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"09819371-6882-411f-bfaa-804abc28e77e","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":80,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"6735709d-96d6-4d12-a57c-c47f626912c0","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":80,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"9335d087-c705-405c-954c-a1c329f3431b","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":80,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"44d6b980-98a6-4060-9f8c-3ab2c349bdd2","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":80,"box":{"x":70,"y":543,"width":806,"height":12}},{"id":"5f4d2938-f52a-4ad3-82d0-711c931d135a","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":80,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"f2f9a563-16b6-40b0-bb02-2a15f38a7259","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":80,"box":{"x":68,"y":574,"width":793,"height":11}},{"id":"7d8d31cd-217d-4b88-bcc0-cc1102db1259","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":80,"box":{"x":69,"y":589,"width":814,"height":11}},{"id":"bf2a2118-00cf-4d08-8912-9fcbffeff57f","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":80,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"2f8e0ccb-e77c-411c-88db-f4fe2ef6c501","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":80,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"a5447c45-cf9e-4a85-ab27-730aa0fa77c9","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":80,"box":{"x":69,"y":634,"width":326,"height":11}},{"id":"23058420-0b45-444d-a01d-5e0314bd43f0","block_type":"box","text":"Put Options.","page_number":80,"box":{"x":102,"y":657,"width":85,"height":11}},{"id":"63ac7844-ae26-4b7d-a6e2-a9a2d3727960","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":80,"box":{"x":194,"y":657,"width":712,"height":11}},{"id":"74bc597f-60ba-4b5c-a6bc-e667f485c7a0","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":80,"box":{"x":68,"y":672,"width":828,"height":11}},{"id":"615fb534-6148-4bd6-81c4-ab3ed6bcb5e5","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":80,"box":{"x":69,"y":687,"width":816,"height":11}},{"id":"f1fb79c0-3418-4551-b56b-06937c50479c","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":80,"box":{"x":70,"y":702,"width":820,"height":12}},{"id":"6d7e1bad-3e70-41b1-9489-859377990ad1","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":80,"box":{"x":70,"y":717,"width":826,"height":12}},{"id":"e9e99bcd-f3e6-4640-a3ac-8caa82a852f4","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":80,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"95cd5327-14de-4aff-90fc-31b34e3cea88","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":80,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"1fd50ebe-7795-431d-b47b-9f2562f0df70","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":80,"box":{"x":68,"y":763,"width":841,"height":11}},{"id":"2182fd8b-fb67-4119-9b9d-653fbbe099a1","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":80,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"7b29d963-cd1b-4b19-bcb7-4d9db21bd4f8","block_type":"box","text":"purchase uncovered put options.","page_number":80,"box":{"x":70,"y":793,"width":231,"height":11}},{"id":"1e1d1052-27b1-46c0-baf5-0eaee30ed8ad","block_type":"box","text":"A Fund also may write (","page_number":80,"box":{"x":101,"y":816,"width":165,"height":11}},{"id":"09728898-b7f1-43b7-9585-899355b3c648","block_type":"box","text":"i.e.","page_number":80,"box":{"x":268,"y":816,"width":20,"height":9}},{"id":"6cdb57aa-67f6-41e7-8555-69b4e0220cb1","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":80,"box":{"x":291,"y":816,"width":591,"height":11}},{"id":"2aaa17e8-1b79-4eac-9598-a30520f3e5eb","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":80,"box":{"x":70,"y":831,"width":675,"height":11}},{"id":"009c770a-625d-4d84-af79-ae206aa78f48","block_type":"box","text":"A Fund also may write (","page_number":80,"box":{"x":101,"y":854,"width":165,"height":11}},{"id":"1129625f-ea0e-44ab-9649-a8ab8e02292b","block_type":"box","text":"i.e.","page_number":80,"box":{"x":268,"y":854,"width":20,"height":8}},{"id":"671dd2b2-6891-4d55-928f-a87ac77c3bb1","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":80,"box":{"x":291,"y":854,"width":593,"height":11}},{"id":"2a7047b5-dcce-4653-bd35-06c3e68ec734","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":80,"box":{"x":68,"y":869,"width":789,"height":11}},{"id":"8f815f4e-2158-4df1-8316-a16ed4c94823","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":80,"box":{"x":69,"y":884,"width":773,"height":11}},{"id":"203f5df1-92b1-43e8-86e9-c8f684a36504","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":80,"box":{"x":69,"y":899,"width":807,"height":11}},{"id":"6fb992d0-8d80-43ad-ab0a-1387899a7676","block_type":"box","text":"II-21","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c647b57e-f090-41ab-af0b-0cc740964ac0","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":80,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"01a105a6-e649-439e-902e-d03c8f8a01a9","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":81,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"2c7a47df-f7d7-435a-8081-f1ef817d7fbf","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":81,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"a2c341c3-29c3-493b-8f48-0ab2dd4b0212","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":81,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"2099b915-4203-4e30-b8c7-f2aad627c786","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":81,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"f1a2d009-1ba2-42ea-a7c6-09391e9ea4f5","block_type":"box","text":"the exercise price.","page_number":81,"box":{"x":68,"y":105,"width":130,"height":11}},{"id":"3f52f49c-7a22-463d-9361-3aa9d19f192d","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":81,"box":{"x":102,"y":128,"width":556,"height":11}},{"id":"e564e019-03fc-4502-8a09-603bc0ede4c2","block_type":"box","text":"The following information relates","page_number":81,"box":{"x":664,"y":128,"width":232,"height":11}},{"id":"5d77a46e-b9df-49fc-a475-7ef9b0532009","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":81,"box":{"x":68,"y":143,"width":784,"height":11}},{"id":"a67adcc1-8ad6-462d-9990-3e20553193d9","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":81,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"5b21fa67-9520-4fbf-9116-6a84b8b7ab33","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":81,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"bbca4ea3-b6a3-4a31-af87-32ec7c1be5c5","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":81,"box":{"x":70,"y":188,"width":781,"height":12}},{"id":"fd207bf1-e73c-49d2-949c-431cdf8f2bc8","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":81,"box":{"x":70,"y":203,"width":803,"height":11}},{"id":"d6d1dded-f02a-4016-baac-deb7e5347788","block_type":"box","text":"market in order to maintain its “cover.”","page_number":81,"box":{"x":69,"y":219,"width":277,"height":8}},{"id":"15cf8cc5-1c40-40cd-bef1-3ccc7ab671df","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":81,"box":{"x":101,"y":241,"width":807,"height":11}},{"id":"81fcfa7f-5071-44ec-80dd-c1efdf733096","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":81,"box":{"x":68,"y":256,"width":835,"height":12}},{"id":"7e2974f5-b433-4550-8225-aac42fdb7b2c","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":81,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"57373404-b0c3-4fec-b1a7-a9b31663a824","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":81,"box":{"x":68,"y":286,"width":784,"height":12}},{"id":"cb23b40a-29a6-49f7-990a-c3a311a16171","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":81,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"85f42356-a0a5-4683-9523-df67be95b406","block_type":"box","text":"and incur transaction costs.","page_number":81,"box":{"x":69,"y":317,"width":197,"height":9}},{"id":"f2dba4d0-f96c-4935-ac9b-9282547357e4","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":81,"box":{"x":102,"y":340,"width":235,"height":10}},{"id":"f111c82d-2d3b-4a17-8809-bbbc28bde367","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":81,"box":{"x":343,"y":340,"width":563,"height":11}},{"id":"7d62d00d-5b2d-4943-9012-3f87c732e7be","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":81,"box":{"x":69,"y":355,"width":763,"height":11}},{"id":"60eb3dc2-740f-43a9-9a87-6c729243e78c","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":81,"box":{"x":69,"y":370,"width":439,"height":11}},{"id":"2e27e58a-aafb-4a7c-b6cb-a437764e2931","block_type":"box","text":"i.e.","page_number":81,"box":{"x":510,"y":370,"width":20,"height":9}},{"id":"72f71b5e-ef36-4f0c-8cca-e77223e69127","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":81,"box":{"x":533,"y":370,"width":309,"height":11}},{"id":"a4374645-0d08-4e9a-8fe3-bc7497b81ca2","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":81,"box":{"x":70,"y":385,"width":826,"height":11}},{"id":"f7642721-eb7c-44a8-aea9-b9972bbb0c8b","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":81,"box":{"x":70,"y":400,"width":793,"height":11}},{"id":"1f0dbd42-779d-4cc0-8960-8c65490f83f6","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":81,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"a0f0a5d4-2fb2-4609-8f6c-feec4c528bec","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":81,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"0cdf207b-4d3e-408e-9829-9eb7c448de5f","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":81,"box":{"x":68,"y":445,"width":832,"height":12}},{"id":"31cdc2ec-03ab-46a1-8dcb-f94b5bb51cf0","block_type":"box","text":"required, to be cleared.","page_number":81,"box":{"x":69,"y":461,"width":165,"height":10}},{"id":"39f3e579-c45c-41dd-8ab4-3216e05d505e","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":81,"box":{"x":101,"y":483,"width":760,"height":11}},{"id":"e59ff3f6-0e21-41ca-b402-e366938b8a72","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":81,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"89d59bef-a7cc-41bf-a280-1a407df582ac","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":81,"box":{"x":69,"y":513,"width":706,"height":12}},{"id":"1b763e6c-2e66-4ded-bb0e-7a3679aa23fd","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":81,"box":{"x":102,"y":536,"width":805,"height":11}},{"id":"2eca2bc2-6980-439b-9a60-89eb63eea946","block_type":"box","text":"Derivatives” above.","page_number":81,"box":{"x":70,"y":551,"width":135,"height":9}},{"id":"3235134c-4f03-4159-8cda-98be69f79f28","block_type":"box","text":"FLEX Options.","page_number":81,"box":{"x":102,"y":574,"width":96,"height":11}},{"id":"14afb98d-3513-4997-849f-2f54c8970caf","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":81,"box":{"x":206,"y":574,"width":702,"height":11}},{"id":"912912de-ffe2-4242-8433-bc2781b461cd","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":81,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"89569cc0-08f2-4ff6-9232-71543f16200f","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":81,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"7f07d06b-4ea8-49be-b9e1-313d6a794257","block_type":"box","text":"exercise prices, exercise styles (","page_number":81,"box":{"x":69,"y":619,"width":231,"height":11}},{"id":"ab5442cf-1d0f-4bd7-9a28-6edcd20c01c4","block_type":"box","text":"i.e.","page_number":81,"box":{"x":302,"y":619,"width":20,"height":9}},{"id":"8eb26df6-f6b2-4c9e-9140-794660ece0e8","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":81,"box":{"x":325,"y":619,"width":561,"height":11}},{"id":"e21a6fa1-f59e-49af-9ed6-194c892df1b2","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":81,"box":{"x":69,"y":634,"width":768,"height":12}},{"id":"94d5bcbb-4389-4ee6-beb7-106e438b22d7","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":81,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"6e68e6c9-a867-4469-95a4-89c549c8c3d5","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":81,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"070036fb-1686-4b6c-ba3d-74a73a7fc58a","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":81,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"f7094593-75d2-4405-9b5c-e520e706507f","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":81,"box":{"x":70,"y":695,"width":802,"height":11}},{"id":"be286c81-888d-438c-b740-31246efa2c20","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":81,"box":{"x":69,"y":710,"width":806,"height":11}},{"id":"a761331f-f23c-4018-bd97-52cfd236e279","block_type":"box","text":"FLEX Option’s expiration date.","page_number":81,"box":{"x":70,"y":725,"width":211,"height":11}},{"id":"5bb07893-4916-4c90-8de4-efe5fce9940e","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":81,"box":{"x":101,"y":748,"width":783,"height":11}},{"id":"1e9cca17-7723-4408-ae28-e016d2b69caf","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":81,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"e52acfb0-4e4e-4516-8c40-bf5ab3e7b2be","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":81,"box":{"x":68,"y":778,"width":826,"height":11}},{"id":"5e2773b2-81c4-42c0-9863-39d34e6053c5","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":81,"box":{"x":69,"y":793,"width":814,"height":11}},{"id":"616abd41-f3ca-4906-9e77-356c84018d0c","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":81,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"c5f743ae-2849-46c2-b48f-bc9a9cc825bd","block_type":"box","text":"FLEX Options contracts.","page_number":81,"box":{"x":70,"y":823,"width":166,"height":11}},{"id":"aaed289c-ea52-4030-b647-5ee1348555b3","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":81,"box":{"x":102,"y":846,"width":748,"height":11}},{"id":"6fadffd4-16ba-4c63-adbd-479d197e546b","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":81,"box":{"x":69,"y":861,"width":822,"height":11}},{"id":"6399ba77-529e-48da-a11a-dd92252e704e","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":81,"box":{"x":69,"y":876,"width":759,"height":11}},{"id":"d2340dd4-6960-4381-9e7d-f694ad7a1b3a","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":81,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"5bc76d81-a168-4432-a5d5-118be8812021","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":81,"box":{"x":70,"y":906,"width":829,"height":12}},{"id":"4dec0f88-1327-4ddc-9f01-da461eddbabc","block_type":"box","text":"II-22","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b60933df-0392-49ac-8ae9-9234573e3004","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":81,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dd335838-103d-4cf1-a951-b496c8e3fa9c","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":82,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"c9182952-ea8e-4e23-8fbf-60a76c5d70cc","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":82,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"5012d04b-040b-48bb-a908-ddffd6cd2f8c","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":82,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"0fef727f-1993-4c4e-9f38-be2d64744b65","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":82,"box":{"x":68,"y":90,"width":753,"height":11}},{"id":"df900f8e-182e-4ae6-ae6a-0dbb5e9749c5","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":82,"box":{"x":70,"y":105,"width":806,"height":11}},{"id":"dc3c0335-50f1-4b04-8156-499ccc220854","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":82,"box":{"x":69,"y":120,"width":593,"height":12}},{"id":"c3c5e5c9-9b85-4c47-a10c-894ebe9c5d0a","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":82,"box":{"x":135,"y":143,"width":298,"height":11}},{"id":"b6952b51-fa49-4bf5-99ec-23bf69ac0eb4","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":82,"box":{"x":435,"y":143,"width":461,"height":11}},{"id":"91350cf2-91a1-4c62-a187-75a311bafe7c","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":82,"box":{"x":102,"y":158,"width":768,"height":11}},{"id":"6d24201a-e2dc-4461-8226-b47a154d8494","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":82,"box":{"x":102,"y":173,"width":775,"height":11}},{"id":"30d67929-76cd-4922-99f5-6b49a1f6f82b","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":82,"box":{"x":102,"y":188,"width":777,"height":12}},{"id":"a5e15bfa-38e2-4e0d-bd22-1f00ea4801c7","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":82,"box":{"x":102,"y":203,"width":799,"height":12}},{"id":"adbe15ba-d615-46c5-8d6e-27dc6d5349d7","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":82,"box":{"x":102,"y":218,"width":777,"height":12}},{"id":"7f2d8c49-3da4-4787-85d9-d6aeac18ff22","block_type":"box","text":"expire unexercised have no value.","page_number":82,"box":{"x":101,"y":234,"width":240,"height":11}},{"id":"3f660fab-cdb3-4d47-96fd-53c7e17958e4","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":82,"box":{"x":134,"y":256,"width":747,"height":12}},{"id":"fcac0d8b-6334-4740-b8b9-385b4b7359e2","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":82,"box":{"x":101,"y":271,"width":792,"height":11}},{"id":"a7836bf0-2824-47b8-9766-1022588fd0c9","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":82,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"e0d67fb0-0fd8-48d3-9b87-03a371647abb","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":82,"box":{"x":101,"y":302,"width":798,"height":11}},{"id":"5ec953d8-23a3-46b1-ae8d-eef21a938021","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":82,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"f82ecb48-ad81-498d-bc34-3ffb79010b0d","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":82,"box":{"x":102,"y":332,"width":800,"height":11}},{"id":"a35b9340-eee7-4f3f-a3c5-1de2f8cca975","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":82,"box":{"x":102,"y":347,"width":774,"height":11}},{"id":"0ad012d9-ff73-4915-8a1c-9296fc914b22","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":82,"box":{"x":102,"y":362,"width":793,"height":11}},{"id":"81213120-bac2-40ce-862e-78730aafeb9e","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":82,"box":{"x":102,"y":377,"width":764,"height":12}},{"id":"a72544c1-84f3-461b-a787-6d5f26bd84b0","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":82,"box":{"x":102,"y":392,"width":430,"height":12}},{"id":"84a6c994-878a-4ad3-9fcb-4b7554420986","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":82,"box":{"x":134,"y":415,"width":740,"height":11}},{"id":"e5fd2b86-a13a-4f3f-aa84-ead0bd98b5b1","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":82,"box":{"x":102,"y":430,"width":787,"height":11}},{"id":"905882e0-c9f7-49bf-9360-dc99a747867b","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":82,"box":{"x":102,"y":445,"width":790,"height":12}},{"id":"3587dbfd-dff0-4ba3-b405-68f3de7d68c8","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":82,"box":{"x":102,"y":460,"width":793,"height":12}},{"id":"0016a87b-6c94-4eab-b918-cf160a70dd76","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":82,"box":{"x":102,"y":475,"width":802,"height":12}},{"id":"1fb189ba-024a-433b-8826-b468b45ddc1d","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":82,"box":{"x":102,"y":491,"width":635,"height":11}},{"id":"a9f1527e-b32a-4b63-856f-3450a5e2e026","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":82,"box":{"x":135,"y":513,"width":297,"height":11}},{"id":"ca41b837-606d-44ca-adeb-51231f44e887","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":82,"box":{"x":433,"y":513,"width":448,"height":11}},{"id":"d0ffea04-82fa-4b3f-b6b5-e44fda8fb658","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":82,"box":{"x":101,"y":528,"width":777,"height":12}},{"id":"9eae8059-882c-43d6-9749-f4b5f82c4782","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":82,"box":{"x":101,"y":543,"width":753,"height":12}},{"id":"d354e144-88e4-4b65-8f35-d83827f0b5ce","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":82,"box":{"x":102,"y":559,"width":780,"height":11}},{"id":"786bea0e-6b6e-4a2e-9773-dcf81bc9b52d","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":82,"box":{"x":102,"y":574,"width":387,"height":11}},{"id":"62752906-639b-49b9-baa1-b698f3d2c9a6","block_type":"box","text":"Foreign Exchange Transactions.","page_number":82,"box":{"x":102,"y":597,"width":222,"height":11}},{"id":"c56ac5fd-c0ee-4f33-bf85-055b11154d2c","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":82,"box":{"x":101,"y":619,"width":807,"height":11}},{"id":"3a93ddf2-f317-4e82-a652-f50c209a9ad6","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":82,"box":{"x":69,"y":634,"width":818,"height":11}},{"id":"995eb683-adc3-4174-a8b4-f2ecb99983a5","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":82,"box":{"x":70,"y":649,"width":821,"height":12}},{"id":"18869dba-4a92-4d27-88cd-aeee5ce14dcd","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":82,"box":{"x":69,"y":665,"width":792,"height":11}},{"id":"728c8d27-6b9b-44d8-bba5-0d2c0cc2749c","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":82,"box":{"x":102,"y":687,"width":790,"height":11}},{"id":"06386b02-6538-4832-bc4b-4db1a2c334a4","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":82,"box":{"x":70,"y":703,"width":830,"height":10}},{"id":"ff1d7935-3670-4e59-b61f-cea1f55d2ae7","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":82,"box":{"x":69,"y":717,"width":808,"height":12}},{"id":"894e176c-d8a9-4c2e-98eb-774ee2d2418e","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":82,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"2ba0247a-db14-42c9-940b-3783d114514f","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":82,"box":{"x":68,"y":748,"width":823,"height":11}},{"id":"b79b5dba-14fe-4a2b-9f47-04429ef81d98","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":82,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"20ab1291-3249-4447-a24e-8b1ca7e0e809","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":82,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"e047d6eb-8428-4c6e-81a3-9806c58f429e","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":82,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"93a3e594-2ed2-4aec-b66a-fb10feedf0cd","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":82,"box":{"x":69,"y":808,"width":835,"height":11}},{"id":"96315800-6049-4b1f-9e1a-915add6fc249","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":82,"box":{"x":68,"y":823,"width":836,"height":12}},{"id":"78a7524d-a95c-4e01-9355-e70822219c3c","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":82,"box":{"x":68,"y":838,"width":794,"height":12}},{"id":"6167b782-77dc-4804-9751-a2823b7c42fa","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":82,"box":{"x":102,"y":861,"width":805,"height":11}},{"id":"73651a77-96e6-4529-8403-7b62af053820","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":82,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"badc60b0-5ac3-42c9-9fe4-937d6d2e2c55","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":82,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"1991ccd0-0524-4c7b-bdff-81fcf799ed73","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":82,"box":{"x":70,"y":906,"width":773,"height":12}},{"id":"ed871553-0459-4e74-b493-d36f61ee5ed1","block_type":"box","text":"II-23","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8e62b87-7845-40d2-aa19-e8d9e3ea7b83","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":82,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b3149f39-d355-40bc-9adf-23cdf82f8e6a","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":83,"box":{"x":69,"y":45,"width":814,"height":11}},{"id":"57602d10-d99c-428b-9cfc-ab64be015b6e","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":83,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"885479f3-cde9-4ba8-a238-9a431903a6e2","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":83,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"29a14b60-2db7-4a9e-9376-9366dbcd3b81","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":83,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"668a3120-09c5-471d-a291-7ee127b57913","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":83,"box":{"x":69,"y":105,"width":493,"height":11}},{"id":"943d4aec-2cba-4134-9c6b-448daf07fd9f","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":83,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"d86c122f-29dd-4747-b4e3-9a2ec4b7fe07","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":83,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"80493df0-c9b6-4764-bf3b-e0b29fb333a9","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":83,"box":{"x":70,"y":158,"width":819,"height":11}},{"id":"6e0a5854-7920-4e14-934c-b0abb0187423","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":83,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"8bd8c482-0bdc-4320-aee5-1db143791054","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":83,"box":{"x":69,"y":188,"width":797,"height":11}},{"id":"872b5a82-d283-4422-9c8f-177a93d607df","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":83,"box":{"x":69,"y":204,"width":794,"height":11}},{"id":"759dcdb3-9983-425e-b28d-50e141c2e8a7","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":83,"box":{"x":69,"y":218,"width":841,"height":12}},{"id":"be770c76-e6d6-44d0-9c7f-ce6f9b598a08","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":83,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"7349b90f-8844-4c3e-b2dd-b17acddaad64","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":83,"box":{"x":68,"y":249,"width":805,"height":11}},{"id":"b169a718-5bba-4134-81f9-13ce7344ac8a","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":83,"box":{"x":68,"y":264,"width":401,"height":11}},{"id":"9b6f35c3-8cff-4340-a399-3c2fc75bcd91","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":83,"box":{"x":102,"y":286,"width":738,"height":12}},{"id":"5a04080a-1a99-4b10-abf6-ec7d6ab65e62","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":83,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"4a0a1084-c8db-454c-8724-ab9de68c5e9d","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":83,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"a531ab33-63ef-4dc2-8e4f-5e652014087f","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":83,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"8de9a23a-9e61-4d26-9afc-80005dee6853","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":83,"box":{"x":68,"y":347,"width":829,"height":11}},{"id":"aa4bc3df-d5d6-4f09-9f2d-cfe109e9998c","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":83,"box":{"x":68,"y":362,"width":753,"height":11}},{"id":"02cb177a-4fb6-4559-8d8c-0293f917cd5f","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":83,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"284ff04f-2485-40ea-9dc4-bc9e9b3947b6","block_type":"box","text":"involved.","page_number":83,"box":{"x":70,"y":393,"width":59,"height":8}},{"id":"11ab910e-c116-4fc2-9ade-613c9d5b6ae7","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":83,"box":{"x":101,"y":415,"width":803,"height":11}},{"id":"4ebcdb46-84df-40a6-aae4-0f12d3898461","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":83,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"76810e6e-019c-49d1-b823-7a8a38ef347b","block_type":"box","text":"denominated in such currency.","page_number":83,"box":{"x":69,"y":446,"width":216,"height":10}},{"id":"8d5d3aaa-4567-4f78-ba79-e2e6b121c410","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":83,"box":{"x":102,"y":468,"width":254,"height":11}},{"id":"15c558cc-7586-4704-922d-eb48a29854f1","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":83,"box":{"x":364,"y":468,"width":527,"height":11}},{"id":"4d71a3db-5f3c-44f5-a1c8-adba04bba6c0","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":83,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"213cef2a-2c09-4cc9-95a2-49167f09a2d8","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":83,"box":{"x":68,"y":498,"width":798,"height":11}},{"id":"77cdd7f6-f517-42bf-b81b-6251f4b90777","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":83,"box":{"x":68,"y":513,"width":817,"height":12}},{"id":"0190cf22-75f8-482a-9d04-62a585b35406","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":83,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"cf41f60d-8fa7-4542-b97e-7ee61c7eaa2f","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":83,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"138e02f9-f113-4b6b-a316-8bd01a0214de","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":83,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"b0954866-4bec-46b7-8078-aa3847b53b3e","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":83,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"72068ce8-facd-4265-a82d-ef27dd09ca5f","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":83,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"eee0afae-c92a-464b-b75c-d0b3c3017d9e","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":83,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"cf5e60c3-b835-41ff-b74e-4a7a5bb50e89","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":83,"box":{"x":69,"y":619,"width":822,"height":11}},{"id":"7d82cad2-96bb-4fde-a092-3bb3609fea86","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":83,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"eb47c289-2a71-4d49-8bf0-5ebba6833dd6","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":83,"box":{"x":69,"y":650,"width":814,"height":11}},{"id":"9711d476-f774-4c1f-8373-61173d4c70b3","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":83,"box":{"x":69,"y":665,"width":745,"height":11}},{"id":"5fc55d95-e4b7-4522-b446-c19e81d77014","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":83,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"c63d4c40-a84c-464d-bcc0-113dd71c97bb","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":83,"box":{"x":69,"y":695,"width":428,"height":11}},{"id":"b00ee7f1-bab6-4779-be56-9980cd6c3a00","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":83,"box":{"x":101,"y":717,"width":797,"height":12}},{"id":"6ab6c11d-310e-4268-9306-487dbac9ca79","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":83,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"89b3a55f-64f8-4a3f-8d9d-7e437422a521","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":83,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"a7213e4c-9b16-4ab1-a02f-f763ea3b131f","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":83,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"214ba5c9-da91-44f2-b156-9455e85ab754","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":83,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"95165a6d-b9bf-46cb-a08f-1dd809ae0f9a","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":83,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"fe13d07c-51cf-451c-b3fa-e77060cd4c41","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":83,"box":{"x":68,"y":808,"width":798,"height":11}},{"id":"f296cffc-e00c-4871-9d69-9a9386eae20b","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":83,"box":{"x":69,"y":823,"width":819,"height":12}},{"id":"f9005c81-2ba3-4793-bc06-9bf17bd181bb","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":83,"box":{"x":69,"y":839,"width":691,"height":11}},{"id":"2f5e5fbf-fcb3-4daf-8005-342cf3f00ebf","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":83,"box":{"x":101,"y":861,"width":785,"height":11}},{"id":"576d9f43-88e7-42db-83c4-240b29a41dc9","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":83,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"898da63a-bf90-4be2-a1d3-82b3df16cd39","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":83,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"305ced6e-d17f-4319-8217-799471b7a30d","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":83,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"4d8b0ce1-07ab-44e2-8410-269d47160dfd","block_type":"box","text":"II-24","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b5c9592e-e94f-4865-9387-624bbbb9af28","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":83,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"35b996fe-6558-4556-8f43-0fd7e0e208ae","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":84,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"6d560b8f-bb01-4532-8679-4b2f89045c97","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":84,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"16a4531b-4a4f-4d6d-adfe-68d09173424b","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":84,"box":{"x":68,"y":75,"width":372,"height":11}},{"id":"44de42f1-f8ea-4105-81a8-a8d05247ba7b","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":84,"box":{"x":102,"y":98,"width":768,"height":11}},{"id":"8156b382-3c98-455a-a8e5-cc48e7dcc723","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":84,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"a7879107-7f68-4c0b-bc1d-d9e449d8a83e","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":84,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"25d62056-58a9-489b-b06f-804a44d978bf","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":84,"box":{"x":68,"y":143,"width":806,"height":11}},{"id":"ab4e8b14-e884-4267-9ff3-bd4f34c06ad2","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":84,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"513b7d72-a61c-4cda-b034-cdd6ade7f24d","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":84,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"5426e712-84d7-46c9-9b3a-991a3741330b","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":84,"box":{"x":69,"y":188,"width":821,"height":12}},{"id":"8639a4a9-9a0e-44a2-8c0c-f85f8dc3dba9","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":84,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"69757a77-9178-47a5-bcc9-7770c06f2851","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":84,"box":{"x":68,"y":218,"width":802,"height":12}},{"id":"e2502e6c-cc41-44a0-9fc0-93b1c48ed3d9","block_type":"box","text":"traded.","page_number":84,"box":{"x":68,"y":234,"width":49,"height":9}},{"id":"4619d375-e837-4d85-b56a-69ccc361ab07","block_type":"box","text":"Currency Futures.","page_number":84,"box":{"x":102,"y":256,"width":123,"height":11}},{"id":"978c890f-9c22-4b82-aee7-705c555765f4","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":84,"box":{"x":232,"y":256,"width":654,"height":12}},{"id":"21f4c72f-8464-4b95-9e8d-360105266717","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":84,"box":{"x":68,"y":271,"width":782,"height":12}},{"id":"c5952ed5-d9d2-46f0-8409-d4cc4b26b060","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":84,"box":{"x":69,"y":286,"width":774,"height":12}},{"id":"e0c26c7d-36d8-480e-ac3b-1f2346927905","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":84,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"706d1383-bd03-4da5-9202-f336267eef5c","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":84,"box":{"x":69,"y":317,"width":269,"height":9}},{"id":"1e3e60da-59a3-45ab-818c-3a3a0219ea6c","block_type":"box","text":"Currency Options.","page_number":84,"box":{"x":102,"y":340,"width":125,"height":11}},{"id":"1020fb01-3dc5-4f8c-aace-d6d26606a744","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":84,"box":{"x":233,"y":339,"width":654,"height":12}},{"id":"5f06ffcc-ff82-4c69-bd86-bec8b6cc62c8","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":84,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"3897daee-f887-49df-a851-f8dbc2f01b3d","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":84,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"148414e2-6062-4535-baf8-ac32efbd831a","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":84,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"a6e4d3c0-b14f-4719-9713-2a971006f9c7","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":84,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"2e0600cf-7e93-4952-92e6-40cf735c7ca3","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":84,"box":{"x":69,"y":415,"width":824,"height":11}},{"id":"d625e9d9-e9bb-4203-8322-28365fe8b708","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":84,"box":{"x":69,"y":430,"width":790,"height":11}},{"id":"415b773f-b2c8-48ea-aca7-74328379d30e","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":84,"box":{"x":69,"y":445,"width":813,"height":11}},{"id":"2ff5d608-18e1-40ef-ab50-96bc3b07d48f","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":84,"box":{"x":69,"y":461,"width":826,"height":11}},{"id":"ea0ce21c-485b-442b-8f01-01ef6c83178e","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":84,"box":{"x":69,"y":475,"width":776,"height":12}},{"id":"b27d493b-5938-46a9-b964-a9067a0d55d7","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":84,"box":{"x":69,"y":491,"width":483,"height":11}},{"id":"edefa7eb-5b58-4f33-b69f-fd39e74bb439","block_type":"box","text":"Currency Swaps.","page_number":84,"box":{"x":102,"y":513,"width":117,"height":11}},{"id":"d170a06f-9265-4e26-8e58-38606e804af6","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":84,"box":{"x":225,"y":513,"width":652,"height":12}},{"id":"4450879f-9637-4655-a956-9ea9ce825d01","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":84,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"a4e78d20-c986-49ba-a8f7-da012a7cb46c","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":84,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"05da70ad-2309-41ed-8c4d-bf7dccd2e8d3","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":84,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"5f4ab896-9caa-4a68-9d4b-3a0fb8854804","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":84,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"13603546-a1fa-4300-b349-b214c602bc28","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":84,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"ed3cb4c5-da94-47d5-9e29-6aeb1e9f7868","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":84,"box":{"x":69,"y":604,"width":393,"height":11}},{"id":"29c72927-9056-43d4-a5a0-f96f67f6d169","block_type":"box","text":"Distressed Securities.","page_number":84,"box":{"x":102,"y":627,"width":159,"height":9}},{"id":"a6e8eff2-482c-4d2b-a96e-2226a72d836e","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":84,"box":{"x":267,"y":627,"width":633,"height":11}},{"id":"2d3a4543-0c06-41b7-882d-580171b21cd1","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":84,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"c8db295e-96da-4cbd-8b49-9196faa435ed","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":84,"box":{"x":70,"y":657,"width":827,"height":11}},{"id":"859ba967-52c1-4644-a1aa-c1946b4f0adf","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":84,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"a6aeb720-dc29-4312-bb52-1d5e32d428cb","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":84,"box":{"x":69,"y":687,"width":784,"height":11}},{"id":"a94fbb80-6c56-4401-82ac-01be5caea99e","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":84,"box":{"x":70,"y":702,"width":569,"height":12}},{"id":"2999906b-f9e8-405e-aeac-0c8be568e99d","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":84,"box":{"x":101,"y":725,"width":766,"height":11}},{"id":"85b8643a-d262-481a-8553-36a4cd0dc1e2","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":84,"box":{"x":70,"y":740,"width":795,"height":11}},{"id":"9fecf911-398b-48ab-bc2d-dc9579e47bd7","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":84,"box":{"x":70,"y":755,"width":826,"height":11}},{"id":"75ec627f-23f0-4363-908c-f8d640d209f0","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":84,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"7c24f011-5e8d-471e-8f26-ee06f3c0020e","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":84,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"7a9f3c96-8576-432b-b921-c29b10ef03ce","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":84,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"0aa29d3a-dfcf-4e48-85bc-07ec6731ff35","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":84,"box":{"x":69,"y":816,"width":789,"height":11}},{"id":"12702d9f-2c0e-4abf-9a18-889408536df0","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":84,"box":{"x":69,"y":831,"width":810,"height":11}},{"id":"d69579a2-b25b-4715-beea-84f08ad33095","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":84,"box":{"x":70,"y":846,"width":831,"height":11}},{"id":"01576c4f-435a-4420-b8c6-b0fe30f975fd","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":84,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"39ced86f-a630-4cb0-b6be-a4edc3627ebe","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":84,"box":{"x":69,"y":876,"width":827,"height":11}},{"id":"6afbe7a9-83db-461b-b9fc-b1a532accbe6","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":84,"box":{"x":68,"y":891,"width":834,"height":12}},{"id":"9ac3514a-fad6-439a-9673-46aa2d3614fa","block_type":"box","text":"satisfied (","page_number":84,"box":{"x":69,"y":906,"width":70,"height":11}},{"id":"72010c43-3956-40fa-b600-1537c6ff889b","block_type":"box","text":"e.g.","page_number":84,"box":{"x":140,"y":908,"width":25,"height":10}},{"id":"1836ae1e-de5f-42bb-9cbc-864beede62e9","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":84,"box":{"x":168,"y":906,"width":729,"height":12}},{"id":"e9eb5cf1-1b94-42fa-b20e-df740255c261","block_type":"box","text":"II-25","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6278fe54-c2ce-438e-a3f7-49d886d4a3cc","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":84,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"155c8790-e568-48cd-b0e1-ac9df801d37d","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":85,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"40357871-1bea-411e-b48f-2d795399d9d9","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":85,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"8624d70f-6bf5-4c67-8de5-807e18e67a7d","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":85,"box":{"x":69,"y":75,"width":816,"height":11}},{"id":"45cbe4b6-c693-416e-85c1-6ef22963f608","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":85,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"6ea293d6-7951-4b29-ade8-ae2cc44a47e1","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":85,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"1eb16f39-29f5-4ad4-a5b1-54341dfc482d","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":85,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"39c06838-529d-41f3-bfae-7d44be5bc5b8","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":85,"box":{"x":69,"y":135,"width":770,"height":12}},{"id":"350600e3-1928-43fb-b0b2-ab48588e6750","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":85,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"135be955-ab38-4efe-aa12-e5b2e260b844","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":85,"box":{"x":70,"y":166,"width":839,"height":11}},{"id":"c7e6254e-9b41-4af7-9c06-a9ab23ce693e","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":85,"box":{"x":70,"y":181,"width":787,"height":11}},{"id":"481f9777-bf18-4da2-928f-bf1c2b63e5f4","block_type":"box","text":"affairs.","page_number":85,"box":{"x":69,"y":196,"width":49,"height":9}},{"id":"f64f9b9c-e65a-4b82-b570-45f65d05c7ab","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":85,"box":{"x":102,"y":219,"width":428,"height":11}},{"id":"bf2e96e4-670d-476c-b87d-2fbcee9d0c3a","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":85,"box":{"x":531,"y":219,"width":341,"height":11}},{"id":"1f4aedd2-b35d-4a7b-807a-12de0ad7c1c6","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":85,"box":{"x":69,"y":234,"width":785,"height":11}},{"id":"158fcbd0-b20b-4091-b34f-ec362989c9f6","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":85,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"142c54dd-7b87-48e7-ad61-27ca4e9e3ebe","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":85,"box":{"x":70,"y":264,"width":827,"height":11}},{"id":"8a271270-6b00-4da8-bf91-802ec1f5c475","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":85,"box":{"x":69,"y":279,"width":806,"height":11}},{"id":"7442c8fb-38c0-48d2-a94f-1b1ed514d058","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":85,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"b5d48bb3-a0b8-4545-b660-47dfd9e3c830","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":85,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"e60cfeac-2c7b-4a16-9e1e-90c5661878bc","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":85,"box":{"x":70,"y":325,"width":800,"height":10}},{"id":"2546adb5-a30f-4656-bd5b-4f0f166344dd","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":85,"box":{"x":69,"y":339,"width":377,"height":12}},{"id":"33795a79-6849-46f7-8a70-a10edec488b1","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":85,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"ba880a72-dda8-43ec-a587-5f1b946d4873","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":85,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"7c4acf7b-8e9b-429c-81b4-b3c5327d47a5","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":85,"box":{"x":68,"y":393,"width":400,"height":11}},{"id":"c38e5ee7-2157-41f2-9a72-ccc983bdd987","block_type":"box","text":"Equity Securities.","page_number":85,"box":{"x":102,"y":415,"width":127,"height":11}},{"id":"56861dab-f626-46eb-b7cc-723b95868fce","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":85,"box":{"x":235,"y":415,"width":648,"height":11}},{"id":"2b44d86a-95d8-4e9a-9d73-423fc5ad6625","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":85,"box":{"x":70,"y":430,"width":802,"height":11}},{"id":"1e3ebfd6-fd62-4f06-a718-f9c56a0ddf39","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":85,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"768566b8-20f3-40e3-8c42-435ac3c17beb","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":85,"box":{"x":69,"y":460,"width":819,"height":12}},{"id":"fbb32b83-446d-436c-bf3c-0a8f94276d16","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":85,"box":{"x":70,"y":475,"width":813,"height":12}},{"id":"febaa32d-103c-43e1-99b7-993fb2df98aa","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":85,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"71b7f855-723b-4bbf-a5e4-96b19f9ec49c","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":85,"box":{"x":68,"y":506,"width":775,"height":11}},{"id":"07c20f93-3ffa-4365-a1d6-aa985f9848f9","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":85,"box":{"x":69,"y":521,"width":777,"height":11}},{"id":"4607e734-1326-4cfb-a7fc-9c8a2c9d0d12","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":85,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"f5d6a5eb-e597-46d0-aadd-e45a770f377f","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":85,"box":{"x":69,"y":551,"width":831,"height":11}},{"id":"1945caee-51e0-4dad-93ee-bfb058ca8d31","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":85,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"14efd6f7-4b5b-480e-88da-686cf82a31b8","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":85,"box":{"x":69,"y":582,"width":325,"height":11}},{"id":"51766580-55cc-4876-bec4-da921319244f","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":85,"box":{"x":102,"y":604,"width":745,"height":11}},{"id":"1e46d8bf-2008-46b5-bdc3-11320515d14e","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":85,"box":{"x":69,"y":619,"width":833,"height":11}},{"id":"06e83624-71c8-4d2b-bc37-36807ef42eb6","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":85,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"5044cd67-c184-4822-b807-931603515b1a","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":85,"box":{"x":68,"y":649,"width":834,"height":12}},{"id":"16dffbc8-e3df-498c-bd07-ee9cfe17b6ba","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":85,"box":{"x":70,"y":664,"width":782,"height":12}},{"id":"db73acda-c9c6-4ab4-b2c0-3e66d651a086","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":85,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"6ce4aacd-799a-4fee-9830-7c9c01c786a2","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":85,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"6fd9191e-58b8-4915-904d-9b1c38c7ddd7","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":85,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"fc424ec1-546f-4099-bb79-bf43f2b11174","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":85,"box":{"x":70,"y":725,"width":836,"height":11}},{"id":"148e2a6f-e844-4a18-92f1-cd9d2182927f","block_type":"box","text":"initial public offering.","page_number":85,"box":{"x":70,"y":740,"width":147,"height":11}},{"id":"2b9051f9-1dd5-44a7-bf0b-96135378900a","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":85,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"96d1266d-1e74-43f4-a3ba-60593e5daa76","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":85,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"7d5690dd-ac52-409d-9144-99f88c17b82f","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":85,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"41b53003-81a3-4df7-bc44-90a92532268d","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":85,"box":{"x":69,"y":808,"width":829,"height":11}},{"id":"692d6c52-64d7-42df-ac1c-33609a2d0605","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":85,"box":{"x":70,"y":823,"width":831,"height":12}},{"id":"dd1e4f39-b52e-4435-bf5f-1e41770ddd8b","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":85,"box":{"x":69,"y":838,"width":826,"height":11}},{"id":"45d63741-b288-43bb-a762-f56ce7624f63","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":85,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"cdc58613-56f7-4312-a432-03da99eca3ec","block_type":"box","text":"more established companies.","page_number":85,"box":{"x":69,"y":869,"width":209,"height":11}},{"id":"cbd6d36c-52b9-4783-bd08-478ef12684f0","block_type":"box","text":"II-26","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2b1e5cb-6cce-43a8-ac74-f0b66b5ac076","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":85,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"190eee96-597e-4889-992b-c2bf346ed1fd","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":86,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"b7fe82ec-fdb9-410b-8aaf-8651bef4de9e","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":86,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"d7d7b606-03e0-41ba-b205-215e58e96baf","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":86,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"46893d4a-c3d0-49bd-a67b-4f54284d9bf3","block_type":"box","text":"below.","page_number":86,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"50587d48-0585-4329-8614-2beaef1b6112","block_type":"box","text":"Real Estate-Related Securities.","page_number":86,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"f76b49e9-e7ab-4365-9d38-1f9f78524438","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":86,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"0b89dd39-2523-4cd6-8d88-c51d118bcc0b","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":86,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"33d26259-48b0-419a-9cce-60ab9b408777","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":86,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"222eb5da-3468-4712-b657-ca183f1bccb1","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":86,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"9c67f08c-3f16-4cf1-8c55-bf51a0fc6468","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":86,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"2ac4188a-58ed-4143-856c-052edc7cc44d","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":86,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"5ba3e781-73c4-4329-91ce-5a6c9a759182","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":86,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"374980ce-82d3-43d3-8206-3cf4ff89f9ef","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":86,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"e21526b0-8b7f-44ba-bc6a-4457bc46a092","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":86,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"c05a084e-ff07-4bc0-9b22-489f57c84b5b","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":86,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"76916bea-60ea-4b48-9be8-348c7f72c00b","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":86,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"268e443a-a9a4-4b88-9d66-08c1f2dfadf1","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":86,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"e4fcbff2-90b1-4f97-8be3-c64097587e09","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":86,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"816b8c0a-7fd6-49e6-a2de-260872815469","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":86,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"3e9fbb87-bfba-42c1-a76b-1885378f544b","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":86,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"ad1d7b06-de72-4560-9b92-89b5adfc3be5","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":86,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"ee2962dd-9f49-4ea3-8ce4-a3a3778a4363","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":86,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"b1d083c0-50be-4bc6-861f-edded5870109","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":86,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"f8b7b36c-c07a-48c6-9d63-4187048c691f","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":86,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"ecbf2f67-6cf1-4d00-93ca-eba1de7f1f23","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":86,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"8eb7cb61-b0be-4a1a-8e9f-f9014c2a178e","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":86,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"a7e527dc-c3ce-4f82-a4c9-92ad94ba435e","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":86,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"337cfa0b-b155-44df-b5fd-bacf0fa95c94","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":86,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"f0bd51c6-d14a-4261-84b9-43c7550ebdf8","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":86,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"13946d0e-7dce-4027-a2f4-5dfc6e565a93","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":86,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"ce24b953-2fc1-481c-b8d2-465b9d5f8260","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":86,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"7a0a2229-3214-4f1a-bc41-c107074810da","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":86,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"47faff2e-bb9c-41f3-bd36-4161770841ab","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":86,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"035fda07-b067-4f4e-a745-9dc56f5d2978","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":86,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"9783e72a-c736-46e8-aa07-33a767c90a18","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":86,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"9ae61d8a-8539-4c6c-be70-5cdcc55187ba","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":86,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"8dae69aa-d484-48b7-acbd-d5dac2ec660d","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":86,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"f4305ef8-19db-483a-8991-1980baae8aae","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":86,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"856aba70-7fb8-41e3-86cf-a23ae8b18c0c","block_type":"box","text":"investment results. Careful initial selection is particularly important in this area as many new enterprises have","page_number":86,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"bb28b73e-b4d4-4a78-90c3-846605c97423","block_type":"box","text":"promise but lack certain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":86,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"17554cb0-8174-41fc-981c-ac02cac28414","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":86,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"5d14502d-e3f8-4ee2-9df6-c9558ca82898","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into significant","page_number":86,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"6d5984ae-848f-4b7d-9d61-b577685cdadd","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":86,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"79953b8b-c9c3-4646-b0b6-470be897b992","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":86,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"24693782-377c-47a4-9186-6e36517b4a22","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":86,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"cbe0738e-debf-4519-9ba0-8040485373f4","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":86,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"a387be46-4f81-4e6f-8b94-2feedc378d72","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":86,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"a4511a03-d643-4c81-befe-cdd0cb6fda4c","block_type":"box","text":"cycles.","page_number":86,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"e29e0ae7-d8aa-485b-aeee-f1f62771bf2c","block_type":"box","text":"Tracking Stocks","page_number":86,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"fb0ad7bd-d5c6-4110-877b-e576fa802317","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":86,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"2467405a-ece5-4d75-b892-6deefcd99fc1","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":86,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"52a8e8b7-4ac3-40bc-8bee-6d10a50da8aa","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":86,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"30b58147-346a-4fa8-b739-f7fa8ae823b6","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":86,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"7ec05095-dbfb-4acb-8c08-8753ef15812c","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":86,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"f608486a-ff01-4cbf-88f5-ac6f4c17a3ec","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":86,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"a22a2f69-b2e5-426a-aeb4-2843b1614fcb","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":86,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"fa41f510-0f8a-4339-8567-1f7dc2d16aaf","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":86,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"911ceaa7-9912-4728-a0b0-9cdf34802259","block_type":"box","text":"II-27","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ff6fb1b-3986-46c9-88d4-9a274fd268c1","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":86,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4c378204-e9fd-4227-a59b-a0e2cb934d33","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":87,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"35c3154b-55a6-497a-9709-5d914ed8af46","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":87,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"e2f0458f-0908-4229-b9e1-6bd8f4c4692e","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":87,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"65b3f9a2-1e0c-4ea7-b80a-f9a36e5600ce","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":87,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"12d79b36-5255-47e2-98e4-be2263cc245d","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":87,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"00165c21-9b7b-439f-bafa-1d823b10dda8","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":87,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"83672d67-e3e6-4532-a062-ce629a25c9b0","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":87,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"b008f936-324d-4648-bb12-b7a70ce7d11c","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":87,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"a9579cab-808c-4e88-b4ec-70e61e81f035","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":87,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"3ca1e7df-31f0-4fa7-b81a-7c412cf915d8","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":87,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"fd60916f-31c6-42da-8fe8-bcb3e8d2e7f4","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the","page_number":87,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"2b6b5cc7-9072-45a2-8904-832c35b5dcc1","block_type":"box","text":"ETN.","page_number":87,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"63a4173e-041a-4a4d-b602-5ef85196f584","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument.","page_number":87,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"e9c02975-d806-43ff-9ca4-db7aa5d71e00","block_type":"box","text":"ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":87,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"3493966c-f2e2-4bed-89fc-90e81ce0ee12","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":87,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"7ae3b06f-3cab-43ba-bb5b-15fee4e5c662","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":87,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"857624bb-1167-4c85-a51f-493ed61499f5","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":87,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"76236f9a-41eb-4b99-9d2f-d6dc7e2a7b2a","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":87,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"df40a829-1284-497a-b07f-5d54737a61f1","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":87,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"447f0792-c8f6-479f-86c5-f00795878692","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":87,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"78967927-7769-4989-ad64-407abd17bda5","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":87,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"93c824a9-cca0-416f-bb53-51657aafd3d7","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":87,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"92400d88-9954-4a94-a4ba-2b4fb2720563","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":87,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"8de93656-b94b-4bb5-8086-8e4294b0bc7b","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":87,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"6f9bec00-9ae2-423c-a027-4efdf8634661","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":87,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"d45ce16c-74a6-4847-b8ea-dc3788cfb38f","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":87,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"7ca671f8-ef34-4766-8223-d34a26928ab7","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":87,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"e40c47d5-24e3-4738-b099-63a66506e3c5","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a court may not","page_number":87,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"6eefcc1d-dc87-48ca-9d24-684ae71d163b","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":87,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"9354bd19-d42a-481a-9527-e78fb5922318","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":87,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"4f9866fb-5747-4391-9115-11ebc4e5ae8f","block_type":"box","text":"Foreign Investments.","page_number":87,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"cf2925c8-6ee0-46f4-b2d6-5ce4cd20d38c","block_type":"box","text":"Foreign Investment Risks.","page_number":87,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"5427b104-9193-4045-bb56-48a9319e2948","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":87,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"a46d8b1d-8025-42e9-8574-4601b886763f","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":87,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"fac38d4d-df56-4f16-958a-f0b83738b82e","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":87,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"582ccdca-e1bb-43be-9487-3cc0877b29ea","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":87,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"3eb0ed43-66db-4a2d-b7a3-a51b76c28200","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":87,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"bf4133fc-ef1d-4876-b7e2-302cb76c68e0","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":87,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"cb411b0d-f051-4af2-adc6-e2c46ac9b6eb","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":87,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"becf1b10-7189-40c7-b457-7fc6a099c56a","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":87,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"5efa072a-9231-4090-84a6-a904bf967a87","block_type":"box","text":"benchmark index.","page_number":87,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"11eaa888-3951-43ac-93c1-8148d2579ad9","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":87,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"e4e265c6-d9bf-49ee-9c4b-ae02902f8b79","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":87,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"2f34a389-3c41-4c24-a481-fb62f752de56","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":87,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"03aee1ee-b307-4192-82df-7b64b077ea39","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":87,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"3934d516-28a8-4b48-9dfc-3924dff8e22a","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":87,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"69b97a35-eafd-47c7-9fc0-962a50ba6635","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":87,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"8ed8e7a6-e5ec-4fa8-bfc0-c5002e992ba1","block_type":"box","text":"securities and zero-coupon securities.","page_number":87,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"90108599-4a6b-4dfc-81b7-7206225334bc","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":87,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"6a7d0454-9c22-4d88-9c2b-d8d523cd50b2","block_type":"box","text":"taxes.","page_number":87,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"52c42e0d-df63-4bea-9951-2f095a9e9dd1","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":87,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"e2cc9415-93a8-4f4f-8222-d0808d338d58","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":87,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"08d04e59-f187-452a-8627-db8cfbce196a","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":87,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"4cb4ac99-54b0-4f17-b7c8-6b8e956b5de2","block_type":"box","text":"II-28","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cfcd12d3-3806-40c2-ab2f-4c8676c289c3","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":87,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cbddb3f7-2114-4684-aac2-12a804004ba2","block_type":"box","text":"underlying security (","page_number":88,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"de8b533a-c483-4090-8b6a-dc0a52c52541","block_type":"box","text":"i.e.","page_number":88,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"5fb183e1-ef5a-4f59-a91d-674b8104a69e","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":88,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"300aa8dd-eb75-4a0b-bec6-494af0584b51","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":88,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"37800722-6dd5-4ad1-b53c-72176d981bde","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":88,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"f4125687-5770-4161-ac9b-74a603f93c69","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":88,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"5b02f92d-d93f-4356-b511-e2e2a4d93750","block_type":"box","text":"Foreign Market Risk.","page_number":88,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"383a43ac-751d-49f1-83a1-bf2b36f952a4","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":88,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"9c8299f2-ab65-49c8-9ed2-243f0adb4be2","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":88,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"480d6f8c-33e5-4172-b23f-ed58706dde58","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":88,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"2c876ac0-448f-443f-95d4-670905814b64","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":88,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"c61ac03b-4f7d-409c-934c-7e83e459c976","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":88,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"4ed6d3a1-57aa-487a-95fd-ace846dcf7ae","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":88,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"cae25cef-c420-4c8d-9d0b-e95554964fe6","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":88,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"a84895d0-d675-46c1-862d-2a1d891da51c","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":88,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"859234dd-9f82-461b-9b21-005cdbc0f37f","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":88,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"cb8631af-3e37-4f41-9700-ecd7fd68c7be","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of certain countries, or the","page_number":88,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"d5f289ba-aa58-4979-b11a-7cd6efb1fc00","block_type":"box","text":"U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital","page_number":88,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"6aeb23b8-956f-4334-8324-3f681a5812f3","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital","page_number":88,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"3fc9741b-475c-4a62-923d-24ed0ba0c4b0","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":88,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"4c0699a0-47de-4f34-8917-6c9a7b28c0c0","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":88,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"f87473f7-1b70-4bf5-9cb7-2c11814eb9c8","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":88,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"0b30097c-aaef-4192-a93b-6cdeff64f9fe","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":88,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"a4d38b5a-b328-4dde-969b-375c59c94a30","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":88,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"7d49af8f-3bd3-4059-8944-f06a66015b4b","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":88,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"0479f77d-0f92-477a-84b1-fe70a042e682","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":88,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"f96a8b7c-db20-407e-9254-d98bd0669838","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social","page_number":88,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"a5ab3553-a3ac-47a9-9894-12f9f6257c8e","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":88,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"5a44bb13-4f73-4af6-8995-24f5a0f5405d","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain","page_number":88,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"86360873-3fef-48a0-89d5-f4d5344e38f5","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":88,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"82bac3c6-6705-4b49-9ea5-60c814708889","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":88,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"71adaad0-444c-4473-bceb-6de11ed39b04","block_type":"box","text":"or abroad could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a","page_number":88,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"e1089732-9e74-48d8-b283-4431de14ee8f","block_type":"box","text":"Fund’s operations.","page_number":88,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"dde3d65b-7b27-4408-8e90-d37bfa3167cd","block_type":"box","text":"Foreign Economy Risk.","page_number":88,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"eb710576-ee52-490e-b242-858601e013e3","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":88,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"6078a458-8c0a-4dfb-9455-dacddba499bf","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":88,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"cc08fbce-f1dd-4774-a41b-aaa47676bab3","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":88,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"a2aeb79e-093c-4df7-af3d-e46cbe97d3a6","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":88,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"6c396839-8425-45e0-bcc4-4e35181c4d42","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":88,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"17388568-a0c8-4680-8800-006001e1ada2","block_type":"box","text":"measures.","page_number":88,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"bc93fdc6-2254-4f30-9826-9cd7d521558d","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":88,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"b4d25c3f-2306-4629-aedf-583a5cd554c1","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":88,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"cf300064-b608-4d45-ae33-7ade740776a6","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":88,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"c58b3eb1-4fdc-4605-b1d0-73e8cf916910","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":88,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"74d4388a-edf7-4b21-a290-edc00a250d54","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":88,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"8ae738cc-1db0-40ff-ba9f-2adc51f2b7a8","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":88,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"6af10dea-ef2a-46e3-9ea3-058f2c0399b4","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":88,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"68ecf2df-a7f1-45d2-91b0-5707878e615e","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":88,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"5ad88de1-2565-49bc-83f8-6ea4bc65f9b5","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":88,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"9ac18450-c501-4a5c-b09a-9fa9b0f0b94b","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":88,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"95526ecc-ed6b-4f3b-9497-1d6404e8c6f3","block_type":"box","text":"United States or abroad.","page_number":88,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"2a250a38-4228-4ff2-ae43-0aae3922227e","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":88,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"dc8c643f-d47f-4b6f-a04f-4b70d7753546","block_type":"box","text":"Many foreign governments supervise and","page_number":88,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"4c32815f-f7b9-4d1c-acfa-58f5d4432985","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":88,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"b6c9b3b8-ea0b-4a83-a974-f5e895c4b856","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":88,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"dd39e74d-5dcf-49c6-9f59-a1ee2bf94ed7","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":88,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"ee3e349e-48c6-4190-8c1d-903e09210b59","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":88,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"b3d4f6c6-5016-4b10-a4c9-e8ee42b0bd4f","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":88,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"f43f561a-b817-484e-937f-92db165f4998","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":88,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"88dd7d8d-6678-49ef-903e-fd674bd3be09","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":88,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"078d8482-f097-4c59-83ce-434f57136f84","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":88,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"d9172571-b5f6-4fa2-a7d6-97134b8ee3d5","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":88,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"0dd0a0ec-f6c2-4ee6-8da6-68671d59760c","block_type":"box","text":"II-29","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ca626240-77b5-44a9-bb91-8debac6f45ee","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":88,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d826ee17-994a-4a46-9cc7-a588d9d9acc0","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":89,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"fb259a71-2970-4d26-a7b3-e0312f91f8ac","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":89,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"aa2d34b4-697a-41b3-961b-411d62269a8e","block_type":"box","text":"investments.","page_number":89,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"162bc530-ff47-40d0-a6e9-b2567cfc0127","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":89,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"f88fbaa2-d1af-4434-86c9-037b8f7a68b3","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":89,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"4e67c02e-52e9-4954-98a4-c72100c1ecda","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":89,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"63d69762-b048-408d-b7cf-012ad68bcc37","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":89,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"c514bf55-e30a-4415-96f5-d4150f78edae","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":89,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"299a842f-18fd-42d6-842b-a4c34db7a6eb","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":89,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"9fabdff2-5171-42f7-8b42-a10fa3bb7021","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":89,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"71286166-bcb5-4baf-99e2-5963c9eb7b0f","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":89,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"55e611ea-012c-4cb3-8158-35b0e447cd0e","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":89,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"2ddea7ca-423f-44a2-b6c1-c6ebd0028951","block_type":"box","text":"States.","page_number":89,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"e4623ac6-8b5a-47eb-be98-72063672bb4a","block_type":"box","text":"Publicly Available Information.","page_number":89,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"7d1091b0-835d-43f5-ba6a-96807b0d2a45","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":89,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"b19ab50b-041c-448e-88aa-8aa6754d6d98","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":89,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"622f3fc8-9851-4a6b-b4fa-035307eef89b","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":89,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"32dd7f66-604f-44ed-8b6c-0f10ec07b9fc","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":89,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"0abff12e-bc10-4069-adf3-aab469f0ed3e","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":89,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"ea3be9e4-00cb-488d-96c9-b8591ec31cbc","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":89,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"d8acfa2b-ba21-4cc5-8009-44c75426c713","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":89,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"ce7398a0-1dfc-46a7-8346-26155b58fdc1","block_type":"box","text":"United States.","page_number":89,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"4330e28d-0287-42b2-876c-f8eff4a72671","block_type":"box","text":"Settlement Risk.","page_number":89,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"f77b4402-dc05-4ccf-98c1-1ed10db856ab","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":89,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"84146063-3889-4319-86ac-967566653ada","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":89,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"0de5a2ab-8ebc-435e-83b6-d2e75b55faf6","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":89,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"3ba7dad7-e676-4b76-b77e-acf4d22d7146","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":89,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"34764f9b-6973-44ed-864e-9dc7e284de3b","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":89,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"0ced1c9b-af5f-4e74-95f4-5a027d5ff9ec","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":89,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"36d650b5-a63a-46e0-997a-2d64af90b14b","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":89,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"77eff873-fded-4649-ab16-50efc4983ece","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":89,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"8f32bf21-0ed2-4842-acf2-292b9db97d8f","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":89,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"7feeafda-58fb-4502-8bcc-46820e0a9b33","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":89,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"dfe6ac71-d38d-47eb-9e3b-579782d3ba1a","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":89,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"3b51edf1-9feb-498d-ae68-c20060b7dff8","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":89,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"bf0b1a13-d790-4c89-8f25-ed2d1e5857e8","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing claims may","page_number":89,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"10676c50-572c-4bd3-b587-85d32e214013","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":89,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"04b7bc82-1f57-4f26-8cab-d38de6da786f","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":89,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"f541f422-d485-4484-a96b-22ef69ffcf0a","block_type":"box","text":"Sovereign Debt.","page_number":89,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"7de9fd40-74f9-4ceb-a85e-bd15661845ed","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":89,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"144a090f-b2ab-49f5-94ad-0b59a02907cc","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":89,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"8cf24b8f-6537-491b-a1aa-8b065bd1c93f","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":89,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"b32b3f55-5351-4eba-ab38-b7d5e6790095","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":89,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"e6ce523f-307c-4647-a608-8cff9fe4defa","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":89,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"831445a0-7df3-4740-8037-4d6013345803","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":89,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"19f6b922-502f-4696-93a0-c42d917dffd5","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":89,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"85b39548-cfce-4b22-87ed-e201eaef8c59","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":89,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"3468fc7d-8e6c-4c2e-9ba9-dc3cda7e839d","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":89,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"16a81b7c-a5e7-4d45-88af-15d1d7a4efd9","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":89,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"4a9b450e-db20-49eb-8e4e-bebf2fb85997","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":89,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"bbc8cce6-411d-4c55-aa81-78fb0c293f15","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":89,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"5282022a-e413-42fd-bb0c-315d5017cba1","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":89,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"136c824e-2c3b-4030-b5c3-b285995b78aa","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":89,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"31ba9a37-3b59-45d0-8f2c-9062b7653fa1","block_type":"box","text":"debt.","page_number":89,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"db7e992d-1f23-4c24-a17e-c662a25c56b3","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":89,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"f3a3dbb1-9f5b-4bee-99ef-7ab217ada32d","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":89,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"55ff4d24-aec5-49dd-b3d7-db5ef211c254","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":89,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"33a9d27f-03f2-439f-8950-5adbba5cc0b6","block_type":"box","text":"II-30","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f25fffa1-14dd-4ccf-a7d4-38baa7fdc6ba","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":89,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"164639bc-69bd-4be4-a503-ab8e4f0742af","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":90,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"5ad292c8-22fa-4f0e-a818-b12c826345dd","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":90,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"56d45ae7-1727-45de-9213-6a02021fd797","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":90,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"ccb5c308-7424-43b1-b8ff-d3c9d182891b","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":90,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"975a94db-7234-4fbd-9979-6de744e38f5a","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":90,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"0b733768-c98b-4be2-afbd-0bb93bf86a4d","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":90,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"ecf6dcdf-ffdf-4f39-8146-14e3cbe4da47","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":90,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"aae85da8-917a-48d0-b86a-5ec9b6564e5f","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":90,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"e80ed405-0ede-4d5a-87fc-bd453971734c","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":90,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"e1f4102c-76db-45e0-8159-732847e576de","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":90,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"c0a3f7e4-e742-42b4-8ae4-54a03a6a42c0","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":90,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"cabb399d-b71a-4433-b5e7-035331857cfb","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":90,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"f678fe3d-3a59-4e9f-ac74-43821d3a480c","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":90,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"58952c46-1077-4c49-bdfd-c38627f43314","block_type":"box","text":"in the Fund’s net asset value.","page_number":90,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"17a08671-65c2-430d-9c6e-50d1bc93db7e","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":90,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"05966d67-1e24-4645-bea0-4ba6ea463827","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":90,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"21a98a68-be65-4123-b8c2-e611c1442b4f","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":90,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"b3cf5f72-bf12-4978-8d23-36cee5d4a001","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":90,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"f44c8dbe-02b0-4854-8703-f3647fc895f5","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":90,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"ff91600c-8f76-4dbb-a8cf-96c9d71e8292","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":90,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"10dcf267-02e7-4ec3-a268-3ccc4559bb5e","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":90,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"3b2233a0-41c3-4ad3-b4bf-e07eb5de7faa","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":90,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"0d028459-5b11-4f56-b341-641a3c458b30","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":90,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"f29f6e5e-1230-48eb-b9e6-4ca58a3a697b","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":90,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"2feee01f-2a81-4bb5-aa60-d8407b97f762","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":90,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"c75bf690-6ab2-46cc-902b-d617879a04e4","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":90,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"1e29ee86-2955-4f35-b1cd-2285d6ff953a","block_type":"box","text":"United States for trade. 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The purchase price paid for a funding agreement becomes part of the","page_number":90,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"8410257f-b056-4e5c-9548-b36d465ad5aa","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":90,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"1f95bb63-3b89-450e-a65e-482f71cdfb07","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":90,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"9ce9529c-3a06-4198-9a23-637ab7f2415b","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":90,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"97aa6e8d-46c7-49e1-a71b-e97d29a5345b","block_type":"box","text":"Guarantees.","page_number":90,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"5be886a2-f3b7-409a-9047-0b027d26df42","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":90,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"60b3a75d-9c94-4c2e-b8c2-4af2bc57b611","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":90,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"6d938b50-4d31-4f62-ad17-5d20b4f7c9ba","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":90,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"255ccb87-e953-415f-a1d1-d4c5e54aba16","block_type":"box","text":"Illiquid Investments.","page_number":90,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"3afc1077-8063-4f47-a6ee-5b73f006c95a","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":90,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"12de15d1-5942-4d68-bb0d-5151cb37f356","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":90,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"77ddab0a-13be-43b6-98da-4358c302a21b","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":90,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"b4df922f-baac-42dc-8796-1065b073ddc0","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":90,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"5671691b-2f1c-43ee-a9de-6465b9002acd","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be","page_number":90,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"43df514d-076c-49f5-8218-c49b6a91d392","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":90,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"9a65417c-61c6-4a04-9591-c497e7e8132a","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":90,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"db457bb7-6764-42c8-820e-74446b41d1ef","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":90,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"53029fbe-d03f-4a8a-b1e7-ed2e50a3c412","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":90,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"4b5a88e7-e367-4302-a098-86c55e780c61","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":90,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"c389d86b-94ac-4631-a518-16c92ad884d7","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":90,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"e92622c6-c94e-440c-b39e-ca166fada200","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. If illiquid","page_number":90,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"6e07d35e-f64f-433a-9644-0120cd9f89ef","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":90,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"f8ae56fb-1cf0-4936-8d52-1edce5f4826c","block_type":"box","text":"defined below) will require that certain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":90,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"92493ca0-eb0d-433a-9676-ac9020ce8423","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":90,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"a5003835-8961-49fd-ad27-8e794a52cf13","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":90,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"fabc046e-5fcf-4a0e-8073-424bfe4ba456","block_type":"box","text":"market opportunities. 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The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":91,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"222802c7-4271-4dac-b206-83a7e05dfe60","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. 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Finally, since each Fund seeks to","page_number":91,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"305975c6-60d4-4e18-80ec-a5d66cbe3173","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":91,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"3b433c16-f213-49e4-96b1-aa352366e00e","block_type":"box","text":"particular security as an investment.","page_number":91,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"f5fd11da-5888-4a9a-bd91-c60eb38d71c1","block_type":"box","text":"Tracking Error Risk","page_number":91,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"4c7aeb50-7bde-4685-9b09-09fc4ebc850e","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":91,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"fb3cf532-4388-4b9c-9687-c7552c6aa4f1","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":91,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"961e98c4-0f72-42fa-8332-21d5ded55e6f","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":91,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"a66ace62-757c-412d-834a-f3c3a7e54ba4","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":91,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"a3fa81f4-dba8-4368-83a0-940d32e4c279","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":91,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"25b81398-e7d1-4305-8656-0c4e4e931460","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":91,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"022eff50-d092-4b7e-a0f8-8ea9defb7c18","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":91,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"8bd916b1-f150-4023-9cd9-db7ed12164ec","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":91,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"1d7e1ee0-da4d-4e8d-ac8f-81506eaec55e","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":91,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"ba0412ed-b609-4deb-80f6-9c0264b11abf","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":91,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"bf01d6a1-32ca-4aa6-9c41-92f8567ddb42","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":91,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"caffd101-663a-40a7-958e-6e5b13f9c670","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":91,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"577a0e4e-f2d8-4ab3-a324-f555b2a07b13","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":91,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"ce156491-3009-4fc4-ad35-9c4ce29b5c1d","block_type":"box","text":"price growth that does not appear to be supported by publicly available information on the business and assets of","page_number":91,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"b5994a6d-2788-4ad4-9a48-93537c328656","block_type":"box","text":"the issuer, unusual or significant short interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":91,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"ceaa7075-c5a5-4d6c-a96d-5476c18d8a56","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":91,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"d9829492-7897-4388-bac7-516764e79950","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, alert the index provider as to the alleged issue. The","page_number":91,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"7a807614-3a2f-4c1c-a932-60a2a71c196f","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":91,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"77617d88-0fa0-4655-9805-fb2a649ff0e8","block_type":"box","text":"the rebalancing of its index. If the securities continue to be included in the index, the Manager may underweight or","page_number":91,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"cc30b79e-011f-440a-a3af-2ce5e162d425","block_type":"box","text":"exclude such securities from a Fund’s portfolio and, if it does so, such Fund will be subject to increased tracking","page_number":91,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"f79e5dd8-674a-4a22-8120-d426f50c4f81","block_type":"box","text":"error due to the divergence in the securities included in its portfolio from its underlying index. 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BofA is","page_number":93,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"70dbf36a-3201-4fa8-a026-54fbcc7e7a99","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":93,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"dd935b53-253f-4d4d-a990-c1febaf56061","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":93,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"77f5743b-83a4-47a8-a331-106ee330bdda","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":93,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"30562b4f-ea59-424c-957e-9aab0da8e3ae","block_type":"box","text":"completeness, or otherwise.","page_number":93,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"9a939ff6-7637-47a4-b134-852246ac2353","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":93,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"4aeb556a-b4e7-4889-933f-4d0b0807b8df","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":93,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"f3235dae-890c-4f9c-b648-038d1e6c0131","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":93,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"bbe16e58-89e5-4795-bef2-39df15bbc7f8","block_type":"box","text":"Indexed and Inverse Securities.","page_number":93,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"41d93f3b-1bbb-495e-882e-066d3da188ce","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":93,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"8ee31e9a-e892-4fd3-a54a-044cf8d2cd86","block_type":"box","text":"particular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":93,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"2d6f796f-b262-4908-b307-10103e60818d","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of certain securities also may be based on the","page_number":93,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"86df98ca-e781-43b6-a88d-3bad6c7b09a1","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":93,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"209de76c-b59a-4b11-b8ae-376f73e5202a","block_type":"box","text":"be subject to risk with respect to the value of the particular index: that is, if the value of the index falls, the value of","page_number":93,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"57405cf3-d4b6-4937-bbdf-65e597db01ab","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be","page_number":93,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"df8f3a45-6c59-4d64-a96d-2bc1eb10aa0f","block_type":"box","text":"based on relative changes among particular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":93,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"88bc371d-9582-443a-b024-784aed123b06","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":93,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"93f5bf99-868b-4046-8eba-6c5c7c78c01d","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). A","page_number":93,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"f6366c70-4810-4ba0-b7e1-028fe6d7f1d7","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":93,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"d22c86da-edf9-46c1-b29f-8a5243ed4063","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":93,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"c08f4c8b-3fa1-4e45-9d09-743c549197db","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":93,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"62c6cca2-ea9b-4f1d-8578-37c16eae7734","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":93,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"9360a016-133c-4dd9-a6fa-5e35887b427a","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":93,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"5df1e550-be89-4277-8a90-7603dc5a30ea","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":93,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"8d836c07-b97d-411a-ab00-33c139e8c47d","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term","page_number":93,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"6d5cb140-f468-49ca-82d9-7e6c37e524a5","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such","page_number":93,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"64a4a2b0-70cc-4bc8-8604-354a03b592a5","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":93,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"441014d3-7673-4de6-ac3e-dbb97bd9b32d","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":93,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"aad3ae77-f344-4a3f-9b52-d1e967e44f34","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":93,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"afbcb945-938d-4c94-a1e4-c2949fb8bf76","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":93,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"ce066648-0698-4af9-9885-4c6e38b458a1","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":93,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"d2998899-b9f1-43f4-b30c-8669a8305c87","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":93,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"e1f0ae40-fe43-44c9-a169-1e707f4aa356","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":93,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"b7c35b98-33e4-4f0b-ae2a-208d4dede42f","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":93,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"e5b0aa13-99b9-49e7-984f-62a57a184fdb","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":93,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"d67b6b1c-e8cc-424f-a012-3c950ad51bf9","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":93,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"80a52925-8dff-4c21-a828-6495a8edaf20","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":93,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"9999b5ef-5904-4e99-b8c9-dd5dc5f70e0c","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":93,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"9dfa51a5-e1cf-4fd1-a219-5066d24c63dc","block_type":"box","text":"Inflation Risk.","page_number":93,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"0266cb18-af0f-493a-b404-596b156a62de","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":93,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"0ceadf68-80b8-4273-8adf-d4cf15ada71f","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":93,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"c4cb9b46-2a11-48dc-8ae0-0a6013368021","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":93,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"32079c5c-90bb-4897-be8d-669f34f27458","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":93,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"a2d3236b-07ba-4f64-a442-1ed6b529e30c","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":93,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"4b15fe24-62a4-48fa-8b91-59e43d3a1a08","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":93,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"67aaad43-7c61-42ba-8367-e12905e97d2b","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":93,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"48165a2e-2dfb-47ae-b3a3-98ffb2fbee09","block_type":"box","text":"the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market,","page_number":93,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"56781ef2-4bc1-41bb-a251-6c12a8cfdab3","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":93,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"f619a223-d33c-4250-bcf7-f849ee609adb","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":93,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"2ecdf2f2-97d2-402d-a8f8-5c191d1a4169","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":93,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"0dca8f23-b276-4461-9455-0c2ad47da56a","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a short","page_number":93,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"1359f06c-90c6-4ef7-acf1-76b3c1d12a2d","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":93,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"a26b62ab-4c45-49cb-b715-8cc1dfd1f3d1","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":93,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"62357ffb-b847-4e41-90c9-71734149dc81","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":93,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"f4ac6bb3-883a-4895-9b1c-5bc0a064170a","block_type":"box","text":"II-34","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"79af9308-7c9e-4d8c-8a1c-2ff9399e9e0a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":93,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4cd1b7df-311f-492e-afbc-3203e3953071","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future performance. The investment performance of a","page_number":94,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"c72acc79-50b3-44c2-8178-0c59585551b2","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":94,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"4467c7d9-0af2-4aa3-b0dc-986a9b285162","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally","page_number":94,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"e7e48d88-d88d-4cd1-849b-f1475f81f0ca","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":94,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"6c41aa85-7c1c-4871-9f40-b37ebf5b1cfe","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":94,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"64dea0f9-73b0-41dc-bbd2-e90902d116e5","block_type":"box","text":"be available for very limited periods.","page_number":94,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"48548c1b-19c6-4439-b712-1f0ca869e841","block_type":"box","text":"Investment in Emerging Markets.","page_number":94,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"17954833-88a9-4b37-aad0-2b8b96a7b8b8","block_type":"box","text":"General.","page_number":94,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"661ace03-7562-4133-9549-7c6c61dd3259","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":94,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"993279dd-2165-4b28-9b47-15a03625390c","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":94,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"9f490bc1-4630-401d-a878-d5d003b7e524","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":94,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"81092631-3f69-4dca-ab16-83c9ec74f9bf","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":94,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"a15312f1-f17c-4159-bca0-c7c4f97d1558","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":94,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"e53fb4af-d139-4cd2-ac0e-0308d59f2b67","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":94,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"e73d9d4d-5d8d-4f07-b1e2-f43075622b36","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":94,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"237d3e52-0e2e-483c-bde8-7b92a2b1bf3b","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":94,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"398fee49-47d6-45c1-9ec8-fcd6d6416af5","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":94,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"06cce971-f1a1-470e-ad9b-ff5a37744c2a","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":94,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"0f9a8f18-6591-491a-af05-6acbd82ecb68","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":94,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"17ed50d0-ff1a-493a-85a1-e90b015b3fce","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":94,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"9b0c6adf-231b-4368-aabc-bca714dddbc7","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":94,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"be59aee1-b627-4ecd-9245-663f16839cf2","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":94,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"ee5b30fd-f521-42df-8474-f43478268336","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":94,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"2f3b7362-76e1-4bf1-be73-c47bd5057e31","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":94,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"a9bde4d7-2cff-4481-96e7-514b109d3d21","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":94,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"f149228d-8e6b-4d02-8cf6-1a6b2716bcff","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":94,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"bda16b5d-bc25-46b1-b70f-f63178a1032e","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":94,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"44fc9814-92ea-4f78-91dd-5124d3d85cf0","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":94,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"b64597d9-03bc-42cf-9076-6443d0e6a11d","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":94,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"c5a106ac-bdb2-4788-a59f-2544a81d45a3","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":94,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"11d88bcd-c11f-4de7-afbc-bb5cd17a632c","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":94,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"71f46234-c8ec-4f59-9a8a-33861a4139f7","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":94,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"ca477a4b-338a-41c9-8af8-9505050310b4","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":94,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"3603f24f-a3fd-4bbb-b920-3fecd85643f1","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":94,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"61870159-0f97-4977-89c0-56ea97494523","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":94,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"b677e267-20e3-4898-8ed0-3fe3ba916002","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":94,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"c55eb98d-cdea-415a-9c27-b46adfe56585","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":94,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"3fb172a4-ab64-4e19-86d9-7249eeb067b5","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":94,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"50674221-9849-4bd9-92ad-42d08680feb1","block_type":"box","text":"volatile than investments in more established markets.","page_number":94,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"d84de816-b186-488f-b10c-65b0b8fb72ae","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":94,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"4889743f-3c24-4d3e-8051-74142940f602","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":94,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"45aea0e0-99b6-4e02-8fbc-0100f9a1e408","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":94,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"4ae33bc9-43b5-48d6-89d3-ee861e4a4a50","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":94,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"bb8a65d5-3bc2-442d-b032-f5d6c9e06e0a","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":94,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"ccbfc829-3101-46be-92e6-0803dad716ee","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":94,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"a2276844-74c4-4b65-8483-246ecf526f11","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":94,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"88d9cf53-ef39-4297-a923-5c17de4aa0f6","block_type":"box","text":"acquisition or disposal of securities.","page_number":94,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"4a6a50d3-6623-4284-a7c0-a34f2feb7159","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":94,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"d322ec84-02d8-4ced-b6da-8ebe8d6a7229","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":94,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"8997ba3e-54c4-44cd-a2f8-8fa6f66fb4dd","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":94,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"d02a1cf5-5cb1-40cd-ad44-adf8f6af2830","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":94,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"6f19b904-2431-460d-a6e9-4cf26324e90c","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":94,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"df5c5ceb-8fac-44ff-ad4b-515ecb4c7581","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":94,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"cda632d5-47cc-47f9-9360-f807dcb1116c","block_type":"box","text":"II-35","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"78fa181b-5ac1-47f0-9ed7-7738ee95eed3","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":94,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9fc0e3f8-e72a-4152-a1ad-124af744f6f6","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those","page_number":95,"box":{"x":101,"y":45,"width":783,"height":11}},{"id":"b97c0b83-f0f7-4712-be83-dce0478e052e","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":95,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"92378ac8-3fe8-4178-b175-8ad775b1248e","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":95,"box":{"x":68,"y":75,"width":818,"height":11}},{"id":"3ed499dc-1561-4786-ade7-b026cf98c92c","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":95,"box":{"x":68,"y":90,"width":777,"height":11}},{"id":"3829549a-1318-4533-a6c5-608435eab086","block_type":"box","text":"generally less available or transparent in these markets.","page_number":95,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"dd185513-e55b-45a3-99cb-b74fbd64176b","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":95,"box":{"x":102,"y":128,"width":778,"height":11}},{"id":"da92cb96-f25b-4538-9310-bc256bf5deb8","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":95,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"07f8f109-8bc7-449c-9fad-6e3ff07e902b","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":95,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"39567f0b-f1c5-48df-b0c0-652147189e18","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":95,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"45355868-287e-46a2-b8c7-1ec3cefeb622","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":95,"box":{"x":68,"y":188,"width":799,"height":12}},{"id":"4fb7c273-f8cf-40a0-8206-fdbf9fb0f72a","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":95,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"5230a976-5930-4e29-bb66-bf94769b0f69","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":95,"box":{"x":68,"y":218,"width":740,"height":12}},{"id":"93a90f4c-9691-4993-b6b9-aaf10768993d","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":95,"box":{"x":102,"y":241,"width":305,"height":11}},{"id":"370c2818-111c-45c5-aa4a-88f3005b8b75","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":95,"box":{"x":414,"y":241,"width":485,"height":11}},{"id":"a77c35f3-4bb5-411f-ba55-57619c760635","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":95,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"9ecb57d8-c3a1-4e39-b5f9-48283468083e","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":95,"box":{"x":69,"y":271,"width":808,"height":12}},{"id":"a272134d-7267-406a-92ea-c95f39350399","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":95,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"1052f604-a9de-40dc-bccf-7b9b4be3d8f6","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":95,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"17a3abbd-2298-46a0-8b91-753f893cdc4e","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":95,"box":{"x":70,"y":317,"width":791,"height":11}},{"id":"e0c430ee-e507-4fbc-9720-0b432f2a6258","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":95,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"43f02311-0a8a-4579-9e24-bae2e064b80e","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":95,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"0e028833-2ef8-4872-a8ce-324e46fc82f7","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":95,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"4e1e5b4f-54bc-468d-8615-1f8c92a7c5fc","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":95,"box":{"x":70,"y":377,"width":766,"height":11}},{"id":"a3f180fd-933f-4d0e-8d93-8ffcffe2a1a7","block_type":"box","text":"performance of the Fund.","page_number":95,"box":{"x":70,"y":392,"width":179,"height":11}},{"id":"c0893ce5-55c0-4f5e-b256-acdae23d4895","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":95,"box":{"x":102,"y":415,"width":784,"height":11}},{"id":"4de09127-dec2-444d-94eb-967183aa89f7","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":95,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"ed265daa-7889-4767-af31-fc66d25388ec","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":95,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"b6879d88-6546-45c1-94c4-296fd6295bb2","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":95,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"d38e554e-3ae3-40b9-8ad8-8bb4f2cd2fb5","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":95,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"c723af0e-53b7-43fa-bea8-97b151b62381","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":95,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"eaa28059-03ef-49c6-8404-bdb0f69a2c5b","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":95,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"e6a9b1b4-f5e0-43e5-b5e7-8047b06e8182","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":95,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"d921f386-61b8-483c-9119-c4db39c49f3d","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":95,"box":{"x":70,"y":536,"width":827,"height":11}},{"id":"386f389e-2f41-4ed4-ac4a-1b316bbf63cc","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":95,"box":{"x":70,"y":551,"width":803,"height":11}},{"id":"81ffdbb9-2d8f-409a-a556-c3e0e449b57a","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":95,"box":{"x":69,"y":566,"width":824,"height":11}},{"id":"cd686e77-e119-41e3-9316-84b38a065fe0","block_type":"box","text":"affected by a variety of factors.","page_number":95,"box":{"x":69,"y":581,"width":220,"height":11}},{"id":"a1bbd175-6943-404b-9a3d-33efc8b6b968","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":95,"box":{"x":101,"y":604,"width":785,"height":11}},{"id":"b7ea8e44-0fc7-49f9-aaed-ed9aa286443d","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":95,"box":{"x":70,"y":619,"width":789,"height":11}},{"id":"1db0a6cf-ca3a-4e18-a705-764a9e75675c","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":95,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"5fa954c9-610a-42cb-b6b8-de050172a7ba","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":95,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"bb693120-f898-4a2b-967f-17b8ab6ef84e","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":95,"box":{"x":69,"y":664,"width":777,"height":12}},{"id":"81b826f8-16b5-4103-84dd-44396ad74185","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":95,"box":{"x":70,"y":680,"width":652,"height":11}},{"id":"d7c990d1-0eea-4d17-9bf0-fce153eedb07","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":95,"box":{"x":102,"y":702,"width":737,"height":12}},{"id":"9946faf1-9ca6-421c-bdda-d455fccce39f","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":95,"box":{"x":69,"y":717,"width":803,"height":12}},{"id":"aec12c11-a2ff-478f-8ef7-01989d019897","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":95,"box":{"x":69,"y":732,"width":801,"height":12}},{"id":"3568832b-36d9-43ad-bcae-dab437b36d9c","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":95,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"c2033faa-4a75-4a5f-ae07-e7fbbb89e55f","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":95,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"bae1007e-17d3-4ea1-bfaf-02073da43587","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":95,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"70ac094f-78ab-4f26-a62b-e5086a8e557a","block_type":"box","text":"nations.","page_number":95,"box":{"x":69,"y":793,"width":56,"height":9}},{"id":"469f5921-52bd-4cee-a7c9-561e3da3dc9d","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":95,"box":{"x":102,"y":816,"width":794,"height":11}},{"id":"1c316d6e-05a6-480d-9fc6-f16302acbae8","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":95,"box":{"x":68,"y":831,"width":773,"height":11}},{"id":"127d2382-c795-45af-a07a-927dd85387d6","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":95,"box":{"x":69,"y":846,"width":808,"height":11}},{"id":"107b97ed-828d-4e42-8cf4-709964479de7","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":95,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"88a1a78c-a7de-4a25-83b9-ec678f6901c4","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":95,"box":{"x":69,"y":876,"width":790,"height":11}},{"id":"2b2abe24-edbb-4dd0-bb3c-8dc134153399","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":95,"box":{"x":69,"y":891,"width":790,"height":12}},{"id":"92b1d8a0-d3f1-44e7-9987-60510a953cfd","block_type":"box","text":"market Asia-Pacific companies.","page_number":95,"box":{"x":69,"y":906,"width":220,"height":11}},{"id":"a6d14feb-5cb4-4d9b-a39b-8586b9c6a67c","block_type":"box","text":"II-36","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"775e0219-6434-48dc-9ed5-476a33335b75","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":95,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"fa4c477d-edc2-4847-8d07-5ba886911d2d","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":96,"box":{"x":102,"y":45,"width":780,"height":11}},{"id":"1b11f4cc-bc14-403e-ad3a-00f42beb9c7f","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":96,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"70b30b99-46cc-4f17-a73e-8c2e85e76dab","block_type":"box","text":"services for such securities outside such countries.","page_number":96,"box":{"x":69,"y":75,"width":367,"height":9}},{"id":"555d20a6-0147-4b2c-8987-53841fe07080","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":96,"box":{"x":102,"y":98,"width":795,"height":11}},{"id":"185c0907-6d41-4ec8-a00f-a176dad89c89","block_type":"box","text":"to commercial banks and foreign governments.","page_number":96,"box":{"x":68,"y":113,"width":335,"height":11}},{"id":"21c48ce8-69df-424c-b6bc-4116a572f633","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":96,"box":{"x":102,"y":135,"width":788,"height":12}},{"id":"ac6d78aa-0410-4573-92b0-ead1f46a16af","block_type":"box","text":"on a Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":96,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"9a1fd484-ee6e-4ba9-ac80-aa76c8b8b75f","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":96,"box":{"x":68,"y":166,"width":450,"height":11}},{"id":"d4c9417d-482e-4932-911f-e8feea9098c7","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":96,"box":{"x":102,"y":188,"width":782,"height":12}},{"id":"5779a6ad-2f63-4753-b152-d347957e1087","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":96,"box":{"x":70,"y":203,"width":819,"height":12}},{"id":"64db66c5-6d48-4987-9dc4-d977129164be","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":96,"box":{"x":68,"y":218,"width":711,"height":12}},{"id":"3f9ed1e3-e82b-4fee-96c2-275fa5170566","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":96,"box":{"x":102,"y":241,"width":435,"height":11}},{"id":"76f17480-8808-4f06-9efd-0e68e52ed782","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":96,"box":{"x":543,"y":241,"width":355,"height":11}},{"id":"04672512-5863-4687-b417-84718e21e1d5","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":96,"box":{"x":70,"y":256,"width":817,"height":12}},{"id":"a7d4542d-308c-40e9-a32a-8879808c13e0","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":96,"box":{"x":69,"y":272,"width":836,"height":11}},{"id":"3a1d8929-180e-4ae5-bd10-ee1f12f4d49f","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":96,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"6c9d220e-fa15-4b79-9b68-076dcebf53c6","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":96,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"edec43e4-6810-4006-a112-0cfd1f96ec42","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":96,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"3bb33c51-74e3-4ce5-9dbb-4b8d210e1cf8","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":96,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"8fda159e-f8db-49d5-b36f-c3a23faae3ce","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":96,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"5d009c00-d857-4440-a3a4-a80a4b80a672","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":96,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"58abaa16-46e5-471b-a3a3-9c82ec963379","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":96,"box":{"x":70,"y":377,"width":434,"height":11}},{"id":"aca2103c-a376-4414-aee0-c4bf316bc3c0","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":96,"box":{"x":101,"y":400,"width":787,"height":11}},{"id":"053b7f00-3339-4c01-b132-7034343a6c8a","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":96,"box":{"x":68,"y":415,"width":833,"height":11}},{"id":"637f15b7-5f5a-4585-9757-74ee0cedbc84","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":96,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"acccde5f-399c-419e-90bf-2db097e268dc","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":96,"box":{"x":69,"y":445,"width":831,"height":12}},{"id":"6c00a5b6-8a39-4a33-9872-1f3156f9b1d8","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":96,"box":{"x":68,"y":460,"width":834,"height":12}},{"id":"79e141a1-f8be-4428-a362-1244ade8e141","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":96,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"506d53a4-6d8c-4e2c-94ae-5d618d07fe2c","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":96,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"cb523ae1-4795-469a-a928-6843f39a5874","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":96,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"92577477-9572-4af3-8ad3-2818475bfbba","block_type":"box","text":"investment at that time.","page_number":96,"box":{"x":70,"y":521,"width":168,"height":9}},{"id":"b4ee35b3-e474-4461-a3b0-00ea653515af","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":96,"box":{"x":102,"y":544,"width":774,"height":11}},{"id":"8a71964c-b706-4513-ab54-ae32c7a932d8","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":96,"box":{"x":70,"y":559,"width":803,"height":11}},{"id":"e33459fa-e1a0-4f48-8910-73ef4e38efea","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":96,"box":{"x":69,"y":574,"width":789,"height":11}},{"id":"2d691a1c-e811-490a-9889-7ac6a1591aa8","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":96,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"805233cf-295c-44c5-93da-df0a89337ded","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":96,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"e4408313-ff54-482e-9385-382db332fdd8","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":96,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"7d9bbca7-2d9a-489a-b560-0783f87bbb88","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":96,"box":{"x":68,"y":634,"width":800,"height":12}},{"id":"b7f8b275-18d0-43dc-9983-fd683d91d5f0","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":96,"box":{"x":69,"y":649,"width":839,"height":12}},{"id":"f0777b52-fb71-4629-867b-cbd7f3f39144","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":96,"box":{"x":68,"y":664,"width":798,"height":12}},{"id":"c4388d08-303a-4ad9-9160-cecfdc5e43f6","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":96,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"cb304e4d-1519-4c7b-bba9-880642b9eb19","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":96,"box":{"x":69,"y":695,"width":808,"height":11}},{"id":"b7157e0b-2b94-4039-a9ae-676ffb4dd364","block_type":"box","text":"government).","page_number":96,"box":{"x":68,"y":710,"width":92,"height":11}},{"id":"596ea399-f83c-4e26-a187-f27a38c4ca42","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":96,"box":{"x":102,"y":732,"width":790,"height":12}},{"id":"69629486-992c-4fe8-9efb-277bc9b3bd16","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":96,"box":{"x":68,"y":748,"width":828,"height":11}},{"id":"a0ca9ada-38b3-4169-b801-bc7568a3d190","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":96,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"fc9137ef-d79c-46a0-9e9f-b407d3726a5f","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":96,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"1ce8229f-4632-439f-8bf4-0abe52ea781a","block_type":"box","text":"foreign banks and other financial institutions.","page_number":96,"box":{"x":68,"y":793,"width":322,"height":11}},{"id":"6a5bb740-253e-4762-9d7b-831bca24edcf","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":96,"box":{"x":102,"y":816,"width":767,"height":11}},{"id":"be720a7a-0ce8-4572-b286-5b2739da9765","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":96,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"1a53820d-eec1-41d4-848d-5acc59a778a5","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":96,"box":{"x":69,"y":846,"width":809,"height":11}},{"id":"6f20e844-94a5-46c9-9d4c-5b5900c42a4c","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":96,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"28f8fad8-777e-4c69-8732-9fe6f2027819","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":96,"box":{"x":70,"y":876,"width":838,"height":11}},{"id":"e0a5289d-8aa3-46bf-be59-6187dbc8da78","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":96,"box":{"x":69,"y":891,"width":788,"height":11}},{"id":"a666ed4b-e485-488e-a0dd-1b399ec31b54","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":96,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"0436e44f-ceb5-4ea9-b054-733f51bf9833","block_type":"box","text":"II-37","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"301efb5e-96a7-4a18-86fe-8a15bf37928b","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":96,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"614c38ca-1945-4219-b2c1-3ee961d2dab8","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":97,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"ce8cd12a-0e52-403e-b940-79f9fd3427e6","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":97,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"cd72b56d-368a-4077-a1c4-335a0a9c3e1e","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":97,"box":{"x":70,"y":75,"width":771,"height":11}},{"id":"dff502c7-eefe-4c6b-b2d4-a004b10d6c5d","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":97,"box":{"x":69,"y":90,"width":711,"height":11}},{"id":"57895d80-120e-401c-a275-746c640bad94","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":97,"box":{"x":101,"y":113,"width":779,"height":11}},{"id":"9cfc59ac-cc16-4c73-be5d-6a66d83d9101","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":97,"box":{"x":68,"y":128,"width":840,"height":11}},{"id":"6cf5d35f-a119-494e-b9da-e8c85a06d23b","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":97,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"8e2847bf-b64f-44c2-88ac-7330bf44b9e2","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":97,"box":{"x":68,"y":158,"width":802,"height":11}},{"id":"2fbba22a-642a-4327-8b03-eb60aa07ef69","block_type":"box","text":"foreign securities.","page_number":97,"box":{"x":68,"y":173,"width":127,"height":11}},{"id":"0d003de3-78a9-434d-8795-918455ef18bd","block_type":"box","text":"Risks of Investments in Russia.","page_number":97,"box":{"x":102,"y":196,"width":224,"height":9}},{"id":"04b7f9c2-d268-4d10-8e91-d85067b59a89","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":97,"box":{"x":332,"y":196,"width":539,"height":11}},{"id":"feef2f42-572e-4529-824c-c2152fb1909d","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":97,"box":{"x":70,"y":211,"width":826,"height":11}},{"id":"27a5effd-f612-4a15-9297-7392bedae220","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":97,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"20463e1d-8f68-4279-b21c-fbd47baa3212","block_type":"box","text":"and a substantial portion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":97,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"e64d8fc5-273f-4db4-912b-94f6002c95bf","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":97,"box":{"x":68,"y":256,"width":824,"height":12}},{"id":"235fd60a-417a-457f-a0b2-a788dba9fe9c","block_type":"box","text":"make obtaining accurate prices on portfolio securities from independent sources more difficult than in more","page_number":97,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"0616b4d8-e9af-4c7c-b371-1c669d013c8e","block_type":"box","text":"developed markets.","page_number":97,"box":{"x":69,"y":287,"width":138,"height":10}},{"id":"763114fc-40cc-4578-a4a3-b5c0a1644458","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":97,"box":{"x":102,"y":309,"width":751,"height":11}},{"id":"f8790f01-8c35-41ba-bc8e-f262f9f10d09","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":97,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"3b631224-2800-4c99-a4ee-66bb70d9a393","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":97,"box":{"x":68,"y":339,"width":838,"height":12}},{"id":"dbf79429-e37b-4f37-ad66-da0a29b02253","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":97,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"7285cd0f-27ec-4a21-b73e-8d0cde0b09ca","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":97,"box":{"x":69,"y":370,"width":783,"height":11}},{"id":"cea3f7b7-04a6-4aa9-a9c5-5c6d3ad314b0","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":97,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"c7414793-8334-4a75-a0d0-77b9e55840f5","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":97,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"af582ee5-c49f-4aa8-b5ac-24de1e424bcb","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":97,"box":{"x":70,"y":415,"width":831,"height":11}},{"id":"6ff34fdc-a883-46fe-99c3-3eb0bfe38ff6","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":97,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"518e4936-95bb-4274-ab2d-7ea810636808","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":97,"box":{"x":69,"y":445,"width":832,"height":12}},{"id":"5f3a97e1-6607-473b-848f-6e45b355b4fd","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":97,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"80407ae1-7ff2-4e72-9ee1-06dec6da1333","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":97,"box":{"x":69,"y":475,"width":800,"height":11}},{"id":"fbe3752c-7a1f-42b7-8f35-dd0f3350739c","block_type":"box","text":"relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its","page_number":97,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"264da646-d122-4d00-a2d0-d1758a2d7081","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":97,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"b5952280-24bc-44ea-b989-0c2998afe244","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":97,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"22e055fd-08da-4aa4-9ac4-4bffcf14db8c","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":97,"box":{"x":68,"y":536,"width":723,"height":11}},{"id":"adeeffac-7858-4d52-91ca-8e13f8e2306d","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military measures, as it","page_number":97,"box":{"x":102,"y":559,"width":801,"height":11}},{"id":"436290b3-0b6e-4e05-9f76-7a822ce81f82","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":97,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"b1970d60-3afe-455a-a40d-b705f8323f2d","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":97,"box":{"x":69,"y":589,"width":809,"height":11}},{"id":"66162fd1-3399-44cd-8583-cfe001b7f597","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":97,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"be3ba9e7-2482-4fcf-a260-bd4ad6441df6","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":97,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"862abd5b-9089-4a48-9a49-c7fdab6207cc","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":97,"box":{"x":69,"y":634,"width":827,"height":12}},{"id":"8e81c469-1eb2-450d-bc07-39fdba4cc91a","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":97,"box":{"x":68,"y":649,"width":824,"height":12}},{"id":"2043edc4-8e95-4a41-a464-256e55e1cbe1","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":97,"box":{"x":69,"y":665,"width":814,"height":11}},{"id":"fdec6e00-71dd-484c-b852-502d284808fc","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":97,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"c8387f75-4532-4e3c-a0b6-aef1798a12a7","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":97,"box":{"x":69,"y":695,"width":814,"height":11}},{"id":"3328c3cb-973a-4721-b473-7f41cbd44baf","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":97,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"efa118af-4569-4ce8-bc9c-c509993e2209","block_type":"box","text":"threatened responses to such military action may also impact the markets for certain Russian commodities, such as","page_number":97,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"7a1f9007-8684-40de-b5ef-111948140da6","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":97,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"f927db8d-e2b6-4b7c-9593-40c45d77855d","block_type":"box","text":"sectors globally.","page_number":97,"box":{"x":69,"y":755,"width":112,"height":11}},{"id":"8f527c1f-3611-46db-9167-f380862cd696","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":97,"box":{"x":102,"y":778,"width":745,"height":11}},{"id":"6e87c85e-4897-42f5-97b3-0d64679b824a","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":97,"box":{"x":70,"y":793,"width":826,"height":11}},{"id":"da463765-c885-4c7a-823e-c17c5221bdcf","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":97,"box":{"x":70,"y":808,"width":799,"height":11}},{"id":"679dce10-7a87-4671-b107-716f3853a281","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":97,"box":{"x":70,"y":823,"width":788,"height":12}},{"id":"78432062-77f0-4f27-9000-13c846c80883","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":97,"box":{"x":69,"y":838,"width":807,"height":12}},{"id":"c08100d9-5159-48be-9752-3f58fe8c06a2","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":97,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"df99ef97-e353-4629-8a85-8e19257e3c03","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":97,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"cd9b7de8-7b5c-4cb6-9976-6714932d2516","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":97,"box":{"x":68,"y":884,"width":797,"height":11}},{"id":"5a0b0e24-bbe5-4443-8cee-a8e942b4787a","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":97,"box":{"x":68,"y":899,"width":804,"height":11}},{"id":"a8557aac-f646-41c0-87c1-43a12f96a5cd","block_type":"box","text":"II-38","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8d51d33c-88f0-46ed-ab2c-2dcd7715abe2","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":97,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e1d94f59-62e1-44ff-a6b7-bd7c75d4681f","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":98,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"88ca4820-8f00-4a5a-adee-4628591edfc0","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":98,"box":{"x":68,"y":60,"width":417,"height":11}},{"id":"96d0dc39-fde6-4c24-b4d4-fa024f366b04","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":98,"box":{"x":102,"y":82,"width":241,"height":12}},{"id":"64363676-3f62-4553-bfa2-f2d9a7a579f2","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":98,"box":{"x":350,"y":82,"width":523,"height":12}},{"id":"ac4a0cb7-da33-4222-9d98-238ef60135e4","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":98,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"5ee65005-0b08-49ec-9a51-d4e8ae5b9d90","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":98,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"e4b5037a-1238-4a4b-9453-af2fa7eeebfe","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":98,"box":{"x":68,"y":128,"width":793,"height":11}},{"id":"d99de120-01e1-4ee5-81e7-197b8319b85b","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":98,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"2dcbf866-cf95-425b-b576-ef7ff7011a7e","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":98,"box":{"x":69,"y":158,"width":777,"height":11}},{"id":"f5a7445b-9153-4c08-9aca-d17dcd6c7de6","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":98,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"ca045f36-f119-4165-b776-1ee8bfbbcfd9","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":98,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"6c4c65b2-2065-46da-a22c-7ac80e9cf337","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":98,"box":{"x":69,"y":203,"width":765,"height":12}},{"id":"60d8f7cb-0b04-4755-8f38-05320e1e8eb3","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":98,"box":{"x":69,"y":218,"width":838,"height":12}},{"id":"d0aaed46-149a-4845-9294-047c1a7f7bb1","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":98,"box":{"x":69,"y":234,"width":805,"height":11}},{"id":"9241a253-0d35-4bff-b8ea-4f5d93913909","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":98,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"7f4c3d45-345e-4d4f-befa-ebbbca01d72e","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":98,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"10de2ab5-c904-48fb-860e-e4bd327d89f8","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":98,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"8de41f75-797b-444b-b9fa-5ede64438e2c","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":98,"box":{"x":69,"y":294,"width":835,"height":11}},{"id":"b1444582-fcdd-4c87-a2d2-5fd9ed8da94b","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":98,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"aa0e5e75-83ee-45aa-b46c-0c4d7b60f1d1","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":98,"box":{"x":68,"y":324,"width":781,"height":12}},{"id":"4d3bf964-6e1e-45ce-a160-4ee07b3c65ae","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":98,"box":{"x":69,"y":339,"width":811,"height":12}},{"id":"b10d698e-0c80-4836-a431-fdd3923220a8","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":98,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"4b6fb505-f853-4560-82e0-72244caeb763","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":98,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"42f03810-82cf-470c-8b49-0662b80ba73f","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":98,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"7df45465-e12e-4b30-87c5-8345ea8783ec","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":98,"box":{"x":69,"y":400,"width":791,"height":11}},{"id":"88090139-150c-4796-b10a-39116587b6c4","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":98,"box":{"x":69,"y":415,"width":835,"height":11}},{"id":"f2ebb077-6500-491e-ba54-d250c3006561","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":98,"box":{"x":68,"y":430,"width":799,"height":11}},{"id":"80d32879-5ddf-425c-be5c-2316981a5310","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":98,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"f9473965-55bd-4e6c-a357-fd1c2f6e8795","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":98,"box":{"x":68,"y":460,"width":818,"height":12}},{"id":"f1a68ee3-0b44-44a2-9610-36c224c0aa80","block_type":"box","text":"impacted.","page_number":98,"box":{"x":70,"y":476,"width":67,"height":10}},{"id":"f9791798-be41-4472-ad3b-f784589c843a","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":98,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"e77aa862-0375-4eb6-85cc-a65d6afa93ed","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":98,"box":{"x":69,"y":513,"width":812,"height":12}},{"id":"908744b2-7f69-48b3-a4fa-05bab0fbfd35","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":98,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"d65babdf-83a1-40a6-ade8-45e1442b0fb5","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":98,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"287ab923-5529-4709-9f98-09ea79d71616","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":98,"box":{"x":68,"y":559,"width":826,"height":11}},{"id":"f1146632-a11f-4493-89b4-59c88193ff2c","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":98,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"a97d027b-d07a-409b-b3fb-2aedf3066997","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":98,"box":{"x":70,"y":589,"width":790,"height":11}},{"id":"48262ceb-ef93-401c-a2d0-57a913818c6d","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":98,"box":{"x":70,"y":604,"width":798,"height":11}},{"id":"fc903a02-f437-427b-8e06-1d523e1f1950","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":98,"box":{"x":68,"y":619,"width":781,"height":11}},{"id":"fa4acebc-2e5d-468c-9147-0da00a4b4928","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":98,"box":{"x":70,"y":634,"width":836,"height":11}},{"id":"df548378-2feb-4df0-ab6a-675d89fc6750","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":98,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"c7ec80c3-6e53-494e-b8af-59c6f67e4f61","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":98,"box":{"x":69,"y":665,"width":838,"height":11}},{"id":"4f0d4a0d-504a-4353-8916-35f74bcdad45","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":98,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"ae21c507-33fd-4f0d-890d-a41e4396b323","block_type":"box","text":"economy.","page_number":98,"box":{"x":69,"y":697,"width":65,"height":9}},{"id":"3ba69206-59e4-407b-8214-580d5ae57168","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":98,"box":{"x":101,"y":718,"width":747,"height":11}},{"id":"d39e46d7-5fbc-4c83-8858-2356f8ed90af","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":98,"box":{"x":69,"y":733,"width":776,"height":11}},{"id":"dd6790cc-17ae-4845-a863-a4b25bfc2f05","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":98,"box":{"x":69,"y":748,"width":836,"height":11}},{"id":"2aa38ea6-2e86-423a-b256-df73c8900d5f","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":98,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"27e19f81-22ee-41bf-9669-c948796fbbc1","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":98,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"b60b862a-4539-4b0f-9773-4341f25acb18","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":98,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"1adac3a6-7ccc-41f0-b9c0-67bf5c461d14","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":98,"box":{"x":68,"y":808,"width":837,"height":11}},{"id":"34a24200-d515-4a22-ae78-36a67d7d2b51","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":98,"box":{"x":69,"y":823,"width":826,"height":12}},{"id":"9cefde13-b317-4d37-b750-316ec90a3cea","block_type":"box","text":"typically the case for investment managers.","page_number":98,"box":{"x":68,"y":838,"width":309,"height":12}},{"id":"cf6395b7-d379-4f9e-a332-ab7a82019701","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":98,"box":{"x":101,"y":861,"width":806,"height":11}},{"id":"24cd846f-ce52-42a5-9f1c-effba6d4bfd0","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":98,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"a89b84c6-95ee-490c-8835-84581cf9d628","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":98,"box":{"x":70,"y":891,"width":777,"height":12}},{"id":"b9f35fe9-ddcf-472b-bc90-bb291ab81134","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":98,"box":{"x":69,"y":907,"width":796,"height":11}},{"id":"66fd8d37-fdf8-4a37-8ba6-df67732eaee0","block_type":"box","text":"II-39","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2ded489-2d11-400b-ae78-00c1b79e560d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":98,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0e3d1a41-f6aa-439f-8a0a-0d36b4b92d3b","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":99,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"476c1d74-cfda-4479-803d-33b403d774b8","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":99,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"e341837f-ecec-4ea2-a69d-68da519d7198","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":99,"box":{"x":68,"y":75,"width":764,"height":11}},{"id":"5b24253c-58a5-44af-acb1-e7c1434a34ff","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":99,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"707d77e4-2e82-4d39-af1c-6ce5153f2576","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":99,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"a6349c15-8407-4b83-9732-6191f8b1dfff","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":99,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"281b4384-055c-452c-bfce-b30bafbab632","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":99,"box":{"x":69,"y":135,"width":815,"height":11}},{"id":"4340b7e5-a101-4b53-a2df-b18762b4f131","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":99,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"1ae8cf93-9bbf-4f3a-bc52-05b6cc79ac74","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":99,"box":{"x":70,"y":166,"width":797,"height":11}},{"id":"b04a9bb2-73be-4445-928d-db4b903d74db","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":99,"box":{"x":69,"y":181,"width":510,"height":11}},{"id":"14bc2b11-07b9-483e-867f-7fa6becddae1","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":99,"box":{"x":102,"y":203,"width":773,"height":12}},{"id":"1c09f8b8-3d20-4840-bb99-d79e1b6875ac","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":99,"box":{"x":69,"y":218,"width":820,"height":12}},{"id":"fa6f75f9-d9d8-4c24-a88b-51c2ccfdcc3c","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":99,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"301915d8-0c22-408b-82f9-931dba69a031","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":99,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"db8258e7-b9b0-4825-a76c-002aa7f536bd","block_type":"box","text":"will be indirectly subject to those risks.","page_number":99,"box":{"x":68,"y":264,"width":277,"height":11}},{"id":"7e449972-d12b-4d5e-86ae-563f9a6327db","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":99,"box":{"x":102,"y":286,"width":223,"height":12}},{"id":"90d59ace-c014-46d5-b264-eb56be7c2602","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":99,"box":{"x":332,"y":287,"width":521,"height":11}},{"id":"402eaeec-4413-47b8-ad0d-e43519309ed7","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":99,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"7ee0934c-cbd3-4973-8215-ca0ed02cd996","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":99,"box":{"x":70,"y":317,"width":837,"height":11}},{"id":"e4676c10-2174-4da0-8c2a-2fa4d0c657e5","block_type":"box","text":"on export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":99,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"964761b6-aceb-4a99-b014-8e5485a635df","block_type":"box","text":"key trading relationship that disrupts the production or export of natural resources will likely negatively affect the","page_number":99,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"a543f539-91e6-4f46-b508-9c70c9e0ed8e","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":99,"box":{"x":68,"y":362,"width":816,"height":11}},{"id":"c5474c8f-6121-403c-bdf2-090f58fee1e7","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":99,"box":{"x":68,"y":377,"width":758,"height":12}},{"id":"ba74c4e3-8d89-4d60-8b0c-8e9c0b9d1e55","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":99,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"c985ba10-abf2-4283-954e-8ee61ce61922","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues between the","page_number":99,"box":{"x":69,"y":408,"width":804,"height":11}},{"id":"ff34bc62-8ad1-48ea-bea5-74caf98900e4","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":99,"box":{"x":68,"y":423,"width":822,"height":11}},{"id":"b792d86c-af50-430d-96da-be5a24258572","block_type":"box","text":"and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":99,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"28c3a62b-a617-4df2-b16e-3f6667d1bd94","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":99,"box":{"x":68,"y":453,"width":814,"height":11}},{"id":"1c57a9ee-103b-4c0b-8aec-21c81e64f40e","block_type":"box","text":"against Venezuela in an effort to effect regime change. Military action, sanctions, or even the threat of further","page_number":99,"box":{"x":69,"y":468,"width":787,"height":11}},{"id":"6366b82e-9119-48e9-a62b-5a2574ed813d","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":99,"box":{"x":69,"y":483,"width":766,"height":11}},{"id":"139469f5-63f3-4925-8115-d1348355310e","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":99,"box":{"x":68,"y":498,"width":804,"height":11}},{"id":"31dd823e-6aae-4e8d-adae-dd3a99beea77","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":99,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"5f60728d-e06f-422a-9c5d-faa50e6e4b17","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":99,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"2f4cd961-e24f-4222-be12-4209ec228458","block_type":"box","text":"impact on a Fund’s investments.","page_number":99,"box":{"x":70,"y":544,"width":230,"height":10}},{"id":"2685134c-c6bd-4f2e-8667-5b733a63e1cf","block_type":"box","text":"Brady Bonds.","page_number":99,"box":{"x":102,"y":566,"width":92,"height":11}},{"id":"9c34fe6b-7850-4c92-88f3-5173f62e4135","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":99,"box":{"x":201,"y":566,"width":689,"height":11}},{"id":"870a4d97-0099-4a88-af80-3594b9714c5a","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":99,"box":{"x":69,"y":581,"width":815,"height":12}},{"id":"00030b5f-5f02-4495-961f-77e398c4e26f","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":99,"box":{"x":69,"y":596,"width":766,"height":12}},{"id":"9e83a6d8-397d-4322-ac1d-eb6c5a37411c","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":99,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"718d7052-4e9c-4995-ac3b-10a12387f832","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":99,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"764a8d31-988e-485f-812d-440cf7ff9394","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":99,"box":{"x":69,"y":642,"width":839,"height":11}},{"id":"9cf5cd4d-7bd0-4a0c-bfc9-e438290f89de","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":99,"box":{"x":70,"y":657,"width":786,"height":11}},{"id":"ea241b1d-67c2-411c-afdb-4935f5b99867","block_type":"box","text":"2000s, certain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":99,"box":{"x":69,"y":672,"width":814,"height":11}},{"id":"7a51fc70-d0df-4789-929c-dff532323565","block_type":"box","text":"Venezuela.","page_number":99,"box":{"x":68,"y":687,"width":75,"height":9}},{"id":"712e3541-a8ed-47a7-a990-3defcaf32ca2","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":99,"box":{"x":102,"y":710,"width":798,"height":11}},{"id":"bd55ff4b-70b9-4008-b8bc-8fdae19ffc07","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":99,"box":{"x":69,"y":725,"width":780,"height":11}},{"id":"b72f4728-c893-405f-8f36-16068ba6f389","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":99,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"5602fd7b-8091-4ca4-a044-9e43f81ca00c","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":99,"box":{"x":69,"y":755,"width":796,"height":11}},{"id":"dc8fd993-2a22-4704-97d1-6f92ec9de9a1","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":99,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"33717065-8275-43ce-84ca-84bdf3d5c951","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":99,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"d5f8f5e5-5e68-4aeb-9e78-e2b9a98e26cb","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":99,"box":{"x":68,"y":801,"width":833,"height":11}},{"id":"b7dcd642-9b72-4a16-adb5-985dbb71ba18","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":99,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"186eaee6-801f-4192-945c-661bfe85bc4b","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":99,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"beb87ac9-0abc-45fb-8e72-a94d1032dc59","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":99,"box":{"x":69,"y":846,"width":835,"height":11}},{"id":"a641b689-d000-4b0f-8d06-098ceba539b7","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":99,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"47e78b7e-7204-4f98-a800-057a5f27e115","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":99,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"4c343d47-57d1-4f29-8f25-41dec555dbf2","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":99,"box":{"x":69,"y":891,"width":430,"height":11}},{"id":"14aadcc3-9f50-4033-a4ef-9866b3efe17f","block_type":"box","text":"II-40","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"28b17415-64c7-46e6-a275-dc7fe8fae825","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":99,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8d996cc0-990a-439e-bf74-55a769cc24d6","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":100,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"c1f6801b-a13b-4479-a2ac-f9b080dcc254","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":100,"box":{"x":68,"y":60,"width":838,"height":11}},{"id":"4e5ce3d4-ed6c-452d-b1f5-edc783a7ceaf","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":100,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"bad48b79-a031-4412-b9e4-c8536ce78418","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":100,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"4f4bc6c5-044f-4755-8c95-a65318b397d6","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":100,"box":{"x":68,"y":105,"width":841,"height":11}},{"id":"57d7fd42-2948-425e-9b01-1cc66bbb395e","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":100,"box":{"x":70,"y":120,"width":351,"height":12}},{"id":"b991d4a7-dcc0-4631-b516-6719e74a2426","block_type":"box","text":"China Investments Risk.","page_number":100,"box":{"x":102,"y":143,"width":171,"height":9}},{"id":"42b1ba0e-fddd-4b5c-80f2-da00533e73e1","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":100,"box":{"x":102,"y":166,"width":763,"height":11}},{"id":"a23e0fa9-b270-48ff-84c6-11de9371384f","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":100,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"2d6307bd-3da9-4909-a30f-221ddc863b6c","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":100,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"efa18f5a-354f-47ce-a3d2-22052f9daf60","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":100,"box":{"x":69,"y":211,"width":809,"height":11}},{"id":"1259e717-c6a9-4b24-82e5-67d35ceea8d7","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":100,"box":{"x":69,"y":226,"width":713,"height":11}},{"id":"9b956df7-c8fd-4872-8e76-615e64d21871","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":100,"box":{"x":102,"y":249,"width":762,"height":11}},{"id":"4ef8ba70-8cbc-4cdb-aa32-fa3a05430b16","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":100,"box":{"x":69,"y":264,"width":800,"height":11}},{"id":"a1eb7c16-2809-457e-8564-f75cf1315eff","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":100,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"c2d716da-5f89-46a4-b263-19cab4a07456","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":100,"box":{"x":68,"y":294,"width":777,"height":11}},{"id":"af04a8db-a3c7-4bad-9d1c-dc1fdd7171ce","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":100,"box":{"x":69,"y":309,"width":809,"height":11}},{"id":"cab96b89-b97a-42a8-8153-0e02add99986","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":100,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"f2e34102-9124-401e-9221-0cf5b482c5c0","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":100,"box":{"x":70,"y":340,"width":770,"height":11}},{"id":"77741fca-2099-4bb9-bb69-2f20c5f82be1","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":100,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"2fd6cc4a-6c26-40dd-9784-88fbb91d2294","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":100,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"67eeeea3-6cfe-49e4-827b-867775a64e73","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":100,"box":{"x":68,"y":385,"width":812,"height":11}},{"id":"5bc1a1c3-d10d-4dbc-8a7a-4af4a95b0572","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":100,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"891f9849-f414-4b62-b2bc-3e1832917595","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":100,"box":{"x":69,"y":415,"width":769,"height":11}},{"id":"9cb61612-542d-4b61-8260-b8c113191504","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":100,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"e73118b4-4281-4784-9a07-012c38da43a2","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":100,"box":{"x":68,"y":445,"width":810,"height":12}},{"id":"f245c360-8bc5-4672-9ba1-94b36df26837","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":100,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"57319e0e-33ae-40c8-a26c-916ba1a62c85","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":100,"box":{"x":69,"y":475,"width":811,"height":12}},{"id":"ded835ed-c2e1-407e-9614-899345c5b711","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":100,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"42982d4f-a690-4d22-98a0-aabc0b8ea9e5","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":100,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"691bc0d8-b17f-4cde-b298-bbdb7ef7bf01","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":100,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"b6e32768-5194-453e-841f-5a16adf8e334","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":100,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"9e9c848d-9b65-417e-ac44-315ef03a6446","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":100,"box":{"x":69,"y":551,"width":776,"height":11}},{"id":"009b6484-b49c-4b57-97ca-1eef2b3bf060","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":100,"box":{"x":101,"y":574,"width":792,"height":11}},{"id":"aa292edf-8c01-42d0-8d99-71f368e6a90e","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":100,"box":{"x":70,"y":589,"width":818,"height":11}},{"id":"9a476beb-d591-41cd-9230-73d9aed884bb","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":100,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"1b69f950-8e50-4d60-b25f-5052dcf87c03","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":100,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"a56b7899-004f-4d8f-9526-5ea34894d1e2","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":100,"box":{"x":70,"y":634,"width":763,"height":11}},{"id":"7303879d-cec6-4851-88da-7bd81677fd03","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":100,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"0327e226-97c3-4555-882a-1c7e8906958b","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":100,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"55ec3d3c-f91c-414e-89eb-0ed3255465c2","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":100,"box":{"x":68,"y":680,"width":653,"height":11}},{"id":"0438330b-c0e9-48a7-b46c-484f71b85cd2","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":100,"box":{"x":101,"y":702,"width":783,"height":12}},{"id":"930e2ef2-eea4-45d2-b312-2fe724a8199e","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":100,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"5b41d6d0-41a7-4a14-9954-8d4f7520f741","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":100,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"3f3f0dd0-6a8a-4317-b329-385121429471","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":100,"box":{"x":70,"y":748,"width":821,"height":11}},{"id":"f77a2124-1e07-402f-8984-002daa1ca035","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":100,"box":{"x":69,"y":763,"width":683,"height":11}},{"id":"eafe7e1a-f695-4ae8-b44a-966c59c58b0a","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":100,"box":{"x":102,"y":785,"width":797,"height":12}},{"id":"cad6b307-e143-44e1-b88f-573ef1ae1d25","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":100,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"507bb7df-46b1-446e-8f67-9d645a315725","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":100,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"ebd2006c-0d3d-41c8-ad56-50f225cf9fec","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":100,"box":{"x":70,"y":831,"width":836,"height":11}},{"id":"37fde008-52d1-4f88-bede-c10864ac2608","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":100,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"bba76a66-9e23-48b4-953f-aa29d0a7efa7","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":100,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"f41a8579-fa75-42e2-bb91-c58948a98eea","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":100,"box":{"x":68,"y":876,"width":816,"height":11}},{"id":"564a86c4-9e96-4ee5-86b9-4cb990ae38ef","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":100,"box":{"x":68,"y":891,"width":816,"height":12}},{"id":"b46fd21a-84d3-4ec4-b6fe-f69c74401e75","block_type":"box","text":"II-41","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"70881996-61bc-4a84-a206-88f2b0543feb","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":100,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c36340d3-313e-41ac-8dcc-cede1bfbdb6b","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":101,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"6d8d532c-4753-4c02-9d36-48853880ec5b","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":101,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"43d35438-4a2a-46ad-9488-09bcae34fe52","block_type":"box","text":"sub-custodian.","page_number":101,"box":{"x":69,"y":75,"width":102,"height":9}},{"id":"31ab681f-ccff-4e35-b0ed-b1a7c9918efb","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":101,"box":{"x":101,"y":98,"width":801,"height":11}},{"id":"74e1cb62-0080-48d0-9b7a-fcca9207a0af","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":101,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"2727205e-7640-478c-ac89-2ed851058ed6","block_type":"box","text":"on investor protection considerations.","page_number":101,"box":{"x":69,"y":128,"width":268,"height":11}},{"id":"4e35bfce-f80e-4d8b-84c0-022af8eadfff","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":101,"box":{"x":101,"y":151,"width":806,"height":11}},{"id":"cbaa79e6-68fc-4d53-bcb3-abcca10ef156","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":101,"box":{"x":70,"y":166,"width":829,"height":11}},{"id":"66ad3be1-5595-4684-859e-0d0add4d03cf","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":101,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"a393e072-0a2e-4877-971d-783aeddc9a7b","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":101,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"230e2ffb-5f17-469b-bcd2-9be9fc74ed7d","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":101,"box":{"x":68,"y":211,"width":774,"height":11}},{"id":"851b4f76-f94d-4870-a575-7fa8f65b5925","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":101,"box":{"x":69,"y":226,"width":760,"height":11}},{"id":"471a6039-e9a8-47ce-a9f0-32fc3866e3aa","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":101,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"fe0cc11c-7291-4899-9cdf-ecb413f8eb24","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":101,"box":{"x":70,"y":256,"width":822,"height":12}},{"id":"e8c8d6b9-71be-44c1-a1e8-e96a09fdbdb4","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":101,"box":{"x":70,"y":271,"width":821,"height":12}},{"id":"a3076c2e-bf36-46c8-9f5e-75c7b9937b20","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":101,"box":{"x":70,"y":287,"width":820,"height":11}},{"id":"3035a9e7-78ac-4be9-a21c-998bcd7364fb","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":101,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"b731ab47-2843-46c9-ab2f-bd3b57042ccf","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":101,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"41c9b8f5-adc0-4ae4-a7f5-2288de6996a6","block_type":"box","text":"accounting firm.","page_number":101,"box":{"x":69,"y":332,"width":112,"height":11}},{"id":"379fe0d1-3075-45c6-bc8a-4c09b3d895d9","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":101,"box":{"x":101,"y":355,"width":780,"height":11}},{"id":"3a790ca1-f8ef-4694-ac57-fda58de28928","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":101,"box":{"x":70,"y":370,"width":815,"height":11}},{"id":"315aec1a-16a3-4b22-b7d4-23db70ed6c6d","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":101,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"aab21507-9e60-4043-8c16-6e7d1d3d81b6","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":101,"box":{"x":69,"y":400,"width":787,"height":11}},{"id":"2bb0b9e8-65d3-44c5-901a-bac802cbab89","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":101,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"506090ab-e0df-46fb-8ea8-6ef3483508d4","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":101,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"932fbaf3-8edb-4838-8350-aa978cd124ed","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":101,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"0e7eae39-6c53-44c1-b9b5-d0aea4b24b0b","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":101,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"bcb3da0d-97e4-4650-be1d-4e9ad7635308","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":101,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"34fe853a-f5c0-4267-b393-684678566b5c","block_type":"box","text":"RMB (“CNH”).","page_number":101,"box":{"x":70,"y":491,"width":97,"height":11}},{"id":"49ea275a-f19b-440f-8bc7-9f5b03d4467a","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":101,"box":{"x":102,"y":513,"width":802,"height":12}},{"id":"06b58481-b140-4bbe-9258-cc7ce3d12ac6","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":101,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"e86df5be-8e21-4a52-9fbc-b4f17ddfef0c","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":101,"box":{"x":70,"y":544,"width":822,"height":11}},{"id":"dbc6e304-93ae-4e40-932f-6eb0444be711","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":101,"box":{"x":70,"y":559,"width":775,"height":11}},{"id":"afc2de21-87f5-4613-a4b6-a3543c82bb6e","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":101,"box":{"x":69,"y":574,"width":809,"height":11}},{"id":"93788426-a44b-4a9f-b471-e61b29e04298","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":101,"box":{"x":69,"y":589,"width":803,"height":11}},{"id":"56ea9ae1-1598-492f-abc6-e48100a772fb","block_type":"box","text":"represent equity ownership in the operating company.","page_number":101,"box":{"x":69,"y":604,"width":380,"height":11}},{"id":"814a72b4-590c-45ae-9656-0d642ff3cb9b","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":101,"box":{"x":101,"y":627,"width":801,"height":11}},{"id":"ff38a75a-f15b-4ae3-8ac7-d2384969b4ff","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":101,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"e002cbbd-c174-455e-83b5-dd1e74497862","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":101,"box":{"x":69,"y":657,"width":825,"height":11}},{"id":"f7ce1c8c-f5e2-45bf-b20e-0f9d7f3f95c1","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":101,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"4e665c3e-b106-4e70-b11e-7b3d95122130","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":101,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"a431b06d-ca2f-4da1-ae9c-ad4b5a5fa85f","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":101,"box":{"x":69,"y":702,"width":770,"height":12}},{"id":"f78acec4-8d89-4871-96ff-ba509b09ffd7","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":101,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"20589613-45fd-4fd7-bc85-66ab2d606381","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":101,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"1b352667-7f1a-4ebd-b057-e2c54b5a9ce9","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":101,"box":{"x":69,"y":748,"width":815,"height":11}},{"id":"7dc9d9be-4e47-4e37-8a89-33f11af78d31","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":101,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"e3a11b94-0388-4fa6-9321-ac52ffa3d83c","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":101,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"5a984178-13ec-46a7-8364-b944438f023a","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":101,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"8c77e9a6-8332-4b68-919b-312e863237f3","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":101,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"0099dadf-91c0-4cc9-b5fe-af3c1c1587be","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":101,"box":{"x":68,"y":823,"width":798,"height":12}},{"id":"294741f3-cb61-4f9b-9bf1-f3ec507c2f87","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":101,"box":{"x":70,"y":838,"width":833,"height":12}},{"id":"d4c2e1aa-7c06-4709-9353-4b2dfa5827af","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":101,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"02c9c15a-6fac-4c5d-a027-1c382fe95407","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":101,"box":{"x":68,"y":869,"width":792,"height":11}},{"id":"1a7c6aef-eda4-4ff9-825b-4209c72af44e","block_type":"box","text":"losses to a Fund.","page_number":101,"box":{"x":70,"y":884,"width":120,"height":9}},{"id":"c06c88c4-8e3b-43e6-a2e5-96634158b4b0","block_type":"box","text":"II-42","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91d36ccb-5390-47c0-b25c-4ca43a048527","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":101,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"72d3b152-d376-46fb-b3bd-55674d3cd609","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":102,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"000e6f1d-32d8-4226-999d-799476f14ed3","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":102,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"0f6750fd-9027-44c7-8488-ea6d81255257","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading partners over its exporting of its","page_number":102,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"a5d2c3db-fad0-40f0-9b64-9bd139382a3e","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":102,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"dfdcbef0-5f52-4b06-a7e1-f1464e973800","block_type":"box","text":"export growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":102,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"5751aa7c-2181-4e88-9d80-a9ef37fd2969","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":102,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"67678740-6892-4768-92ac-03822cc6fc8e","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":102,"box":{"x":69,"y":135,"width":765,"height":12}},{"id":"c7ac1f78-bad0-4a0d-acb6-d52079a9cb7c","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy and the companies","page_number":102,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"4234ecec-86d7-4909-8bc9-92782b1c40de","block_type":"box","text":"in which a Fund invests. Certain Chinese companies (which may change from time to time) are directly or indirectly","page_number":102,"box":{"x":70,"y":166,"width":816,"height":11}},{"id":"816f54fa-06b8-4e2c-baa0-3d47f9b2bcdb","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":102,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"2eea09a1-847c-470c-bc8b-65de18f8386d","block_type":"box","text":"rights or other concerns of such government. For example, certain foreign technology companies are subject to U.S.","page_number":102,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"6898c70c-5712-47c1-9c5e-72e646aacd91","block_type":"box","text":"export controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of","page_number":102,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"0804f2ff-41d6-4256-bade-a53303b2a3c4","block_type":"box","text":"goods produced in certain regions of China or by certain Chinese companies due to concerns about forced labor.","page_number":102,"box":{"x":68,"y":226,"width":805,"height":11}},{"id":"29f336a9-d42b-4b6b-b715-08bc6eaf9d82","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":102,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"26e65c83-80b5-4da7-af76-aa8ad1fff53a","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement","page_number":102,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"47c83ce8-31c7-42ee-acc4-48a23a2dfa74","block_type":"box","text":"or cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":102,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"748f4699-b214-4dec-b81f-1043965db616","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":102,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"42fca907-43da-4f57-8004-8fc9e7038861","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":102,"box":{"x":69,"y":302,"width":812,"height":11}},{"id":"ba9d93a0-42e2-45ae-9fa2-81963bad0469","block_type":"box","text":"such companies.","page_number":102,"box":{"x":69,"y":317,"width":119,"height":11}},{"id":"afe935cf-7c69-4063-80c2-e5e14a5beeea","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":102,"box":{"x":101,"y":339,"width":792,"height":12}},{"id":"47f29375-6e64-4922-81c8-cb791a32fd58","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":102,"box":{"x":69,"y":355,"width":840,"height":11}},{"id":"4c619932-cac2-44d6-a38e-5cfe0ff3f731","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":102,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"4982225e-723a-43df-a044-a0ba244ea447","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":102,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"b49edc7e-dd98-4266-a2bc-1ffa24647937","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":102,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"3a7fbd76-677c-4824-928e-7fde3c8c0929","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":102,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"73375d9c-3019-46fb-8409-477efede8cde","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":102,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"5be6138c-5ff8-4020-b16c-0b5d0ba1f966","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":102,"box":{"x":68,"y":445,"width":773,"height":12}},{"id":"3e65634d-671d-4aaa-8e43-1fbe2e1bd4d4","block_type":"box","text":"standards.","page_number":102,"box":{"x":69,"y":461,"width":74,"height":8}},{"id":"c80b0872-5eec-463f-b7fe-de47da7f69b3","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":102,"box":{"x":102,"y":483,"width":794,"height":11}},{"id":"ced12d19-2760-43e9-87cf-1bd8ca69c4e4","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":102,"box":{"x":69,"y":498,"width":792,"height":11}},{"id":"380de3b7-701b-477a-a312-cb1e78741338","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":102,"box":{"x":69,"y":513,"width":803,"height":11}},{"id":"cc65759e-37b6-4c2a-90a9-c30ec996da0a","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":102,"box":{"x":69,"y":528,"width":811,"height":12}},{"id":"dccf3038-4006-45a7-bdba-4bcfbac1b3be","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":102,"box":{"x":69,"y":543,"width":548,"height":12}},{"id":"3f45c3d7-8698-42c0-9617-c7de731ed529","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":102,"box":{"x":102,"y":566,"width":288,"height":11}},{"id":"3d647dbe-8278-4e9e-8d0f-a4cccd8da40e","block_type":"box","text":"General","page_number":102,"box":{"x":102,"y":589,"width":55,"height":9}},{"id":"099318e4-8990-4c9c-9a09-38b04d15f615","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":102,"box":{"x":158,"y":589,"width":704,"height":11}},{"id":"1c144726-570e-44e7-a2bb-0b0cc5ee94cd","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":102,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"60a7e283-bc5e-4ddb-9351-168fe17dc392","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":102,"box":{"x":69,"y":619,"width":815,"height":11}},{"id":"aefb1f40-0943-487a-92de-66e09c6d7d13","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":102,"box":{"x":68,"y":634,"width":833,"height":12}},{"id":"094cf189-c3e9-41ad-af77-a54449218f14","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":102,"box":{"x":69,"y":649,"width":744,"height":12}},{"id":"b2fea8bc-88b0-4127-956a-5109950924d5","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":102,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"83910726-3a1e-449f-90a3-25e833906b6d","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":102,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"2323e2a5-c5ca-4bb3-b94d-0e02433a3252","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":102,"box":{"x":70,"y":702,"width":834,"height":12}},{"id":"f727c2da-5582-4213-9ca4-260cb9bc8d87","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":102,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"bbc07958-cffc-4ed6-a0fb-60efde279ada","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":102,"box":{"x":70,"y":733,"width":819,"height":11}},{"id":"bfefd441-dbef-43f3-931d-53cba822c93b","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":102,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"9fd7dd38-6daa-403e-ba56-6e9463137dbc","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":102,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"69d9a66c-c841-4362-a0b7-e8b7119d1f4e","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":102,"box":{"x":68,"y":778,"width":824,"height":11}},{"id":"185494d7-e406-4e7c-bcd0-c59972391050","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":102,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"8d38d61c-58ef-4bd0-8218-f8b3adfc23b5","block_type":"box","text":"company established by SEHK.","page_number":102,"box":{"x":69,"y":808,"width":219,"height":11}},{"id":"51442ba2-0c78-4b17-8112-98bed0cb1b45","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":102,"box":{"x":101,"y":831,"width":794,"height":11}},{"id":"ce469043-c69c-44ac-ad7c-95ac324b81ae","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":102,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"83c5ce49-6da9-48d0-8a55-659973aa00b2","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":102,"box":{"x":69,"y":861,"width":779,"height":11}},{"id":"569f81e5-4125-48c0-a501-e53e7f6bb35c","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":102,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"54612a45-3b0e-4990-a0b5-f219f79ffd80","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":102,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"8dad99ad-95fb-467b-acd3-49e9b23f0038","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":102,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"b2c67eb4-3555-4309-9370-2509357c997c","block_type":"box","text":"II-43","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fa0663f4-ebdb-40cd-ba83-3368f5912e67","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":102,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1b6a5a15-3297-48c9-946e-c89a035c4eda","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":103,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"efc01cfd-dc43-4c7b-a031-482cd8a67c4b","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":103,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"e7c4e51c-48cf-4bc7-8196-8bb4f00d3408","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":103,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"f76c7207-ef78-4ccf-9212-1a2932bc5b33","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":103,"box":{"x":68,"y":90,"width":829,"height":11}},{"id":"88ab3f43-9201-4314-9074-1bb9f2910e2a","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":103,"box":{"x":69,"y":105,"width":797,"height":11}},{"id":"8334a8cd-965f-479b-852d-a880b5265856","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":103,"box":{"x":69,"y":120,"width":820,"height":11}},{"id":"009483ec-07f4-48b9-938d-08edc670038e","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":103,"box":{"x":69,"y":135,"width":820,"height":12}},{"id":"f0302d3c-d4ca-4c5d-bd00-45e98559fc27","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":103,"box":{"x":69,"y":150,"width":278,"height":11}},{"id":"f71152ea-786c-4608-af06-81831b40cddf","block_type":"box","text":"i.e.","page_number":103,"box":{"x":349,"y":151,"width":21,"height":8}},{"id":"7420e412-4e95-4508-8a1d-38570d218b67","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":103,"box":{"x":372,"y":150,"width":524,"height":11}},{"id":"19ba0a34-8acc-44ec-8232-48e02e781003","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":103,"box":{"x":69,"y":166,"width":815,"height":11}},{"id":"055a8470-fbd8-4407-834d-2196d0bbee56","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":103,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"39b5b514-641d-4d06-834a-d3d017e2b897","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":103,"box":{"x":69,"y":196,"width":834,"height":11}},{"id":"8e29c71a-9f5e-4d8e-bfdb-0b88ee1275e5","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":103,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"141fb16c-96ef-4b77-a2f3-3b5929244475","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":103,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"16cd6f34-f8f8-4e4d-9f68-e6602af4f35a","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":103,"box":{"x":69,"y":241,"width":818,"height":11}},{"id":"fdb261c5-6686-4f61-88d8-664ca3d67d50","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":103,"box":{"x":68,"y":256,"width":820,"height":11}},{"id":"b6a96852-3ed5-497e-87d4-e398bc3f36e3","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":103,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"d55eab19-e39f-4369-9698-e48c7373cb52","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":103,"box":{"x":69,"y":286,"width":811,"height":12}},{"id":"febb1680-4507-485f-b3f7-23ea1ed4bac2","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":103,"box":{"x":68,"y":302,"width":815,"height":11}},{"id":"d2d4487a-9fb2-436d-9263-9f9a09e15b7b","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":103,"box":{"x":69,"y":317,"width":824,"height":11}},{"id":"2fe2a279-3745-4a48-93ac-d17ab8d62b5d","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":103,"box":{"x":70,"y":332,"width":777,"height":11}},{"id":"7e8048f3-96cb-4119-a183-bc28afd9caae","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":103,"box":{"x":70,"y":347,"width":582,"height":11}},{"id":"34613785-e20b-4c5d-8ecc-ff950438ff23","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":103,"box":{"x":102,"y":370,"width":802,"height":11}},{"id":"9e2cdb5f-ca40-4550-a787-495ccda0d6aa","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":103,"box":{"x":69,"y":385,"width":784,"height":11}},{"id":"300581ef-8149-473a-9e8b-63b2a1887e16","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":103,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"617e0927-014b-4b3b-8b81-9307255b9100","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":103,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"c3735856-3639-45d9-b36c-d99d42d48594","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":103,"box":{"x":69,"y":430,"width":802,"height":11}},{"id":"7a2e1012-4ba3-4aaa-bf87-6c17f5c9fa95","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":103,"box":{"x":69,"y":445,"width":805,"height":12}},{"id":"c646b83a-ff50-4cbc-9aa3-d1b5fae2bd00","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":103,"box":{"x":70,"y":460,"width":807,"height":12}},{"id":"b3e0ded3-0968-4ffd-9ccb-4515dc3a75cb","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":103,"box":{"x":69,"y":475,"width":805,"height":12}},{"id":"1300abe2-1007-49e9-bfbb-c63dc98a4596","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":103,"box":{"x":70,"y":491,"width":774,"height":11}},{"id":"29008ca2-452c-48ae-8089-ef81da69b4bb","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":103,"box":{"x":70,"y":506,"width":816,"height":11}},{"id":"0f9a9385-6c23-4c7d-abb4-02f48c9477a5","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":103,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"1270a76c-2b0c-46aa-8c70-41e519bb3679","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":103,"box":{"x":68,"y":536,"width":779,"height":11}},{"id":"1616eb09-df15-4433-a745-7b72886cbd99","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":103,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"df59fd2b-93a1-4de1-9105-29d8c62995e7","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":103,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"2cc4df9b-6ff1-4879-a96c-40f786be0d24","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":103,"box":{"x":69,"y":582,"width":811,"height":11}},{"id":"4dfa078e-8868-424f-8b17-f56f814b0d70","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":103,"box":{"x":70,"y":596,"width":783,"height":12}},{"id":"ab895497-237b-4744-ac66-907f6be63310","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":103,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"ae371f0c-ef85-47f3-8ecb-3fc7f661a260","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":103,"box":{"x":69,"y":627,"width":752,"height":11}},{"id":"c6deef48-a58b-4bea-ac98-90c62d50460f","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":103,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"a6c2c28e-cc8e-4592-8a55-0422f2005503","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":103,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"0593f818-192b-4c7a-8806-4070c192f41b","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":103,"box":{"x":68,"y":680,"width":769,"height":11}},{"id":"b50cb2fc-0025-409c-a604-b99ce6b57676","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":103,"box":{"x":70,"y":695,"width":809,"height":11}},{"id":"981d0ee6-888d-49dc-8fb5-a7236898c0d4","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":103,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"c01168f6-1434-4415-9529-ad9ff1a57d7e","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":103,"box":{"x":68,"y":725,"width":822,"height":11}},{"id":"d4f94724-ea73-4aee-ba56-bfc10dc054e7","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":103,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"ff07fd81-635b-42dc-9c4d-61213cf1340b","block_type":"box","text":"PRC.","page_number":103,"box":{"x":69,"y":755,"width":32,"height":9}},{"id":"eae034ab-e258-4cb0-9375-c79d4260618b","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":103,"box":{"x":102,"y":778,"width":796,"height":11}},{"id":"f458409b-80c9-4407-9ad1-7f2e07e813d5","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":103,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"affa1f68-726e-472b-8a3a-32c60065e1c8","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":103,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"f4992b87-7bdf-4359-9112-0275aad74268","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":103,"box":{"x":68,"y":823,"width":818,"height":12}},{"id":"f5e5d39c-fec1-4d7c-8dc7-807882aef62f","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":103,"box":{"x":70,"y":838,"width":813,"height":11}},{"id":"93e36e98-5c2f-442a-83c3-f4d9f021f1a2","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":103,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"27aece5f-6a24-4cdf-ba6c-cd624825c943","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":103,"box":{"x":68,"y":869,"width":695,"height":11}},{"id":"9252ef67-55b5-447f-a9ae-b89aa532c207","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":103,"box":{"x":101,"y":891,"width":772,"height":12}},{"id":"0af15b9d-32f3-44ed-816c-704dc755f8bc","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":103,"box":{"x":69,"y":906,"width":810,"height":12}},{"id":"d1d4a7e3-f323-4079-a33c-0f1f6458d5dd","block_type":"box","text":"II-44","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"650c66f8-2d11-47b1-aa24-dfe7a8c5465e","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":103,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f57a5cea-f050-4450-a2d7-2b1d2daff730","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":104,"box":{"x":70,"y":45,"width":798,"height":11}},{"id":"b97a3416-d6b7-4101-bffc-a437c330c69b","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":104,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"75887c93-c135-4023-8807-d1141eaccb61","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":104,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"82fece93-a2ee-46fe-8e41-973a826ad107","block_type":"box","text":"as a result of such changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":104,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"33927923-942d-4c05-8c2c-abd5ce99a1eb","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":104,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"82180678-c1b3-4259-bddd-5e10adf0d215","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":104,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"4ab91dd1-6a14-4301-aaa5-50c0a912f9ab","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":104,"box":{"x":69,"y":135,"width":793,"height":11}},{"id":"b0c25649-6e44-4294-add3-a97419a24fa4","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":104,"box":{"x":69,"y":151,"width":815,"height":11}},{"id":"1524ffd8-eda5-4631-aef8-f6ab00fd3300","block_type":"box","text":"other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":104,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"9370644e-0cbd-4545-986e-00414dec3708","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":104,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"a9f51216-71e3-48fb-9cde-a5fd861aea2e","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":104,"box":{"x":68,"y":196,"width":596,"height":11}},{"id":"749a7181-2b61-47f3-9151-6aeb5b440660","block_type":"box","text":"Suspension Risk.","page_number":104,"box":{"x":102,"y":219,"width":122,"height":10}},{"id":"2f89e3da-2357-463b-90ff-8ab4b2c63994","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":104,"box":{"x":231,"y":218,"width":675,"height":12}},{"id":"3fc31d50-597f-443f-89b8-26ed00560073","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":104,"box":{"x":68,"y":234,"width":829,"height":11}},{"id":"37e17f1b-f6e7-46c2-98bd-b81377a3fb63","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":104,"box":{"x":68,"y":249,"width":823,"height":11}},{"id":"20a9cbb0-c1eb-4e86-8045-7f74379846c0","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":104,"box":{"x":68,"y":264,"width":831,"height":11}},{"id":"78cf83a7-e453-4b2c-8c8a-b25b9235c6de","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":104,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"715bd25c-86e5-43e0-9614-7601ed8c3680","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":104,"box":{"x":68,"y":294,"width":791,"height":11}},{"id":"b5f5c9d4-8ffe-4b84-b1cd-1d7eccd27afd","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":104,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"24d3ec8b-73ee-4e87-b0ef-0ea3fc5d4694","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":104,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"7d629d3a-411b-4cd4-aa4a-58ce56c4560b","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":104,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"6491b299-0723-44e1-9ac9-4b7d19217a9f","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":104,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"bf48e94d-e96d-4e0a-afcf-5e4d52c44961","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":104,"box":{"x":69,"y":370,"width":778,"height":11}},{"id":"dd8e2c04-b06c-4faa-a0bf-0aa716058fde","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":104,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"8ff168f9-38db-4acb-b174-d426a5814455","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":104,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"8c52ea8c-9b1b-4ed8-9170-14d4f456c4e3","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":104,"box":{"x":69,"y":415,"width":563,"height":11}},{"id":"45ca2cc2-5e0d-403c-9038-b91b0054837d","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":104,"box":{"x":102,"y":438,"width":542,"height":11}},{"id":"f8bb4207-5ea4-4526-a9b2-97a86622ccb6","block_type":"box","text":"A Fund may invest directly in the","page_number":104,"box":{"x":650,"y":438,"width":230,"height":11}},{"id":"03391be6-e3f9-418c-9f25-806296d3828c","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":104,"box":{"x":69,"y":453,"width":791,"height":11}},{"id":"9e59cf7b-d267-4c5f-9572-885321740407","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":104,"box":{"x":69,"y":468,"width":790,"height":11}},{"id":"a80e1115-842b-409b-8a92-9adf9c46e415","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":104,"box":{"x":69,"y":483,"width":803,"height":11}},{"id":"5d33def6-f894-4d4e-8f4d-5ae6ca7eb5a6","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":104,"box":{"x":70,"y":498,"width":832,"height":11}},{"id":"0579d278-8589-4f9c-b671-dee0a7c39c18","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":104,"box":{"x":70,"y":513,"width":821,"height":12}},{"id":"3d6db260-bc58-4e88-80d2-2e86980b9687","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":104,"box":{"x":69,"y":528,"width":825,"height":12}},{"id":"6186dc89-5f46-4f96-a1b8-85d1ec1704ce","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":104,"box":{"x":70,"y":543,"width":825,"height":12}},{"id":"82fdd926-70d6-4e50-8926-10199ec8118c","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":104,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"2da690f6-3aa6-41ca-8946-e35300f032aa","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":104,"box":{"x":68,"y":574,"width":786,"height":11}},{"id":"0c3b4da3-aacd-4bf4-af88-614ae97caa98","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":104,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"22d08392-8d96-4e5e-b4bc-ecc3949a9079","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":104,"box":{"x":68,"y":604,"width":788,"height":11}},{"id":"d0c969f4-94d6-431f-a286-81dbeb2f403d","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":104,"box":{"x":69,"y":619,"width":827,"height":11}},{"id":"6adc216a-7c3d-429e-a603-e4822f169c53","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":104,"box":{"x":69,"y":634,"width":570,"height":12}},{"id":"88e7b2fe-f0f1-4a46-b8ac-95f25e4511bb","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":104,"box":{"x":101,"y":657,"width":773,"height":11}},{"id":"624df21e-32a3-47aa-a1cb-29eeafc5c904","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":104,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"a741e058-5d6e-436e-96ed-9b65644fcfb1","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":104,"box":{"x":69,"y":687,"width":832,"height":11}},{"id":"29888691-15f8-407d-bf5f-e681adf382e6","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":104,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"174cd012-35d7-4dd5-978f-1702458c5c11","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":104,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"865aff93-0462-441d-a104-03b1a60e019a","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":104,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"070be9d3-3e48-4ae9-acd5-fa23b2bff007","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":104,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"f60b3a03-32e4-4ba2-8c86-3dfad4fc9fcf","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":104,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"34dcf06c-49db-4170-bfe4-f9c23a268779","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":104,"box":{"x":68,"y":778,"width":500,"height":11}},{"id":"cc60035d-f656-4fc6-87e4-f392c8f644ad","block_type":"box","text":"i.e.","page_number":104,"box":{"x":570,"y":778,"width":20,"height":9}},{"id":"61e7c7aa-c607-45bc-a510-66a297b6b265","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":104,"box":{"x":593,"y":778,"width":267,"height":11}},{"id":"2999fbc4-6670-4ef8-9c1f-aace48b7325b","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":104,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"1046b75c-18b6-41f7-9ea2-e375b61ed2ac","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":104,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"fa05c60d-a518-42ba-a049-4afec1a120bc","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":104,"box":{"x":69,"y":823,"width":822,"height":12}},{"id":"0cd210b2-c02e-422e-b61f-216db5833751","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":104,"box":{"x":68,"y":838,"width":822,"height":12}},{"id":"761cf97b-708e-4caf-ad38-adf76a008b88","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":104,"box":{"x":69,"y":853,"width":793,"height":12}},{"id":"5c284f38-d4b6-45d9-8de8-0b411c91967b","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":104,"box":{"x":68,"y":869,"width":802,"height":11}},{"id":"aff820f0-fc1c-4cac-9ce9-798b0800f5ce","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":104,"box":{"x":70,"y":884,"width":812,"height":11}},{"id":"41cabc58-c757-4214-93c5-16c450512bc1","block_type":"box","text":"parties.","page_number":104,"box":{"x":70,"y":899,"width":52,"height":11}},{"id":"5fd326cf-3f5d-4262-ae1f-17330be1ac42","block_type":"box","text":"II-45","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e6cbacc-1a3b-4435-86b5-f921a31e6886","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":104,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2b148549-a1f4-49ee-b692-f37a9f27e731","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":105,"box":{"x":101,"y":45,"width":799,"height":11}},{"id":"b730282f-c679-48b8-813e-a8901772de4f","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":105,"box":{"x":70,"y":60,"width":785,"height":11}},{"id":"d88a5c11-9dcd-467e-bc47-eb58a211f18e","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":105,"box":{"x":69,"y":75,"width":776,"height":11}},{"id":"c98cadba-bf63-4e88-ab26-991bb24d0f1b","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":105,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"dab6dbda-3e0c-4277-ab5c-053ecda90bf2","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":105,"box":{"x":69,"y":105,"width":412,"height":9}},{"id":"2242317a-7216-43af-863e-a660c28b6e20","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":105,"box":{"x":102,"y":128,"width":793,"height":11}},{"id":"52bae809-85d2-4f29-a73a-8bbb5e709382","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":105,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"b9c52499-d01f-4093-ae30-282217287bba","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":105,"box":{"x":69,"y":158,"width":821,"height":11}},{"id":"89ce2000-0963-4201-9283-4d5858f7bba6","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":105,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"fd26c2e4-7c77-4c4d-a25f-b4f8fa810fd3","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":105,"box":{"x":68,"y":188,"width":798,"height":11}},{"id":"df6243f7-fc18-4d7a-83fa-78de7efa5c76","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":105,"box":{"x":70,"y":203,"width":556,"height":12}},{"id":"c433fed6-94e3-4eff-8435-c5cd406a0c68","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":105,"box":{"x":102,"y":226,"width":762,"height":11}},{"id":"d95d7304-828d-49ba-9fb3-7b256cc4233b","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":105,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"d6e59916-294f-4a95-8e7f-577e73b7bf5a","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":105,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"a18c6f86-20c6-4c2e-b2af-f73cb501b1ef","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":105,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"d5f283f8-5b61-4f78-a9ba-bf33e1308daf","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":105,"box":{"x":68,"y":287,"width":840,"height":11}},{"id":"161546e8-b567-4b43-93b6-946634c2c446","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":105,"box":{"x":68,"y":302,"width":826,"height":11}},{"id":"a4a86db9-e633-4523-a2d7-00b6e89a0e34","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":105,"box":{"x":68,"y":317,"width":808,"height":11}},{"id":"15dad7b3-d34a-45fd-aa57-e9ec4cf4e6fd","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":105,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"36e9e882-3f93-468a-b423-df5ee6816813","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":105,"box":{"x":69,"y":347,"width":789,"height":11}},{"id":"50a8f8d1-1cf8-4378-888d-056ee4962373","block_type":"box","text":"performance.","page_number":105,"box":{"x":70,"y":362,"width":93,"height":11}},{"id":"24dbc838-ee41-441e-be0f-b78b7421dd12","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":105,"box":{"x":101,"y":385,"width":803,"height":11}},{"id":"f1985aa5-49b8-4511-9168-a3a68c4e738a","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":105,"box":{"x":68,"y":400,"width":776,"height":11}},{"id":"b561df3f-f000-4855-83c8-87fbeb67cfd4","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":105,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"b6519f14-0397-42d5-9331-ff1325fad792","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":105,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"b2a855e7-4467-477b-88b5-563b2059d2fb","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":105,"box":{"x":69,"y":445,"width":827,"height":12}},{"id":"c5f66366-7dea-44ac-aa6b-d30a9268788e","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":105,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"ab63772e-5d59-4c82-bac1-afa89329f124","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":105,"box":{"x":102,"y":483,"width":755,"height":11}},{"id":"c6077245-238c-4865-8a2d-1880cee62f43","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":105,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"382cc340-2a80-43ff-8d02-0b8eb9fbeb4c","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":105,"box":{"x":68,"y":513,"width":298,"height":11}},{"id":"91658256-9e66-48cc-853a-ec1e4bb14d12","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":105,"box":{"x":103,"y":536,"width":277,"height":11}},{"id":"c32cc309-f1ba-495a-81e7-b0dc00c88bf6","block_type":"box","text":".","page_number":105,"box":{"x":381,"y":543,"width":2,"height":2}},{"id":"90ccf976-9a61-4c66-ae44-5c05314ed991","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":105,"box":{"x":101,"y":559,"width":758,"height":11}},{"id":"61041018-41b4-46ed-94dc-b8fd34d8309a","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":105,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"a4505d91-d5b5-4cf7-b14e-8b6b71803beb","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":105,"box":{"x":69,"y":589,"width":831,"height":11}},{"id":"45c72dd4-5731-417c-b973-6d474a575854","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":105,"box":{"x":69,"y":604,"width":425,"height":11}},{"id":"e5c748c0-a06e-4a41-bcb2-8745858c5ad7","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":105,"box":{"x":101,"y":627,"width":697,"height":11}},{"id":"08b83f66-081a-48d2-aa2a-9dbac2e8c6d2","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":105,"box":{"x":102,"y":649,"width":803,"height":12}},{"id":"74ec892a-5a13-479a-8a0d-8aadd4345d2e","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":105,"box":{"x":68,"y":665,"width":822,"height":11}},{"id":"48005094-b1ac-4823-bf8c-10696e0ef6ae","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":105,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"fb6a40f2-f8f5-409b-b75f-b137f97fea8e","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":105,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"a40ae3d9-51e3-46c1-b8d3-8cc2131c38db","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":105,"box":{"x":69,"y":710,"width":800,"height":11}},{"id":"d53718bb-80e7-4409-a002-57e616328ac7","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":105,"box":{"x":68,"y":725,"width":783,"height":11}},{"id":"d266e67d-4b12-4d55-8220-97cb282d3dad","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":105,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"a56e5f0e-1d51-4a33-9e06-b400dbd765cb","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":105,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"216c0795-1131-4dce-8d99-05afb9dffc63","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":105,"box":{"x":68,"y":770,"width":818,"height":11}},{"id":"4055fa21-2f41-488b-9549-56b97edf774a","block_type":"box","text":"without notice.","page_number":105,"box":{"x":68,"y":786,"width":103,"height":8}},{"id":"6d79be31-3982-4c8c-852e-1f4337011979","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":105,"box":{"x":102,"y":808,"width":759,"height":11}},{"id":"ef4f5227-f0bc-4ba7-af23-06a04ef3c58d","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":105,"box":{"x":70,"y":823,"width":827,"height":12}},{"id":"aa23c9c4-ffb2-4de2-b715-5e48996ee96a","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":105,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"42edd519-380a-477c-a8bb-fbcebf7d8417","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":105,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"f5d0b0fd-5faa-45b7-a6ba-4fc7b6cac568","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":105,"box":{"x":69,"y":869,"width":473,"height":11}},{"id":"12ccbf3f-64cc-4267-bb5e-f9df894a6d35","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":105,"box":{"x":103,"y":891,"width":225,"height":11}},{"id":"8ee824e0-b288-41b8-8bd0-8c23dac41cfd","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":105,"box":{"x":333,"y":891,"width":569,"height":12}},{"id":"85842c1b-5331-40d1-a331-a11b45303450","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":105,"box":{"x":69,"y":906,"width":528,"height":12}},{"id":"35524cac-21d2-43ce-abba-7ecd55656c72","block_type":"box","text":"II-46","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"738bdddb-74cd-4c23-9070-7a269d4c33a7","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":105,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"68380c33-9152-49cc-9985-35e44efc4d6f","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":106,"box":{"x":101,"y":45,"width":697,"height":11}},{"id":"c150742c-feab-4596-a3aa-25b9a7c9b761","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":106,"box":{"x":101,"y":67,"width":789,"height":12}},{"id":"2cd9236e-f397-4a1f-ae93-de3bc9fd1013","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":106,"box":{"x":69,"y":83,"width":565,"height":8}},{"id":"6b03d128-8f70-4f49-b576-18795be210a3","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":106,"box":{"x":102,"y":105,"width":749,"height":11}},{"id":"fc71ce6f-2589-4c62-8456-1bb1bdae3289","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":106,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"7f3d538c-c45e-47fc-9901-1805b7588cf5","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":106,"box":{"x":69,"y":135,"width":840,"height":11}},{"id":"4588e10d-8481-4080-b0d0-59e5388fa7ed","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":106,"box":{"x":70,"y":150,"width":766,"height":12}},{"id":"d524de23-96f2-40aa-ac27-59d67ab69737","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":106,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"d7049ecc-8d86-4364-af97-1362dbc42d59","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":106,"box":{"x":70,"y":181,"width":772,"height":11}},{"id":"89ad7930-a806-4383-90e9-c31667c2bdfd","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":106,"box":{"x":68,"y":196,"width":840,"height":11}},{"id":"be5261a2-4e95-4e11-a50c-9140ad0f9a89","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":106,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"71f1c998-f172-42c0-9744-f81db8d9a867","block_type":"box","text":"Notice 34 will be further extended with respect to interest income on bonds derived from the PRC bond market and","page_number":106,"box":{"x":70,"y":226,"width":820,"height":11}},{"id":"c96aa4ea-afd3-47c6-96cd-73b71cadf7c3","block_type":"box","text":"issued before August 8, 2025.","page_number":106,"box":{"x":70,"y":241,"width":216,"height":11}},{"id":"f979ec50-e54e-46e1-9c77-331d29a2266c","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":106,"box":{"x":101,"y":264,"width":801,"height":11}},{"id":"df9ca2d0-3309-4fbd-afaa-825aa6fe2c36","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":106,"box":{"x":68,"y":279,"width":821,"height":11}},{"id":"70dec92e-cbea-4383-9285-4862b06b3619","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":106,"box":{"x":68,"y":294,"width":808,"height":11}},{"id":"fe8d936b-86a0-4028-9a03-1fed998c0ee5","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":106,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"e5a2ad07-308c-4d11-92b8-ff6683debb74","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":106,"box":{"x":68,"y":325,"width":829,"height":10}},{"id":"17c68c75-4b6f-4fa8-810b-a856c4445c38","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":106,"box":{"x":69,"y":340,"width":819,"height":11}},{"id":"092a294b-b68f-4ea2-987e-e140e892a733","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":106,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"b11555e7-6e89-409b-8b0b-67ed8e28ad57","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":106,"box":{"x":68,"y":370,"width":474,"height":11}},{"id":"0706f1ea-77d3-4905-a88f-7f0aab0b157e","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":106,"box":{"x":102,"y":392,"width":777,"height":12}},{"id":"0ffe1a26-a7a1-4e7f-aa76-584abd665c76","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":106,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"f039ab3b-a6b1-44c5-b0a3-b5d5911af562","block_type":"box","text":"the PRC in notifications.","page_number":106,"box":{"x":68,"y":423,"width":171,"height":9}},{"id":"8db6f7a0-c406-403c-8788-7edd8bcb3d9a","block_type":"box","text":"Investment in Other Investment Companies.","page_number":106,"box":{"x":102,"y":445,"width":320,"height":11}},{"id":"9de3c9e3-875f-4fe6-9600-e7528c03f740","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":106,"box":{"x":429,"y":446,"width":402,"height":10}},{"id":"ecf553f9-0ab6-40b7-9bdd-10ca15209653","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":106,"box":{"x":70,"y":460,"width":818,"height":12}},{"id":"f7c6bbd7-486a-4b1c-bfbe-9820a3a36417","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":106,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"1d157359-563a-4891-beaa-d00eaec40124","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":106,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"5301b6b1-8182-4774-b32b-1acb95686335","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":106,"box":{"x":70,"y":506,"width":814,"height":11}},{"id":"2f2f5828-230b-4d6a-8b54-e20c469ce5a0","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":106,"box":{"x":70,"y":521,"width":793,"height":11}},{"id":"8edbfc36-0fed-4c67-aae3-815928dd8ec4","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":106,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"5ee57aa8-07c9-411e-8bf3-3713fd89847a","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":106,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"ee712264-1940-4f53-ab97-fba9ef2a6b47","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":106,"box":{"x":68,"y":566,"width":812,"height":11}},{"id":"96923f73-9ff0-472e-aa4e-2c78d760baa8","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":106,"box":{"x":69,"y":581,"width":829,"height":12}},{"id":"d15dd0c6-7f60-41c6-96c5-74d060aa8758","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":106,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"aadeee1b-6c4a-4dbc-a9ae-db5baaba55e3","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":106,"box":{"x":68,"y":612,"width":821,"height":11}},{"id":"a5502487-2a75-4473-a88d-b8ce711ab36e","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":106,"box":{"x":69,"y":627,"width":817,"height":11}},{"id":"28b6089b-e14e-4693-b779-35b16671c185","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":106,"box":{"x":69,"y":642,"width":776,"height":11}},{"id":"cebf44a8-d640-4c24-84f7-cf5adb673ca7","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":106,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"4fa52e10-3eb8-4c1e-86eb-acaa31eda517","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":106,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"efae2f56-73ec-4987-a791-adcf864424fb","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":106,"box":{"x":70,"y":687,"width":829,"height":11}},{"id":"cc8051c9-611f-4e58-8d01-979063fc5a13","block_type":"box","text":"subject to certain conditions.","page_number":106,"box":{"x":69,"y":703,"width":206,"height":10}},{"id":"1305e086-a582-485d-81df-14b561c54753","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":106,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"b09583b5-42be-4c4c-bbbf-a1d2a3f6a2f4","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":106,"box":{"x":102,"y":748,"width":779,"height":11}},{"id":"a3d67700-324e-4949-ac1b-6aaf4dae6c83","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":106,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"7918dc05-4bd3-4848-a3dd-04c360902ec3","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":106,"box":{"x":69,"y":778,"width":836,"height":11}},{"id":"462a3537-1aac-4b15-83b9-7b3ce0d01121","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":106,"box":{"x":68,"y":793,"width":839,"height":11}},{"id":"c59c9b3a-dcc7-471d-bcce-896d822d4dd8","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":106,"box":{"x":68,"y":808,"width":806,"height":11}},{"id":"675e1aa1-8f84-4128-8fee-bf1227015f65","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":106,"box":{"x":68,"y":823,"width":810,"height":11}},{"id":"0d3f0095-5e64-44c2-ad8a-d326628e9327","block_type":"box","text":"loss.","page_number":106,"box":{"x":70,"y":839,"width":31,"height":8}},{"id":"9c6b04db-3903-4ee7-a932-7a19bd6ba28f","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":106,"box":{"x":102,"y":861,"width":758,"height":11}},{"id":"375b93ed-dd39-425c-baae-897a0852eaca","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":106,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"c2f1c1ca-3527-4b59-aa16-259f414edb24","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":106,"box":{"x":70,"y":891,"width":835,"height":11}},{"id":"4ce71a6e-0fbe-4b71-97f0-053f369c7be7","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":106,"box":{"x":69,"y":906,"width":816,"height":12}},{"id":"8b233d49-59ed-40b9-be08-55321767fef8","block_type":"box","text":"II-47","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0e460184-8ab2-49c7-a733-126ca86b95d2","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":106,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"633b8a60-d2c5-407f-90ef-b524a496ea51","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":107,"box":{"x":69,"y":45,"width":768,"height":11}},{"id":"c3cc3caa-6336-44f7-9f64-43db02ec6899","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":107,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"ffd2d008-ed58-4faf-8264-3c355ddc4988","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":107,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"4fb83623-53e9-4da9-9571-0c7e3daedba7","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":107,"box":{"x":68,"y":90,"width":804,"height":11}},{"id":"1e0fc0a5-e03a-4a30-9b9c-66e54630c94b","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":107,"box":{"x":70,"y":105,"width":778,"height":11}},{"id":"da317fe6-dfb6-4095-af3b-df69bca70e65","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":107,"box":{"x":69,"y":120,"width":796,"height":12}},{"id":"789597e6-6428-4eed-b6d8-5919e5597bf9","block_type":"box","text":"assets.","page_number":107,"box":{"x":69,"y":136,"width":51,"height":8}},{"id":"931fb75f-723f-4276-a0d3-4dbbf29a7140","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":107,"box":{"x":101,"y":158,"width":776,"height":11}},{"id":"610887f3-1a29-478e-b3de-414ede6bb50b","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":107,"box":{"x":69,"y":173,"width":313,"height":11}},{"id":"7839333a-0ef4-4663-a683-1de17a872ece","block_type":"box","text":"e.g.","page_number":107,"box":{"x":384,"y":175,"width":24,"height":9}},{"id":"fb94a06e-f2fd-4bd6-9c60-aa9b1cfc00a4","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":107,"box":{"x":411,"y":173,"width":491,"height":11}},{"id":"9d1521a9-b538-49dc-b6cd-18615b1c20d8","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":107,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"8d929cc5-19ed-49c3-ac48-5d65f5d1f2bd","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":107,"box":{"x":69,"y":203,"width":472,"height":12}},{"id":"d4f3efd3-c29c-41e7-8bab-e66e784d81a2","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":107,"box":{"x":101,"y":226,"width":790,"height":11}},{"id":"5a4a440b-6b7d-40d7-ba56-052f3692010a","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":107,"box":{"x":70,"y":241,"width":818,"height":11}},{"id":"f9046657-c438-4092-ad7e-eda7015773c9","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":107,"box":{"x":69,"y":256,"width":791,"height":11}},{"id":"566f6456-6612-4077-b76e-9765d9e5752b","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":107,"box":{"x":70,"y":271,"width":795,"height":11}},{"id":"9a612540-b837-44fb-854a-cf2f7cf954ae","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":107,"box":{"x":70,"y":286,"width":807,"height":12}},{"id":"fa41dcfb-556b-4f0f-a10a-9dde4f4acb58","block_type":"box","text":"countries.","page_number":107,"box":{"x":69,"y":302,"width":69,"height":9}},{"id":"6e6af0e3-5a21-478a-a046-335301de2ec8","block_type":"box","text":"Issuer Insolvency Risk.","page_number":107,"box":{"x":102,"y":324,"width":166,"height":11}},{"id":"0add856b-891c-4f4a-be28-158c65931f7c","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":107,"box":{"x":275,"y":324,"width":631,"height":11}},{"id":"17f77d16-b4f1-4584-b24e-f8e5d5418338","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":107,"box":{"x":69,"y":339,"width":832,"height":12}},{"id":"eef9d179-0373-4164-8c6d-f11fd2ec3b34","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":107,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"177e292a-edd1-4624-9323-0566a4440385","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":107,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"a50e9f35-49db-4ded-aaff-41827a6886c5","block_type":"box","text":"issuer uncertain.","page_number":107,"box":{"x":70,"y":385,"width":118,"height":9}},{"id":"595325aa-8505-4a49-90e2-ba2bc65ddc30","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":107,"box":{"x":102,"y":407,"width":788,"height":12}},{"id":"68132826-0a15-4bde-a4b1-258ca9b43543","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":107,"box":{"x":68,"y":423,"width":827,"height":11}},{"id":"40dc5fe5-518e-4961-9962-e9d6d5ce397e","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":107,"box":{"x":68,"y":438,"width":779,"height":11}},{"id":"016deffc-b370-41ff-856e-ada0510892d5","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":107,"box":{"x":69,"y":453,"width":829,"height":11}},{"id":"a5e41fd2-180e-45e9-9b5e-4668034ae85f","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":107,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"92a4e090-74c0-47ac-a79d-0a829fd2fced","block_type":"box","text":"eventually be satisfied.","page_number":107,"box":{"x":69,"y":483,"width":162,"height":11}},{"id":"7de68474-fe2f-472f-b939-3521d8064151","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":107,"box":{"x":102,"y":506,"width":805,"height":11}},{"id":"b95fa27b-1668-420c-b766-e08787d24917","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":107,"box":{"x":70,"y":521,"width":827,"height":11}},{"id":"a32ea764-d062-4e95-a5bf-4788c2f00994","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":107,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"686273fb-8c58-46ba-a5f0-80620c6cc81c","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":107,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"cffb6b36-49fd-4a55-aafc-709aa505dea6","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":107,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"b9e27f9b-9790-444d-9906-8df9d30676b4","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":107,"box":{"x":70,"y":581,"width":805,"height":11}},{"id":"27428ca4-a938-4dfa-9297-f85eef8269c4","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":107,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"3ae699e0-adde-4a03-931e-653d9b98828d","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":107,"box":{"x":70,"y":612,"width":828,"height":11}},{"id":"5358c380-6cd1-42d3-abe5-e55c884f477c","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":107,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"78f13ab0-372b-46a4-a5d2-97c9c548f0b8","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":107,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"3dd28ddb-bccf-4f19-a2d9-ad6bf95ab9b0","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":107,"box":{"x":69,"y":657,"width":824,"height":11}},{"id":"5d848295-3821-4ceb-8a37-82f8feda439f","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":107,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"363f2ccf-5faf-47db-b07b-cdf8c3c4504a","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":107,"box":{"x":68,"y":687,"width":826,"height":11}},{"id":"424a09c3-f4d3-4188-b535-ccb70135edd9","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":107,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"91f39f96-def2-4537-a0b7-fb92660689d5","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":107,"box":{"x":68,"y":717,"width":809,"height":12}},{"id":"c2473cca-f3ca-44b3-b76d-829af2a88a52","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":107,"box":{"x":69,"y":733,"width":741,"height":11}},{"id":"1705803c-dc29-4d99-9d48-e8b1a88dedee","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":107,"box":{"x":101,"y":755,"width":780,"height":11}},{"id":"f8845376-c5d9-46a7-b2cd-cced13248fc6","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":107,"box":{"x":68,"y":770,"width":807,"height":12}},{"id":"db6a0958-6e68-4746-a6a2-292ac59f1328","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":107,"box":{"x":69,"y":785,"width":795,"height":11}},{"id":"395052ab-f2e2-4962-b040-f220e3992408","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":107,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"ad7c9368-15bd-461c-903b-30cfe8d78125","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":107,"box":{"x":70,"y":816,"width":439,"height":11}},{"id":"1b1ef97d-8f5f-4bf9-897c-16a14cfc2212","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":107,"box":{"x":102,"y":838,"width":806,"height":12}},{"id":"4b2c4097-51b7-4131-9de8-8709cd68d37f","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":107,"box":{"x":70,"y":853,"width":829,"height":12}},{"id":"1b38a343-6699-421f-aa5d-11b7fbc571b4","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":107,"box":{"x":69,"y":869,"width":767,"height":11}},{"id":"a25a95b9-3af4-415b-9c83-4585da9862d6","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":107,"box":{"x":69,"y":884,"width":771,"height":11}},{"id":"2f55219a-42b5-4943-b337-39d64c781a56","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":107,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"5dfaeeed-f830-4435-b5d0-d6bb4854efdb","block_type":"box","text":"II-48","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"893e2084-aa2c-46a5-a730-2383ee1196d8","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":107,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2036f22d-2bc8-445c-85cc-1ad6539de08a","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":108,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"1d05166a-9ae8-427c-80b8-61ac75dfada3","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":108,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"90abe295-d86e-4292-9af6-886f9bf96096","block_type":"box","text":"that assumed generally by an investor.","page_number":108,"box":{"x":68,"y":75,"width":274,"height":11}},{"id":"45467344-6de6-44e1-9ac9-7fc55caa94ef","block_type":"box","text":"Lease Obligations.","page_number":108,"box":{"x":102,"y":98,"width":133,"height":11}},{"id":"6455523c-342a-4715-9e50-776eac8f840f","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":108,"box":{"x":241,"y":98,"width":653,"height":11}},{"id":"bae68392-f366-4056-913b-bb5f0f2d3d98","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":108,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"23a484f9-3f2b-41f1-a157-892de8c1bcbf","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":108,"box":{"x":69,"y":128,"width":602,"height":11}},{"id":"76ff9245-ee85-413e-9f81-fdaf71e65776","block_type":"box","text":"Life Settlement Investments.","page_number":108,"box":{"x":102,"y":151,"width":210,"height":8}},{"id":"fa0731e7-8ad0-432a-9ebf-5c90ddb0f8a0","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":108,"box":{"x":318,"y":150,"width":589,"height":12}},{"id":"7697b9d2-f44a-4777-933a-ec5bf3f02629","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":108,"box":{"x":70,"y":166,"width":838,"height":11}},{"id":"08d304c3-74d0-4a14-bdfa-73daa3fbeb28","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":108,"box":{"x":70,"y":181,"width":834,"height":11}},{"id":"7824607c-111e-424d-bbc1-e0d2eff95c2e","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":108,"box":{"x":69,"y":196,"width":808,"height":11}},{"id":"f376d953-0c92-4a74-b93d-b9b326c7dcb8","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":108,"box":{"x":70,"y":211,"width":797,"height":11}},{"id":"5f38d497-458d-4e04-aa8c-01586fcbd220","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":108,"box":{"x":70,"y":226,"width":775,"height":11}},{"id":"c193af2a-a256-4d25-a77c-5e054a47e928","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":108,"box":{"x":69,"y":241,"width":805,"height":11}},{"id":"93b864a8-a765-4584-be6b-0a74ef8a01a9","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":108,"box":{"x":70,"y":256,"width":789,"height":11}},{"id":"06e329c5-5ac1-4bf0-a6a5-36c8c9246221","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":108,"box":{"x":70,"y":271,"width":829,"height":12}},{"id":"ed914541-475d-4219-9fcc-6167ae4905d2","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":108,"box":{"x":70,"y":286,"width":813,"height":11}},{"id":"351b0773-06f1-4aab-9729-2e0dcab3b282","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":108,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"1326a2ef-a42b-47d7-9b39-d804038f60b2","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":108,"box":{"x":69,"y":317,"width":832,"height":11}},{"id":"076920fc-15e3-4767-ba7a-2dba2f90a107","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":108,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"41818865-f1e5-4a4f-b5e2-b7d8ba4e494b","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":108,"box":{"x":68,"y":347,"width":809,"height":11}},{"id":"71b4e766-fced-46a3-96bf-9f790e83d6b2","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":108,"box":{"x":69,"y":362,"width":730,"height":11}},{"id":"46bce86f-f6c1-4366-b09d-c9b235871363","block_type":"box","text":"Liquidity Risk Management.","page_number":108,"box":{"x":102,"y":385,"width":202,"height":11}},{"id":"f0e94d69-e625-4010-91b3-77a24eb04625","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":108,"box":{"x":311,"y":385,"width":591,"height":11}},{"id":"f99dddb0-7599-4b42-b9ad-ec00e7a1fa15","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":108,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"64b66df2-4d62-4b5d-b290-ee93371fb2d7","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":108,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"07a5f3e5-0faf-429f-934e-0bf1bd514391","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":108,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"91fdfdd7-e2ad-40cb-bf89-e48254da0b15","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":108,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"3955e567-d4ac-4f6f-aa57-b86abb8c902d","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":108,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"dce47af0-35f7-43f6-bb21-fd31e2a8d231","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":108,"box":{"x":70,"y":476,"width":838,"height":11}},{"id":"2679f52b-9ad0-4e4b-93a3-30fdfb43cb6e","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":108,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"de780a7f-18f3-4b68-86a5-4f69386352f4","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":108,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"f03e8818-9941-48cf-a896-440a6e275a7f","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":108,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"620fd77f-3b57-4060-a088-f1c8df1cf02a","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":108,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"03441e61-696d-44a0-9d8b-e03317407421","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":108,"box":{"x":69,"y":551,"width":601,"height":11}},{"id":"4961b414-6da8-499e-a7f6-93cb714e91ca","block_type":"box","text":"Master Limited Partnerships.","page_number":108,"box":{"x":102,"y":574,"width":211,"height":11}},{"id":"317b18df-f18f-4e08-a733-465b75c25550","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":108,"box":{"x":320,"y":574,"width":577,"height":11}},{"id":"0397a2a7-cc92-43ab-8e72-92c59e814dea","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":108,"box":{"x":68,"y":589,"width":816,"height":11}},{"id":"35ce7cb3-8716-46de-aacb-943962a72828","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":108,"box":{"x":68,"y":604,"width":777,"height":11}},{"id":"c5308d29-77a2-4280-9d2e-5413b22a0a0f","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":108,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"2861c646-eb5d-464d-aca1-9c41a8083ecf","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":108,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"80c2edf3-3e8c-4a06-935e-91bf546f4750","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":108,"box":{"x":70,"y":649,"width":791,"height":12}},{"id":"28f106d6-d7be-4b49-95b9-b7c3547f9d8b","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":108,"box":{"x":68,"y":664,"width":812,"height":12}},{"id":"562f84ed-51fa-411a-86d4-96742124b839","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":108,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"a7c938af-b9ea-42a4-95a5-b804e9a43c7d","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":108,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"ba58fc76-2802-479f-af9e-8c4df26f95d2","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":108,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"f1a21b36-7da5-4ce0-8b11-3f84d459fa8b","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":108,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"6b21241c-ebcd-4671-b2fa-6e1238f022c0","block_type":"box","text":"in the partnership’s operations and management.","page_number":108,"box":{"x":70,"y":740,"width":352,"height":11}},{"id":"219a8775-e1f7-41ba-9cec-01eb2a3d0b28","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":108,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"1dc52a15-eae2-4a7e-a9ab-c1b4ffc48d05","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":108,"box":{"x":69,"y":778,"width":809,"height":11}},{"id":"a4e911b3-8e05-4a3c-98d1-09816e7cdb28","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":108,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"654765a2-ec8c-4545-ab05-3c1364c72c6b","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":108,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"9875882d-ab70-4419-a4f9-9caff45e6d6b","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":108,"box":{"x":70,"y":823,"width":816,"height":12}},{"id":"defd875d-7f8d-42a8-9ced-432c4768bcaf","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":108,"box":{"x":69,"y":839,"width":831,"height":11}},{"id":"35ebfbd5-d0ae-4d1a-9085-6783cfa686f0","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":108,"box":{"x":68,"y":853,"width":835,"height":12}},{"id":"506056da-c26f-49f2-950f-9d5fb0199cc8","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":108,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"98847e71-316f-4864-ad82-0bd372e220ef","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":108,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"13163b9c-ae14-4331-99e5-9a9cd452c2ed","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":108,"box":{"x":68,"y":899,"width":828,"height":11}},{"id":"dee03e26-1946-4bee-ace1-c5001267a861","block_type":"box","text":"II-49","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e832002a-ef9b-4cb7-b593-23bf767fde24","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":108,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cff4ac8d-9aed-4fd6-9ccb-c6b82460cd84","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":109,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"fad24c1b-db27-4874-b20b-464d3883fa9f","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":109,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"4ae21389-a2c1-4aea-8274-7cfafcb29235","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":109,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"09fb1ca7-3d59-4fe6-b12a-ee20fd80e75f","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":109,"box":{"x":69,"y":90,"width":366,"height":11}},{"id":"1cb09a35-27f8-419a-b7e9-cf00680dc7a7","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":109,"box":{"x":102,"y":113,"width":790,"height":11}},{"id":"88e6f371-07b9-49b9-9c61-a847f1c10364","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":109,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"2736587b-a29c-446c-8867-b4e23f80d8f0","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":109,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"905497db-13b5-4727-97a0-cddca579788a","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":109,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"569a1658-032b-49fb-a689-e1e5173f6487","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":109,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"bb2fa6a5-a084-457c-87b8-2018387cd490","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":109,"box":{"x":69,"y":188,"width":387,"height":12}},{"id":"69c85376-e8b5-488d-bcb6-d2394740da8b","block_type":"box","text":"Merger Transaction Risk.","page_number":109,"box":{"x":102,"y":211,"width":183,"height":11}},{"id":"2864bf8d-6ad2-4dc5-b0c8-b0e529ac60b1","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":109,"box":{"x":291,"y":211,"width":616,"height":11}},{"id":"caa27874-bc0b-4399-9e12-4b848e28d3a8","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":109,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"217095cc-2426-482d-9629-11fdf67ea12c","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":109,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"546e2f90-f588-4f9b-b6c8-f8e98f33f8b5","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":109,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"df1fca05-19b3-4148-97ca-dd61a0281c3b","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":109,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"9ebfd1b1-fad4-48e0-976f-d1eabece729d","block_type":"box","text":"the Fund and may lose significant value.","page_number":109,"box":{"x":68,"y":286,"width":286,"height":12}},{"id":"81c72a30-8d2d-455d-821e-4d6cc468c0c3","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":109,"box":{"x":102,"y":309,"width":723,"height":11}},{"id":"af5443bf-617a-4abc-9633-57cb9b449c31","block_type":"box","text":"Certain","page_number":109,"box":{"x":831,"y":309,"width":50,"height":9}},{"id":"112aa823-c521-4bd8-8616-a4f217f7fc1d","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":109,"box":{"x":70,"y":324,"width":778,"height":12}},{"id":"adbccbe4-38d7-4c42-a885-fc7af7cefbb6","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":109,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"9a3f57e4-c399-4049-812b-b9cacce787a5","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":109,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"deea51f7-1627-4849-83d0-d8cd139a929b","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":109,"box":{"x":68,"y":370,"width":794,"height":11}},{"id":"a4029d5b-0556-4db5-a243-4bd487960b0b","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":109,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"1e1cb436-7ff3-439d-8a4d-4e2f1a5031fe","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":109,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"065a8611-2ea9-4c32-b74b-b8a4c9de1c71","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":109,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"148a6ae6-ef42-4619-89ed-9d7f6f218faa","block_type":"box","text":"branches of domestic banks.","page_number":109,"box":{"x":69,"y":430,"width":205,"height":9}},{"id":"991c982d-ee08-443b-bf4b-e7adf6ea5b09","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":109,"box":{"x":101,"y":453,"width":785,"height":11}},{"id":"edf461d9-1f9a-4df5-b814-fd868c785989","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":109,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"fe1629a0-8985-422d-a1a0-76c17b39ad85","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":109,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"fde7e818-49aa-45b2-91cc-ffeb5490c697","block_type":"box","text":"paper of a foreign issuer.","page_number":109,"box":{"x":70,"y":498,"width":176,"height":11}},{"id":"a74242f6-e777-4ed5-84a1-b7b2b3c677ec","block_type":"box","text":"Money Market Securities.","page_number":109,"box":{"x":102,"y":521,"width":188,"height":11}},{"id":"ac4e5c9f-34b7-4286-bdc6-ef4926c04f54","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":109,"box":{"x":296,"y":521,"width":578,"height":11}},{"id":"ccf65e06-6d15-4718-982a-99befa845631","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":109,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"fd831527-0099-43d2-ac89-316639bb59d3","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":109,"box":{"x":69,"y":551,"width":386,"height":11}},{"id":"2fd3352a-fe40-4f6d-9313-9b7a577e0482","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":109,"box":{"x":69,"y":571,"width":779,"height":12}},{"id":"98f1548d-c7ee-4e1a-ad40-9128ee723b2a","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":109,"box":{"x":102,"y":586,"width":776,"height":12}},{"id":"a329ef3c-bebe-44c5-95f3-f9de50be7cad","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":109,"box":{"x":69,"y":606,"width":821,"height":12}},{"id":"77a770b2-3498-4337-a64b-042111c09264","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":109,"box":{"x":102,"y":622,"width":795,"height":11}},{"id":"2731b888-bc46-4eb1-b3d9-909434a157c2","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":109,"box":{"x":102,"y":637,"width":757,"height":11}},{"id":"a9890401-6d8a-4043-bc35-261e06916758","block_type":"box","text":"agencies;","page_number":109,"box":{"x":102,"y":652,"width":66,"height":11}},{"id":"7acbce7b-90d8-40e4-b8e2-0d735cdef153","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":109,"box":{"x":69,"y":672,"width":792,"height":11}},{"id":"c578c3cc-80c3-4477-8472-1a6d44100d49","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":109,"box":{"x":102,"y":687,"width":344,"height":11}},{"id":"ffd28720-36bd-4f5f-9b81-1cb594a51582","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":109,"box":{"x":69,"y":707,"width":776,"height":12}},{"id":"ca624572-ee0e-4aa8-a9db-47b15d42ba30","block_type":"box","text":"obligations and credit card receivables);","page_number":109,"box":{"x":102,"y":723,"width":283,"height":11}},{"id":"141ad4b4-0a6d-41a0-9f8e-9843576033ad","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":109,"box":{"x":69,"y":743,"width":778,"height":11}},{"id":"581b78ac-05cf-48f7-a141-3bae3784a9c5","block_type":"box","text":"authorities and related custodial receipts;","page_number":109,"box":{"x":102,"y":758,"width":296,"height":11}},{"id":"a10cf326-42ff-4993-9f41-9ecdbbac42c3","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":109,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"b26ee8f6-efe5-4601-8011-ef0f120ecb54","block_type":"box","text":"agencies or authorities;","page_number":109,"box":{"x":102,"y":793,"width":166,"height":11}},{"id":"afd57803-3b8e-4df9-9cb5-7e9c048717ab","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":109,"box":{"x":69,"y":813,"width":528,"height":11}},{"id":"395ca42f-4900-457c-a246-4e835c96a302","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":109,"box":{"x":69,"y":834,"width":534,"height":11}},{"id":"282bb529-7e60-40fe-8f5d-60d9b83332ff","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":109,"box":{"x":69,"y":854,"width":447,"height":11}},{"id":"491bf960-1304-4bd8-95cb-7071ea889a42","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":109,"box":{"x":69,"y":874,"width":812,"height":11}},{"id":"80b0367b-96ed-4347-9c07-ab3d8562be14","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":109,"box":{"x":102,"y":889,"width":766,"height":11}},{"id":"f423383d-929e-43b0-994e-469bd429d343","block_type":"box","text":"States;","page_number":109,"box":{"x":102,"y":904,"width":49,"height":10}},{"id":"b8c69a3b-ae25-49b6-8419-78111738f57a","block_type":"box","text":"II-50","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82b50668-b574-43f1-adaf-8460bbc9bff8","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":109,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"223cf4db-38f8-43d5-af25-84b2f596a625","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":110,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"27477747-dbc7-40ee-8209-af07abf712a1","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":110,"box":{"x":102,"y":60,"width":379,"height":11}},{"id":"9d727e06-3880-4b8c-8ca2-aab0f1229013","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":110,"box":{"x":69,"y":80,"width":826,"height":11}},{"id":"8f159743-3978-47a4-a24c-4fb9ee7efcfd","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":110,"box":{"x":102,"y":95,"width":207,"height":11}},{"id":"a521b4d8-9b0f-45c9-b867-075818246dc2","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":110,"box":{"x":69,"y":115,"width":458,"height":11}},{"id":"d810a0dc-b21e-4be1-88bc-295db9f7fd9c","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":110,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"ae01a098-568f-4984-a749-e2e908beac35","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":110,"box":{"x":101,"y":151,"width":589,"height":11}},{"id":"e591c908-be95-4a41-b933-d637510260dd","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":110,"box":{"x":69,"y":171,"width":795,"height":11}},{"id":"69d2ac08-0d54-48a9-acd3-0446fe3df792","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":110,"box":{"x":102,"y":186,"width":764,"height":11}},{"id":"ab3657d9-bee7-4810-a5ec-9f18a46914e2","block_type":"box","text":"States.","page_number":110,"box":{"x":102,"y":201,"width":49,"height":9}},{"id":"af13c7a2-eab3-428c-8324-6605d56247e4","block_type":"box","text":"Mortgage-Related Securities.","page_number":110,"box":{"x":102,"y":224,"width":213,"height":11}},{"id":"e49c5543-d0ca-4cb4-b84b-01261a69ed8b","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":110,"box":{"x":102,"y":246,"width":203,"height":11}},{"id":"4b8b3263-54ab-4540-9ae9-4493ce397e00","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":110,"box":{"x":312,"y":246,"width":560,"height":11}},{"id":"6ec6d0a7-5a64-488e-99cc-76d4b7dc9762","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":110,"box":{"x":70,"y":261,"width":805,"height":12}},{"id":"b84dedb3-f0e0-4031-b612-06646e91d588","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":110,"box":{"x":69,"y":277,"width":819,"height":11}},{"id":"8412d751-c8bd-4ab7-94da-e4cc3f44eec5","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":110,"box":{"x":69,"y":292,"width":832,"height":11}},{"id":"18de1838-643b-4fbb-b8fe-281dd89a3bd3","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":110,"box":{"x":69,"y":307,"width":838,"height":11}},{"id":"9c5946b5-0900-4cac-afa0-d63145575d93","block_type":"box","text":"maturity or specified call dates.","page_number":110,"box":{"x":69,"y":322,"width":222,"height":11}},{"id":"e2c0e04a-4e03-4e43-93ab-73e2c50fd113","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":110,"box":{"x":102,"y":345,"width":785,"height":11}},{"id":"cf56be64-f4d2-4e82-880f-54d636abf6f6","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":110,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"ff9c1692-c08f-40e2-8eb9-2a7425eb388d","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":110,"box":{"x":69,"y":375,"width":836,"height":11}},{"id":"44b0b037-4a27-4542-b5f2-4bf1c7a5f31f","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":110,"box":{"x":70,"y":390,"width":837,"height":11}},{"id":"a6b0b522-138c-41f8-a342-d1c444e357d5","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":110,"box":{"x":69,"y":405,"width":810,"height":11}},{"id":"9c9f879c-52e7-40fc-a403-9a40358fb249","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":110,"box":{"x":70,"y":420,"width":811,"height":11}},{"id":"a831e4c3-c759-4894-ad19-abd4ad898741","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly sensitive to changes","page_number":110,"box":{"x":68,"y":435,"width":837,"height":11}},{"id":"fbd39a3c-bf98-466b-8841-a347443efbb6","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":110,"box":{"x":70,"y":450,"width":834,"height":12}},{"id":"7fe85b52-f0ba-4b94-aaa8-a09de2cc923d","block_type":"box","text":"successfully may depend in part upon the ability of the Manager to forecast interest rates and other economic factors","page_number":110,"box":{"x":69,"y":465,"width":840,"height":12}},{"id":"df20ae4f-2551-4ca3-ab3d-db7749f1b397","block_type":"box","text":"correctly. The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":110,"box":{"x":69,"y":481,"width":827,"height":11}},{"id":"86a887c8-71e3-4649-8e69-ea92967d9094","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from","page_number":110,"box":{"x":68,"y":496,"width":805,"height":11}},{"id":"81b5c6e3-d1f1-4ed9-81e1-833e1c3a5d55","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":110,"box":{"x":68,"y":511,"width":834,"height":11}},{"id":"b872a4b0-47ac-4a09-84bc-c4ffcdb78a48","block_type":"box","text":"for its mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":110,"box":{"x":68,"y":526,"width":791,"height":11}},{"id":"d04e92c9-fa3f-46cf-91ac-420bafeafb83","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":110,"box":{"x":69,"y":541,"width":816,"height":11}},{"id":"67a54e08-ccd0-4a47-a70e-94c08aeab71b","block_type":"box","text":"underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more","page_number":110,"box":{"x":69,"y":556,"width":819,"height":11}},{"id":"4b881604-ce83-4755-86ed-a84b0d4010a5","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed","page_number":110,"box":{"x":69,"y":571,"width":761,"height":12}},{"id":"7e503508-8fa2-4606-9e37-cf14c1c2441f","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":110,"box":{"x":69,"y":586,"width":791,"height":12}},{"id":"bd8db030-fcd2-4543-8bc4-3516a88be699","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":110,"box":{"x":69,"y":601,"width":602,"height":12}},{"id":"e4e21c4a-a824-4167-bdca-86ae5068e0dc","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":110,"box":{"x":101,"y":624,"width":761,"height":11}},{"id":"b794109d-e895-4b58-b8b8-20b14820dcdd","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":110,"box":{"x":70,"y":639,"width":800,"height":11}},{"id":"c0820d04-8712-4f48-b0d2-c4c18520ba90","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":110,"box":{"x":69,"y":654,"width":833,"height":12}},{"id":"554ce2e6-b215-439b-a705-671bec4cf5e3","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":110,"box":{"x":69,"y":669,"width":809,"height":12}},{"id":"269d8d41-75aa-4da8-a21f-aa095997949d","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":110,"box":{"x":70,"y":685,"width":801,"height":11}},{"id":"ac315877-a007-4950-8129-317c948c3315","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":110,"box":{"x":69,"y":700,"width":778,"height":11}},{"id":"fc0f2719-02b5-4bfb-90a2-8cf06a8287f2","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":110,"box":{"x":69,"y":715,"width":831,"height":11}},{"id":"168339e0-6517-4060-b18f-22974d041aee","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":110,"box":{"x":69,"y":730,"width":773,"height":11}},{"id":"a5b6f760-967d-4970-bb8f-aba2c177d227","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":110,"box":{"x":69,"y":745,"width":818,"height":11}},{"id":"aae0c73e-4eff-43e2-a86a-f09e09417ffd","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":110,"box":{"x":70,"y":760,"width":822,"height":12}},{"id":"6ec41bca-8f72-40ce-9dac-b01d5a63125a","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":110,"box":{"x":69,"y":776,"width":399,"height":11}},{"id":"5f379a76-8a81-4606-b5e8-2a2fd4c99cee","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":110,"box":{"x":101,"y":798,"width":802,"height":11}},{"id":"924d0b34-44c7-499d-b5b0-6437f1acc44d","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":110,"box":{"x":69,"y":813,"width":830,"height":11}},{"id":"0c1efd69-08f3-4a65-a964-815cbc58f61d","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":110,"box":{"x":70,"y":828,"width":818,"height":12}},{"id":"f1bb3d49-8290-4596-bee3-560c6f8b4e83","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":110,"box":{"x":70,"y":843,"width":766,"height":12}},{"id":"9c589e4e-5925-4d4c-9346-95cbbfee4aca","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":110,"box":{"x":69,"y":858,"width":808,"height":12}},{"id":"5cd3359b-11bc-4e2a-be0b-7760cd759a0c","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":110,"box":{"x":70,"y":874,"width":825,"height":11}},{"id":"90e0d165-5d2a-451e-ba05-24201eccd01b","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":110,"box":{"x":69,"y":889,"width":761,"height":11}},{"id":"3415bd08-d78f-4749-a39d-97a6856a3a64","block_type":"box","text":"II-51","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81ad09f2-c770-4fcb-a155-05fc57db8101","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":110,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c4325710-fab2-424c-8d30-2fd9f297a791","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":111,"box":{"x":102,"y":45,"width":743,"height":11}},{"id":"fde3490c-8db0-42d6-b737-932cff160ac6","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":111,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"eaa809df-764f-4cd3-9d63-d6853e2c1de7","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":111,"box":{"x":70,"y":75,"width":815,"height":11}},{"id":"59a1ebfc-5a47-4949-a79c-5d365ae73185","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":111,"box":{"x":69,"y":90,"width":737,"height":11}},{"id":"c498703d-56c7-4795-9ca2-dcae44ceb708","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":111,"box":{"x":68,"y":105,"width":814,"height":11}},{"id":"ce1532d9-1b13-45cd-8861-92c3aefba160","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":111,"box":{"x":68,"y":120,"width":794,"height":12}},{"id":"0c72cd29-13a1-44be-9eda-871b7e289643","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":111,"box":{"x":70,"y":135,"width":828,"height":12}},{"id":"d4bb8767-46c6-4d88-ba78-46e4c5ee058b","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":111,"box":{"x":69,"y":150,"width":798,"height":12}},{"id":"d2a376f6-0217-4565-8fa1-f80b76506a6a","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":111,"box":{"x":68,"y":166,"width":798,"height":11}},{"id":"64ce0918-4084-45ef-b7dc-952dc3292096","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":111,"box":{"x":70,"y":181,"width":788,"height":11}},{"id":"8d7d81f6-515a-4a5e-b16c-2f27123baf4d","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":111,"box":{"x":68,"y":196,"width":840,"height":11}},{"id":"26c55537-3f0c-42d8-8d92-06e78e43dd00","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":111,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"08dca357-24bf-4821-989a-070b9a8aa42c","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":111,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"c68aa39a-dd30-4c0f-984e-87dfe4442cfa","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":111,"box":{"x":70,"y":241,"width":770,"height":11}},{"id":"50df1ab4-54ca-4ff6-bd05-3f87e0c735e8","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":111,"box":{"x":70,"y":256,"width":812,"height":12}},{"id":"7d587d1e-311e-4937-8b87-e7a3017cd619","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":111,"box":{"x":69,"y":272,"width":829,"height":11}},{"id":"5197d4e7-fa27-432d-898c-edb2f0320a06","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":111,"box":{"x":70,"y":286,"width":832,"height":12}},{"id":"20c6ffbc-6a96-44f5-9e4b-b525ed7fb35b","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":111,"box":{"x":70,"y":302,"width":792,"height":11}},{"id":"44606257-ac50-456a-bbc3-f86fe4049bdc","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":111,"box":{"x":68,"y":317,"width":819,"height":11}},{"id":"94568bde-7254-4861-a5ce-9f2c267e8413","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":111,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"8d1e29a5-6520-475e-8a05-b89f354f7cc6","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":111,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"49e71d32-465e-4f49-9fd1-77b99f13c347","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":111,"box":{"x":70,"y":362,"width":401,"height":11}},{"id":"b0dac642-dcda-4c15-acfa-09e38b5fd34f","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":111,"box":{"x":102,"y":385,"width":786,"height":11}},{"id":"6c81a0f9-2568-4e85-b96b-5528d97e199a","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":111,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"49c782e1-d44a-4b33-9740-67cbaf64be53","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":111,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"32551174-39a8-42ce-8ffd-305f3b92d0bd","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":111,"box":{"x":102,"y":438,"width":802,"height":11}},{"id":"7bcef0ab-d0e1-4e40-b221-8ccaa3d51394","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":111,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"beebde47-c4f6-43e9-972e-dd07635b511b","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":111,"box":{"x":70,"y":468,"width":814,"height":11}},{"id":"196d2145-fd79-43fe-8201-055eba4cbede","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":111,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"47fbd682-268b-42a6-ac26-f4f73fd5d4db","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":111,"box":{"x":70,"y":498,"width":789,"height":11}},{"id":"e52cfc58-718f-4d2d-9885-d1a3c9f3b397","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":111,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"a3b39838-2437-4f07-abff-27d965c70c4c","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":111,"box":{"x":69,"y":529,"width":838,"height":11}},{"id":"12b998ca-8b70-4c9a-ac41-7f3e81c72a92","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":111,"box":{"x":70,"y":544,"width":810,"height":11}},{"id":"d6de403a-70c8-4ad8-97a9-7f5fb6a29abe","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":111,"box":{"x":69,"y":559,"width":820,"height":11}},{"id":"58f1e2be-e832-4b16-87ec-f8d440913a6e","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":111,"box":{"x":70,"y":574,"width":812,"height":11}},{"id":"0ee66b02-995b-47bf-854c-b69496b19f8c","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":111,"box":{"x":69,"y":589,"width":790,"height":11}},{"id":"47323227-1b0d-45e8-bfc1-6edcbb2708aa","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":111,"box":{"x":69,"y":604,"width":604,"height":11}},{"id":"c6aeaab2-2408-4f1f-befd-cd69291a4c6a","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":111,"box":{"x":102,"y":627,"width":774,"height":11}},{"id":"37f648d7-54aa-4e4f-9558-a874a60e03f3","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":111,"box":{"x":69,"y":642,"width":791,"height":11}},{"id":"40eb7f7b-778e-42b8-8f92-74eaa48c691f","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":111,"box":{"x":68,"y":657,"width":832,"height":11}},{"id":"96efa9ce-773b-49e5-a2d6-b4d501af8209","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":111,"box":{"x":69,"y":672,"width":742,"height":11}},{"id":"8580143e-6ab6-496f-b5a9-ee3e886890ae","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":111,"box":{"x":69,"y":687,"width":831,"height":11}},{"id":"9641cfcc-ce52-4bf5-b4f0-94c6c85236dd","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":111,"box":{"x":69,"y":702,"width":840,"height":12}},{"id":"51e8bae6-60d5-4313-813f-8fcd52bd4f11","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":111,"box":{"x":68,"y":717,"width":809,"height":12}},{"id":"992648ef-f514-4f11-97bc-7ca5d0cbe87b","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":111,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"fceca908-9ae1-4a7a-90c0-44a5316e004e","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":111,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"842b4dfb-15ce-4b72-9145-fe76b2b38a88","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":111,"box":{"x":70,"y":763,"width":810,"height":11}},{"id":"85a3d139-c04a-4755-9f87-2aaa0a52a01c","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":111,"box":{"x":69,"y":778,"width":804,"height":11}},{"id":"bc1352d4-f689-46da-98a6-38e0e1d4a23c","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":111,"box":{"x":69,"y":793,"width":669,"height":11}},{"id":"d7710db7-7e7f-461f-b6d2-23e990061987","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":111,"box":{"x":101,"y":816,"width":754,"height":11}},{"id":"3c749a64-3b4d-4fe8-b074-bc3ee364df27","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":111,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"2cfbc13b-ed83-483b-ada8-8af1425ac388","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":111,"box":{"x":69,"y":846,"width":812,"height":11}},{"id":"fb7cd25e-3dd6-4242-a9bc-0302a1b6a73c","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":111,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"3000ea23-f56a-4ce5-ac04-a8309750e94d","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":111,"box":{"x":70,"y":876,"width":361,"height":11}},{"id":"ea67cc1b-010f-4071-83cc-e4a8fef4321c","block_type":"box","text":"II-52","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6bf04e7d-5c86-4f97-8b6d-ef61d6004158","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":111,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b5d13510-be6f-4c9d-894f-98bc50ce2a2d","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":112,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"2fc64c31-bfd4-4c48-9409-923cfaf869e1","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":112,"box":{"x":68,"y":60,"width":813,"height":11}},{"id":"d8f8bdca-ce87-41f1-9343-4661304ea5bf","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a Fund’s portfolio may be particularly difficult to","page_number":112,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"09f21a9b-0739-4138-9fec-ca7e29fe70a8","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":112,"box":{"x":68,"y":90,"width":714,"height":11}},{"id":"98b21d2c-e028-4d5f-bd6d-4afab7b82814","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":112,"box":{"x":102,"y":113,"width":328,"height":11}},{"id":"fe5d653e-561d-414d-87b8-534bd7912b5a","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":112,"box":{"x":437,"y":113,"width":407,"height":11}},{"id":"ada849a1-df22-4c63-b63a-1172a3b8145e","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":112,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"6a733f59-ad0a-4ac4-8b93-b073120ac534","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":112,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"9710cccd-d6d4-414a-a9c6-b1c7c786574a","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":112,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"51b07c60-03c7-46d6-ac1e-72a5da7a6ed5","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":112,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"ebe8340c-062b-4bb5-aaea-74affe31f49f","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":112,"box":{"x":70,"y":188,"width":661,"height":12}},{"id":"5a12283e-cd02-482c-9b9b-100f9e1c5964","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":112,"box":{"x":102,"y":211,"width":803,"height":11}},{"id":"dac28266-19c0-4f68-b244-7db2ccca5921","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":112,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"f9a7192e-94b9-461f-ac2b-335de72cd8c6","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":112,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"391ae060-ab95-429f-94bd-3cc78e703fe0","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":112,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"914a9b00-d2bd-40bf-8963-1db35baf1572","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":112,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"bd04d0ab-4910-425a-ab00-24a8811d0bc8","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":112,"box":{"x":70,"y":286,"width":792,"height":12}},{"id":"8fde2edf-ac60-4e81-923a-0f6d922de10b","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":112,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"05a367a1-f5c7-4614-b9d1-4c0a0d96c052","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":112,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"ec8a1a10-9779-4a4a-a739-e15a435ad8c4","block_type":"box","text":"of principal because of the sequential payments.","page_number":112,"box":{"x":69,"y":332,"width":346,"height":11}},{"id":"4c63eb6f-4132-42a4-8ecb-caf04ac26aa2","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":112,"box":{"x":102,"y":355,"width":723,"height":11}},{"id":"e0ef98f3-0e5c-4265-865e-4ae3fdaf48fe","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":112,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"0fd176c4-0f58-4b65-8a73-feaaa07f95d7","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":112,"box":{"x":70,"y":385,"width":800,"height":11}},{"id":"93a96669-54dd-417a-bd10-190e0605d5a1","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":112,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"2ab97bc2-b271-490c-8f6e-1d5b68ae8d6d","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":112,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"a4b27e23-74eb-4d70-af59-c6c1ce09f0e8","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":112,"box":{"x":70,"y":430,"width":767,"height":11}},{"id":"6e6aed74-5fdb-4e1f-b502-632a999a296d","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":112,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"a609dd64-5c34-4697-9312-9b33505adbbb","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":112,"box":{"x":69,"y":460,"width":773,"height":12}},{"id":"d1013d3b-8fcf-446c-830f-76f9c7c07931","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":112,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"5a72861d-7102-4fa1-b863-98b75136bc32","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":112,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"4426d3bf-f51a-4d03-babc-8e94a10c7cc9","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":112,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"3464dd3e-725d-4197-bb05-c8d033d6f7a4","block_type":"box","text":"securities of any single such entity.","page_number":112,"box":{"x":69,"y":521,"width":248,"height":11}},{"id":"c18fcb59-d9a2-4c8d-ba54-a8f777c57783","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":112,"box":{"x":101,"y":543,"width":807,"height":12}},{"id":"dec2db91-1ad4-43a9-a3d3-7ce64be9a09b","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":112,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"52f68fb5-30a6-4191-8273-c44aa2d4b3a8","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":112,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"526e1d78-1fab-4e13-ad88-f4399cdd5421","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":112,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"1b7204c6-311b-4a85-af7f-0a0d3b56d912","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":112,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"98d34db8-fdb4-4095-9da2-248114d68fd3","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":112,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"86f2c906-aa96-48ce-89c6-97bed5025555","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":112,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"86a0064a-71ca-4311-9c0c-422632ab02a4","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":112,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"7ac04cbc-56a1-4d08-8afb-1511cc8e81a9","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":112,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"7159e57b-289d-4a25-ba9c-3a7ce9e7a14f","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":112,"box":{"x":69,"y":680,"width":708,"height":11}},{"id":"4f187be3-6858-49a6-8135-bc74ab8662a9","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":112,"box":{"x":102,"y":702,"width":742,"height":12}},{"id":"bd3788e8-1c75-4d5d-b6fe-acadddd92bf6","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":112,"box":{"x":69,"y":717,"width":784,"height":12}},{"id":"3fcb6af2-4d43-42b0-b0c1-6a481c490045","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":112,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"ad9f6160-10f1-4aa8-bffe-bfcecc1af7bd","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":112,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"5ecea36b-5459-4209-b979-7884742dc0e7","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":112,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"9b133b00-6a32-4f06-a9f6-4c3a258d9955","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":112,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"1b5f9f11-3e8a-4a1e-a376-fe31908b70a7","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":112,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"7930b22f-128f-4264-a759-7991f50f1d2d","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":112,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"974a9063-cfb3-488b-b7a4-ff760fd2add7","block_type":"box","text":"classes.","page_number":112,"box":{"x":69,"y":823,"width":57,"height":9}},{"id":"25ef4f50-aab2-4760-be95-9ada9567335a","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":112,"box":{"x":101,"y":846,"width":774,"height":11}},{"id":"2bcd89e0-0729-46da-9aef-a6e52e37074f","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":112,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"dffc17ec-54fc-4f0e-95b0-614ee54a284a","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":112,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"7b049e1e-a7ec-4a52-9d33-dbfdc7d1048b","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":112,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"c04b16b9-e794-45a6-89c5-e9c5a1b6e17c","block_type":"box","text":"II-53","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0b30d630-c6e9-4b3a-8622-ef25477ffbdf","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":112,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c3c78f40-30f6-4a60-b2f3-c81be97d3a61","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":113,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"6c566fe2-02ac-479d-ac17-94505a131d4b","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":113,"box":{"x":69,"y":60,"width":541,"height":11}},{"id":"3cb45ecd-ed41-4621-ab75-6b4fc7e47aa4","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":113,"box":{"x":101,"y":83,"width":265,"height":11}},{"id":"ec73d138-84e5-41f5-b5f1-2605e65127b3","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":113,"box":{"x":372,"y":83,"width":523,"height":11}},{"id":"a32a9d3d-5565-4dd1-bde7-0a0704e54517","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":113,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"60ebf4cf-0567-43e3-9c06-bcc23d574408","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":113,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"8eced997-4be3-4d18-be65-84ecf0d80546","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":113,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"392837a5-3f79-49ef-bb38-13f4dc892e41","block_type":"box","text":"to a designated benchmark index.","page_number":113,"box":{"x":68,"y":143,"width":241,"height":11}},{"id":"fd92cb4d-afc8-4f82-887a-530f1af6fd30","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":113,"box":{"x":101,"y":166,"width":767,"height":11}},{"id":"ac6d5f8b-2edc-42d4-8802-6d1d81b3fad7","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":113,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"a8f6269e-2bb6-4c8a-8c78-28b33b66d5a1","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":113,"box":{"x":68,"y":196,"width":837,"height":11}},{"id":"5fd64f81-222c-4a77-89cd-7be25e39d84a","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":113,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"7e5d269b-bb07-4e83-8e4b-852333cba33c","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":113,"box":{"x":69,"y":226,"width":676,"height":11}},{"id":"79b424e0-23df-4ed7-88f9-902e50b6c08b","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":113,"box":{"x":102,"y":249,"width":757,"height":11}},{"id":"b794675a-718e-4706-9842-3585076f7776","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":113,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"f3787a23-ed70-44fc-86bd-1cc3b383e7b9","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":113,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"633d6a34-b6ca-428f-9b92-14274e8e4c18","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":113,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"717f64b9-546d-4937-99ad-4720610197bb","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":113,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"2edf79bf-64f8-432a-85ce-34249e1241fb","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":113,"box":{"x":69,"y":324,"width":544,"height":12}},{"id":"cfc1bb3e-3f27-43ff-b2a7-1014c7516c21","block_type":"box","text":"CMO Residuals.","page_number":113,"box":{"x":102,"y":347,"width":112,"height":9}},{"id":"62caf94c-642a-485a-a6b6-a2bfe53cb9df","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":113,"box":{"x":221,"y":347,"width":682,"height":11}},{"id":"0360b6f8-c4c6-459f-a241-75040b38d230","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":113,"box":{"x":70,"y":362,"width":740,"height":11}},{"id":"1d2626b0-ad13-420a-8de0-375d7cf9e9ed","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":113,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"9d0787db-c951-4c16-8d26-9097a674d4bb","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":113,"box":{"x":68,"y":392,"width":826,"height":12}},{"id":"6e4aad58-6342-4c03-994f-6a07776be978","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":113,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"f0f9e5b3-1d55-426c-86d4-bb7406ec4359","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":113,"box":{"x":69,"y":423,"width":827,"height":11}},{"id":"24b168fd-949d-412d-a05f-ea5fd7e09684","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":113,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"8d751f95-b441-4f47-ba0f-96d6e059fd52","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":113,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"6a87852a-c183-4b42-9a94-1944b757845b","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class","page_number":113,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"d684ea6f-0b1d-48b0-888a-a90166d49422","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":113,"box":{"x":69,"y":483,"width":798,"height":11}},{"id":"17c464c8-e8d0-458d-95bd-5aec2d0d62a6","block_type":"box","text":"mortgage assets. In part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":113,"box":{"x":69,"y":498,"width":813,"height":11}},{"id":"4f35ab3f-bf1b-412b-b160-870de3b06378","block_type":"box","text":"related underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":113,"box":{"x":69,"y":513,"width":790,"height":12}},{"id":"e3dbb4cb-e114-40ab-80ee-688f0ac83d0f","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":113,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"17249aa8-3caa-4d92-9688-4b8714cae209","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":113,"box":{"x":69,"y":543,"width":828,"height":12}},{"id":"61afb1b1-7b20-4763-923b-29aae28bb5dd","block_type":"box","text":"interest rate adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":113,"box":{"x":70,"y":559,"width":831,"height":11}},{"id":"5030a452-bf73-4767-b07f-0187d8c8c485","block_type":"box","text":"a CMO residual.","page_number":113,"box":{"x":69,"y":574,"width":112,"height":9}},{"id":"dc023d9a-d434-4fa7-afa5-f2950389b397","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":113,"box":{"x":102,"y":597,"width":758,"height":11}},{"id":"4677c4be-3a42-4074-b6a8-592ab5ae8d87","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":113,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"31f23690-bad0-4649-b892-d70339379058","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":113,"box":{"x":69,"y":627,"width":769,"height":11}},{"id":"a36310bd-9315-4e57-af01-3cd187d957fa","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":113,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"7e81f1d8-ad2c-4eb7-9392-2281f49d4cf4","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":113,"box":{"x":68,"y":657,"width":820,"height":11}},{"id":"51f20cc8-4ab5-47d8-80f9-23989402161b","block_type":"box","text":"registered under the Securities Act, may be subject to certain restrictions on transferability.","page_number":113,"box":{"x":69,"y":672,"width":650,"height":11}},{"id":"7fa71cc0-1271-4857-869a-ce1042a529f2","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":113,"box":{"x":102,"y":695,"width":267,"height":11}},{"id":"b308d6e3-443c-4208-967c-2fd065d1f613","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":113,"box":{"x":375,"y":695,"width":493,"height":11}},{"id":"61c4c813-9173-4a3e-9960-72cc3b503dd4","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":113,"box":{"x":70,"y":710,"width":798,"height":11}},{"id":"4867cc13-3ad6-4b6c-8c43-5475b59c120b","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":113,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"919ab978-c149-45ef-9ae0-b353271a2282","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":113,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"b7ebedf6-b9c2-4b6e-b0d0-92faa3aacfbb","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":113,"box":{"x":70,"y":755,"width":821,"height":11}},{"id":"c629b9a3-3b41-4f32-aa00-e0276da97a2b","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":113,"box":{"x":68,"y":770,"width":826,"height":11}},{"id":"01383c16-76bb-4aa9-81b5-ed293d121f60","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":113,"box":{"x":69,"y":785,"width":822,"height":11}},{"id":"83497b78-a8db-4265-8bab-879d8b010597","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":113,"box":{"x":70,"y":801,"width":834,"height":11}},{"id":"058167c0-0e2c-42c3-b9df-be2e6ba8c06e","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":113,"box":{"x":68,"y":816,"width":800,"height":11}},{"id":"1998cc54-3a30-4846-9ba7-29ae55915f47","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":113,"box":{"x":69,"y":831,"width":786,"height":11}},{"id":"4bcae015-48e7-4ff5-ac84-e80071d9f370","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets","page_number":113,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"2f149888-0e72-4935-ac45-2e5c615c16ff","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":113,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"97b04a2b-0321-4ea0-971d-3afdf2f8cf79","block_type":"box","text":"In addition, there are certain types of IOs that represent the interest portion of a particular class as opposed to the","page_number":113,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"7d467731-87d5-4470-b610-492e61d1cd17","block_type":"box","text":"interest portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":113,"box":{"x":70,"y":891,"width":800,"height":11}},{"id":"1f50d355-ff6c-47b5-8b4f-3e10856be5c1","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund","page_number":113,"box":{"x":69,"y":906,"width":818,"height":12}},{"id":"5e556681-103f-4553-899c-066644eef2ba","block_type":"box","text":"II-54","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4bdcf3cd-06e9-49ac-85f8-5b58ace75c62","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":113,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8faa8b6e-95f4-41cb-be35-bc4446fbe8d5","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":114,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"9aac2c4d-28ee-4771-8a8f-3498011353f4","block_type":"box","text":"will be matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":114,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"028c1721-7252-4305-811e-6a89b0427335","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":114,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"7e7da4c1-4b21-4507-91e6-e90ad8b23f6e","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":114,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"895b9282-1b35-44b5-9c8c-7cdf78da1ac8","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":114,"box":{"x":68,"y":105,"width":683,"height":11}},{"id":"2286fb07-bb78-446a-aada-7b9381184612","block_type":"box","text":"Tiered Index Bonds.","page_number":114,"box":{"x":103,"y":128,"width":138,"height":9}},{"id":"48733585-5ed8-4db4-8899-a3ad307adb7f","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on a tiered","page_number":114,"box":{"x":247,"y":128,"width":638,"height":11}},{"id":"a297acef-4fc9-4da1-a9e3-1deccc19dab1","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":114,"box":{"x":70,"y":143,"width":825,"height":11}},{"id":"d3fd71d0-9e0b-442a-b17a-ffbf53d1a131","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":114,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"a98a3963-535a-434d-b63f-938de2207e4a","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":114,"box":{"x":69,"y":173,"width":738,"height":11}},{"id":"ae42fd97-a46c-4dc3-9be5-a9d7161bd539","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":114,"box":{"x":69,"y":188,"width":828,"height":11}},{"id":"238f1c98-a0a8-43f1-8a23-d42ad2255f53","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":114,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"6d5b2062-63d1-4bd0-abd0-afa9360dbd4d","block_type":"box","text":"that of a fixed-rate bond.","page_number":114,"box":{"x":68,"y":218,"width":174,"height":9}},{"id":"7eb9677c-a607-42f8-85c3-1a39c5e4c56a","block_type":"box","text":"TBA Commitments.","page_number":114,"box":{"x":103,"y":241,"width":133,"height":9}},{"id":"bb6bb8a2-0d8b-44e8-901b-d34793501a19","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":114,"box":{"x":243,"y":241,"width":653,"height":11}},{"id":"e236e823-9af2-4096-8e73-3d0c213d301d","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":114,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"0ab1c298-679a-448a-913b-f07a7bbc0189","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":114,"box":{"x":68,"y":271,"width":825,"height":12}},{"id":"765abf1e-2ba2-4292-a572-dbc23c3792d7","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":114,"box":{"x":70,"y":286,"width":793,"height":12}},{"id":"4cf69615-14d5-4dec-9d6a-42ecf5151fc2","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":114,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"8704c298-f4c2-44f1-811e-023bd4526eca","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":114,"box":{"x":70,"y":317,"width":804,"height":11}},{"id":"0319d5d9-ecc7-43a9-bb31-f569e21f172f","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":114,"box":{"x":69,"y":332,"width":779,"height":11}},{"id":"8bb7c7ec-e50a-41e7-9c91-35401f175662","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":114,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"1fe93453-fb77-4ef4-98cd-217f856a87d3","block_type":"box","text":"below.","page_number":114,"box":{"x":69,"y":362,"width":43,"height":9}},{"id":"f8f1069f-72ce-4681-a347-bbad35a4fe85","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":114,"box":{"x":102,"y":385,"width":157,"height":11}},{"id":"f38b3e1e-f94a-4aa9-9763-58e2eacddcc0","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":114,"box":{"x":266,"y":385,"width":634,"height":11}},{"id":"cdabccdf-c44a-4221-8b0b-9fe639b96158","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":114,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"ff50bb3e-2a92-4c0c-8003-a112706f13fc","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":114,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"270bfbb9-c0db-4304-8921-cc2a4bb1cef4","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":114,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"f0d7c8fa-4a87-4b2a-a7ee-e09a1d9ec09c","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":114,"box":{"x":69,"y":445,"width":820,"height":12}},{"id":"48f14fe7-af41-4dfc-8b2b-63ff828c968f","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":114,"box":{"x":69,"y":460,"width":827,"height":12}},{"id":"acc73b9e-ef5d-4b79-982b-5f5b98a1f505","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":114,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"b13e70be-7e3a-4a7b-88f8-eec601608827","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":114,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"1e180a0b-92d2-4684-be5b-787f03c821e2","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":114,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"b64bdd21-79f5-41a9-a230-a1071b48d732","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":114,"box":{"x":69,"y":521,"width":607,"height":11}},{"id":"d5dd4669-9f0e-45a7-9ec3-4151766113df","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":114,"box":{"x":102,"y":543,"width":744,"height":12}},{"id":"402ed747-d55a-4aca-ae75-5946b135f006","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":114,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"cec8c535-3960-45d0-8680-7d5b62bb9731","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":114,"box":{"x":69,"y":574,"width":433,"height":11}},{"id":"f02c64b8-97e8-44be-a271-acd0c2079c5c","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":114,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"0d523d07-964f-4e35-9b95-a411329023ba","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":114,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"4b08365d-2656-4f6f-af1f-8ca28167420d","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":114,"box":{"x":69,"y":627,"width":774,"height":11}},{"id":"e38d7f75-5a6c-4a99-abb5-f432c6333d41","block_type":"box","text":"securities in the forward transaction.","page_number":114,"box":{"x":69,"y":642,"width":261,"height":9}},{"id":"b38b98d5-6427-4931-b45a-b589ab03b508","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar rolls may","page_number":114,"box":{"x":101,"y":664,"width":785,"height":12}},{"id":"99c6da1e-914c-4fb5-8e93-3c2eccbdf8da","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":114,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"69721640-fddd-4fe6-88cc-5cc378fe1269","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":114,"box":{"x":68,"y":695,"width":824,"height":11}},{"id":"312ea381-c710-4a0b-a124-d4e26b66dc19","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":114,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"d92f5280-5816-4da8-aa91-b33b85a77185","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":114,"box":{"x":69,"y":725,"width":828,"height":11}},{"id":"a6a9bee8-2122-4e91-b197-6663e7879378","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":114,"box":{"x":69,"y":740,"width":430,"height":11}},{"id":"76208eba-b29d-426d-ade7-e7f4abfe9df5","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":114,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"724ea32b-8d4f-4d8d-a3a0-393d08b58e06","block_type":"box","text":"securities (","page_number":114,"box":{"x":69,"y":778,"width":78,"height":11}},{"id":"65dc96df-eb81-47c4-9486-2e55ef1f79d0","block_type":"box","text":"e.g.","page_number":114,"box":{"x":148,"y":779,"width":25,"height":10}},{"id":"d5b64925-61e8-4e86-9dc4-6078ac9ffd2b","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":114,"box":{"x":176,"y":778,"width":681,"height":11}},{"id":"b71df8ae-d9cf-4585-936a-3b91d4dc58bc","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":114,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"f98a4ed5-b0ae-4f4e-87a1-51184bd11dc3","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":114,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"e9a1855e-1a26-4dd3-8d10-3cfc40024810","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":114,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"b421ae69-e854-4976-9123-d00ede73a2d2","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":114,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"21744225-ceca-4c77-8a4f-74ab7fa28466","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":114,"box":{"x":69,"y":853,"width":788,"height":12}},{"id":"5d291ca1-369a-4bd8-982c-473b1440d971","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":114,"box":{"x":70,"y":869,"width":489,"height":11}},{"id":"ed1ff6aa-a054-475a-932b-e063b0f41052","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":114,"box":{"x":102,"y":891,"width":260,"height":12}},{"id":"9b837319-d38e-49a4-ae48-5e8d96ed545b","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":114,"box":{"x":368,"y":891,"width":473,"height":12}},{"id":"fe137a77-fa91-4132-bd96-736d1b5e27ff","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":114,"box":{"x":69,"y":906,"width":768,"height":12}},{"id":"446e6d84-9456-4326-86c7-c618f624167a","block_type":"box","text":"II-55","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"90884092-0909-4062-a668-6464e395686c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":114,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"aea5c2c5-02e0-495d-8209-cf6f4d8e0cc6","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":115,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"aa55dc68-5b23-44de-b66d-c3bf504d7ebd","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":115,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"d99d8542-8ff7-4cee-99e0-178d16271289","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":115,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"2b7b0c8d-583f-4e9b-aa54-25f48bba06e1","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":115,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"8d97eb9c-a8e3-499c-8780-f49cad4ab0f6","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":115,"box":{"x":69,"y":105,"width":764,"height":11}},{"id":"aa925006-09c2-4073-a82a-185d6130dedf","block_type":"box","text":"Municipal Investments.","page_number":115,"box":{"x":102,"y":128,"width":169,"height":11}},{"id":"fe2dccd5-bc5d-42af-910d-d90142d27f3b","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":115,"box":{"x":102,"y":150,"width":763,"height":12}},{"id":"5de48584-93d6-46f6-9750-75ff64ba2d43","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":115,"box":{"x":70,"y":166,"width":783,"height":11}},{"id":"97654c72-f5f8-4c77-88c9-0dfa59190f04","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":115,"box":{"x":70,"y":181,"width":833,"height":11}},{"id":"f61d621e-1815-4e1d-84bb-7b694007f065","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":115,"box":{"x":70,"y":196,"width":813,"height":11}},{"id":"28d2f5e3-b356-4b36-b1b6-e23435cc2be8","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":115,"box":{"x":70,"y":211,"width":836,"height":11}},{"id":"0dee27d6-81ae-4862-ab5e-76f7debb8f76","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":115,"box":{"x":69,"y":226,"width":779,"height":11}},{"id":"a38e7d9e-9b1e-47e4-8291-a1b3d32399fa","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":115,"box":{"x":70,"y":241,"width":838,"height":11}},{"id":"6c07a628-cf89-4efe-ac4f-78a7c8b0d278","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":115,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"306857b9-1e6e-44e4-b11f-86306adffd90","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":115,"box":{"x":68,"y":271,"width":834,"height":12}},{"id":"29aa7580-cd10-4714-a523-a2c2f3ee527d","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":115,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"c7b7a6ed-1a26-49f3-9475-e502552d6813","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":115,"box":{"x":70,"y":302,"width":807,"height":11}},{"id":"d17f9dd6-8c26-486b-9166-47a4757e1b6d","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":115,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"991c2cdc-39c2-4e3b-88f7-8254d35999b1","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":115,"box":{"x":70,"y":332,"width":809,"height":11}},{"id":"5b92bd90-6e32-4d3f-9e33-756548f23f66","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":115,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"b39d0078-ba38-4873-94be-bcf98009a315","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":115,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"7b184980-0ac8-4a2b-b647-933962944dd8","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":115,"box":{"x":70,"y":377,"width":800,"height":12}},{"id":"61972e11-373d-47c5-9af2-90f12ceb9ebe","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":115,"box":{"x":70,"y":392,"width":819,"height":12}},{"id":"f263d8ed-4a93-4b98-99a4-a4457eecce3c","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":115,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"104907fd-a26d-4d81-90ce-83b1d23265c6","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":115,"box":{"x":70,"y":423,"width":805,"height":11}},{"id":"99de49a5-ddaa-483e-b2a4-b36b3b8ec24e","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":115,"box":{"x":70,"y":438,"width":721,"height":11}},{"id":"21acc0a8-675c-43d4-bab4-56ae753bdc12","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":115,"box":{"x":102,"y":460,"width":495,"height":12}},{"id":"d93a8120-a0bc-4f4e-aeae-dc0984cc4e51","block_type":"box","text":"The risks and special considerations","page_number":115,"box":{"x":603,"y":461,"width":260,"height":10}},{"id":"64fe0af8-4cb3-458f-b7f4-ce29c75b5226","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":115,"box":{"x":70,"y":475,"width":806,"height":12}},{"id":"3c6af612-5327-4590-b23d-43cb49610498","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain municipal","page_number":115,"box":{"x":70,"y":491,"width":810,"height":11}},{"id":"583b6fb4-3e35-44b1-ab57-73928a0d53da","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":115,"box":{"x":70,"y":506,"width":544,"height":11}},{"id":"a0ef6297-60b1-4e48-a35d-f81edd76ebbc","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":115,"box":{"x":101,"y":528,"width":799,"height":12}},{"id":"18fff603-9c06-4a15-b20c-7f6b49780211","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":115,"box":{"x":70,"y":543,"width":829,"height":12}},{"id":"f000e899-cfdf-417f-ac02-858fa7890cfe","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":115,"box":{"x":70,"y":559,"width":814,"height":11}},{"id":"a73a1063-c5ef-4144-a5bd-f94113f0b2ef","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":115,"box":{"x":70,"y":574,"width":802,"height":11}},{"id":"ae9b637f-7403-4c1b-b0fc-45f0a1f295b0","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":115,"box":{"x":70,"y":589,"width":834,"height":11}},{"id":"1b18e44b-29e6-434f-a5d4-ef6901233028","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":115,"box":{"x":69,"y":604,"width":761,"height":11}},{"id":"837c08be-be80-40ba-8eae-701d079c8278","block_type":"box","text":"II-56","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a6477cec-9aae-4d6b-a06d-356325545746","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":115,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a94a7d3a-55dc-4bee-844d-58614a755ce7","block_type":"box","text":"Description of Municipal Bonds.","page_number":116,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"f9505655-6712-48da-9578-48a4dfb45632","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":116,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"a476f4bc-1b8a-4195-9402-e23bb7e92689","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":116,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"388187a0-d9d8-41ba-8be4-6c7ecc95451e","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":116,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"c9578a9a-33ac-4460-8c12-b68d7ac0f724","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":116,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"9ed43f19-e040-4f20-8aba-6191b7cb89b1","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":116,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"37b3ad23-eaef-45b6-98d4-7b787068e299","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":116,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"f26107e5-308e-4135-96cf-f5a4c11f07ef","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":116,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"580fed30-6dd9-4f08-91ad-b359ec5a0e92","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":116,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"f01d2f8f-702e-4574-acb7-93c9d0af39af","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":116,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"3f9adb76-7704-4f11-bb15-0067ef4a43c6","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":116,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"cec9c2d1-efd9-4ebe-874e-fa94b85323fb","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":116,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"68aad4da-80c2-4fde-a9c8-684314267fee","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":116,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"a35dff91-4f37-48a5-9db1-f9c8a423d2ae","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":116,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"f76abdf0-ccea-4251-8817-895a10543904","block_type":"box","text":"General Obligation Bonds.","page_number":116,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"159fc352-27a1-45a8-8676-f409279c11f3","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":116,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"d8546bfb-d66c-474a-9f3f-320ce8b3ba4e","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":116,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"67c4bbfb-b3c1-4317-988c-b27122808ded","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":116,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"6ff7a50f-bfd2-48cc-80db-5582b4250183","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":116,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"9a49ea87-b59a-479e-87a8-ec653517f3d4","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":116,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"aa2eb03e-0468-4fdb-b025-f870079b079f","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":116,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"93661a7c-1846-4387-959c-775341f578ca","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":116,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"ff8581ca-ec14-4427-8053-92173de5b1e0","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":116,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"22580ac5-77fc-4e78-ab27-125f3fdfa135","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":116,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"6238097d-e6d5-4cd1-a642-a64b9d077d2e","block_type":"box","text":"Revenue Bonds.","page_number":116,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"7fa1ee16-fea0-4882-93e9-3b9fc426ddaf","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":116,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"9b29f425-a7e4-4059-9429-d2b5144e0e31","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":116,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"09002088-55c6-4fbc-a895-8e0576bdddd1","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":116,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"c262a7d5-0113-4c50-9e4f-3a4d46821ca8","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":116,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"787bc9b3-3226-4fec-bc23-64657a6f9dfe","block_type":"box","text":"viability of such facility or such revenue source.","page_number":116,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"5f0dcf43-43af-4667-8f21-ffc77c46d21d","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":116,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"c8bdf10a-59e0-4ebb-b472-0d61f9078a24","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":116,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"e075172d-e632-4066-9805-4fba95cbcdeb","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":116,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"0e948911-7891-4a7b-a572-350dffa5a418","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":116,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"6023c609-7bf3-407f-b443-32ea24d92159","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":116,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"a4fcabe1-08ca-48dc-b89b-a51b8cb4e93a","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":116,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"55296fea-bf9a-4977-ac4a-d6244195d554","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":116,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"2e0adbfd-c6fd-439e-b43f-68147e183bfa","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":116,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"e1ec97ea-19c0-4cbb-8798-32137e617f98","block_type":"box","text":"PABs.","page_number":116,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"1f8d0726-c7f8-4282-bca1-cca0e63a6b8e","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":116,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"9c6c8773-990d-4777-9118-1a50d40ccd96","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":116,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"b73fbf8e-ab84-4ffa-874a-4df6297d527a","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":116,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"0e85ae1b-15f2-46df-a2a1-8008a954ece6","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":116,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"25a04aa5-cd15-4b76-ae54-60ba32257129","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":116,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"c0aaca21-98bf-4ba3-a97b-c3121574da1b","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":116,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"66dea8b0-7015-4edf-8189-2ffa7f2cba3e","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":116,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"1f5194c6-51aa-4c34-898b-66d693b9ecc5","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":116,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"cc892131-9642-4392-9fcc-0862926c3c03","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":116,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"9f7e7e86-1f12-4d23-9de4-6dcd107dee38","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":116,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"79ce4428-4109-48f0-8dce-bc9635dec253","block_type":"box","text":"the particular facility being financed.","page_number":116,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"ee3ceaf3-259f-4f62-86d8-5a74855b678e","block_type":"box","text":"Moral Obligation Bonds.","page_number":116,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"8d4c3a5b-0745-40b2-9897-b446991ae76f","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":116,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"71a0895d-8fe6-4617-947f-9df318980aab","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":116,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"eba69886-a9d0-4469-acc6-8570cbc8bd7a","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":116,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"5ce79cc5-b9dc-462c-a712-4f17cbe16575","block_type":"box","text":"that issued the bonds.","page_number":116,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"5ee01e4c-949a-4448-baa3-5e0169128b1e","block_type":"box","text":"Municipal Notes.","page_number":116,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"77939894-c18b-47cd-bfe6-eae95583e8c1","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":116,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"8b1fe1be-a717-4a90-b2cb-7cc52909e2fb","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":116,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"555a31b4-c56d-4edc-a8e6-5508376d9202","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":116,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"ae8167f7-7147-4826-8d57-537d7b9e1a88","block_type":"box","text":"II-57","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e8cc6104-a625-47f0-a8e5-4f129b133dba","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":116,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6ef104b6-ee8f-4c15-a463-01b57ff70662","block_type":"box","text":"Municipal Commercial Paper.","page_number":117,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"3491be5f-0702-4e75-b38a-8515749f2e80","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":117,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"941cd262-c198-42c4-b924-1a859bbee3a5","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":117,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"646ab29d-b5df-461f-9ed8-ee5803daf540","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":117,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"d0f2ad0c-db63-46e2-ba97-68ae97d335c5","block_type":"box","text":"Municipal Lease Obligations.","page_number":117,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"4783cbf8-bd6d-4daa-9eb4-98dfb5dd191c","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":117,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"bc42ce82-7cd4-4f27-84bb-942835d566c0","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":117,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"95e97604-879b-468c-a453-287160b586d4","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":117,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"4159359c-cd2a-4b3b-b69d-39fd0184093b","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":117,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"e2fb6f40-df4c-4c20-97a4-70c0ca765b3d","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":117,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"32517cd6-25d8-4d8d-940a-997a355d1f65","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":117,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"e0cc41ea-4261-4090-b932-8d08c221bebf","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":117,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"d361b077-326c-49a2-8413-f722f6bde0e1","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":117,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"10eeffc6-7641-4f4a-884b-f2959d3f3900","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":117,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"161f96e9-45f4-4ad3-9b87-13227dc916a2","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":117,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"a3636861-64ad-43cb-86a9-127a2cfda735","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":117,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"f6e88587-76a2-4dd7-a3a8-e40fba30a335","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":117,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"6afbde11-1c1e-46c4-a1f2-14a4fd9d8c26","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":117,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"eac806ec-1949-4c74-a640-18422306f69a","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":117,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"ce13f088-ba0e-42d5-a3a4-55aefab408b7","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":117,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"a56fd7cb-2c5b-4947-8bee-3886ac80a3cd","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":117,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"ebb202db-8cae-4385-9106-6476bc4f3a4a","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":117,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"4ac0a990-bdb7-45d4-9d6c-526d17150abb","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":117,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"c20c4a89-4c24-41d3-a0d1-d642df1df270","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":117,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"3ced3d05-f324-4c3b-8941-3e1735784388","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":117,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"7ffae7ff-8189-4e95-8f9c-503869735b68","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":117,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"8b79230a-63a3-49c5-93e4-c23f910da666","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":117,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"533d7480-c436-4fca-b06d-72c01a4306a4","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":117,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"a51b7342-0c50-48eb-82cf-181e66b3c215","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":117,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"eec1222d-ea81-4ce3-8256-51a215ba6db2","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":117,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"64d14e20-b762-4cd0-a7d9-f9b1c5d9afea","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":117,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"7bf34bc8-1630-4e40-b97b-696d2a9fdb07","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":117,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"a55d0a66-a148-4b79-b001-eaa6e6ce4cda","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":117,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"e3cfdbd9-702f-4b84-b028-a021b2a7f266","block_type":"box","text":"Tender Option Bonds.","page_number":117,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"4dde6df2-d3d6-49c9-b65d-79b1074f257a","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":117,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"70cd6d17-a31c-43b6-b711-57147df06928","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":117,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"f4c86280-7c4d-46dd-a045-11c12b6fbfa4","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":117,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"8bed9638-653a-4958-a408-bafa20c04823","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":117,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"3f549947-f70d-479f-af4e-226fe3259cd1","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":117,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"aacf6687-e5ed-40f9-8bcd-8e5d2a6a937a","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":117,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"96f96d87-f0d1-4db9-b4ce-3fc6137b2603","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":117,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"fe5c504b-c264-4a81-9ff8-fca6bdef722c","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":117,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"af43c507-3787-4831-a208-6903c3124f7f","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":117,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"f4677989-983a-4da2-9abd-e6af67e4baa1","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third-party investors, and","page_number":117,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"b79a4917-c565-4c69-b07b-3711ded9a7d9","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":117,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"f987e1da-fc92-4a2e-b7bd-76b551cde47a","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":117,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"91eb46d3-61e8-43b1-bce7-16233ae9d648","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third-party","page_number":117,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"f6d736a7-92a0-4c70-bdf0-cbfb6ea31d8f","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":117,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"1ea0eb2d-a86c-405e-a70b-45a004586b99","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":117,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"6b17c149-31c7-48ea-9d59-1887681f9f18","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":117,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"65b41f28-e91d-4658-b0ed-91edfae2031b","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":117,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"14e26f9c-79d3-4069-b230-70f8c29ded02","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":117,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"1250664c-33e4-440d-bdc6-f368fe30df49","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":117,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"0b4c1dd5-8b64-491a-8c2c-3fb52b277ec0","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":117,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"a5b7a1b1-001f-4e0b-9ba6-9936926c6c25","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":117,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"afc7928b-a0fc-4cd6-a23e-01c7ca80f33a","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":117,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"ee1acc3d-8b09-4618-a3e7-92cfaf4b4f3d","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":117,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"102e4cdf-0613-4c25-b122-c9dd35996f42","block_type":"box","text":"participation in the TOB Trust.","page_number":117,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"b1d6b6af-b3a7-4149-a9ee-ae116c7b2394","block_type":"box","text":"II-58","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e3227efb-e048-4c9a-880a-4abdb0653f23","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":117,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"fd4e080e-f263-4e90-a9a0-f56b30d0afca","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":118,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"bbf9ab41-9988-4e71-a6a6-9caf11c48b3a","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":118,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"02d034cf-5361-42e2-a96b-54ff1344f66d","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":118,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"0d34f2c8-39c9-4e66-8564-022e45134e59","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":118,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"8d013a59-81e1-466e-9a59-3684c3de0d8a","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":118,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"c6688867-0e3c-4906-a648-cb7daeb7d01d","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":118,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"32835b0c-c949-4b83-82fb-9104820e0f4c","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":118,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"673d0f21-5842-40f2-bc57-c461550870c3","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":118,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"b9caed54-6380-42ec-91af-a909b316a3b9","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":118,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"6bf95ebf-fbc2-43ad-9c47-524370efbce0","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":118,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"0e38cbc3-8e6c-45bc-95b0-9e456efc1bab","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":118,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"6f2ab3dc-468d-4233-81fa-fed130d83a5c","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":118,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"f3849080-4701-424b-888b-8a044ecf6fca","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":118,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"c93e0ef9-e0cc-4fb8-b961-89cfc24ec927","block_type":"box","text":"issues.","page_number":118,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"3b9ba40e-fb82-46d4-a66d-a4f17bbf77c7","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":118,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"0507eaaa-5bd6-484a-b461-77d3064bdc8c","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":118,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"55eeddc3-5902-4b4a-8ae3-e5b2178dcccf","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":118,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"5ba2a8a6-e954-478e-bedd-f0e3ee96503c","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":118,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"4b471573-9cc1-40e4-8d9f-dc88bad448ae","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":118,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"27c3618b-8a53-4c16-bddd-745715083b74","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":118,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"208a010b-c41a-43b6-92a6-3705c4fb4fc0","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":118,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"04650001-8770-47bb-8219-74e4b4fff0cf","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":118,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"af30e901-ef02-40cb-b776-386e2aa6031f","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":118,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"0ea284bb-4bcb-4175-8975-274f1b30ca04","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":118,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"cd704780-0965-4780-9ada-592c85383b98","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":118,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"e0d3e5a8-c4f4-423e-a9a3-dff1be149704","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":118,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"92a04f4c-4f3b-4107-9942-3ae742a0feec","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":118,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"e054b6fd-4400-42d5-807d-5d7b195ca704","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":118,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"877b7907-470b-4cf3-8bf8-7fe4432fddd1","block_type":"box","text":"i.e.","page_number":118,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"446bdc5e-a144-4dac-8fbc-a6f472c66f2e","block_type":"box","text":", the Fund). In contrast, in the","page_number":118,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"504fc441-2fd1-4c56-924e-ce74b55a48c4","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":118,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"e9a1afa1-07a1-4d8d-afcd-028fb875b29b","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":118,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"a76f954e-bf6b-4dde-b842-a915c13415e9","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically supported","page_number":118,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"51878c1a-ff1a-4f73-8697-2ffbaae8b85b","block_type":"box","text":"by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows","page_number":118,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"567ff323-1097-4929-ae2b-49adc319d614","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":118,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"e34d11b8-0149-478b-a757-a9d3c2fff63f","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":118,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"7f451e30-f284-4d71-8dff-ca7c1dc71a9e","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":118,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"62dd8ce6-ebfc-4687-be3e-06f2f87edc2a","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":118,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"e19847a2-80ca-4f5b-8878-c4041f5f039c","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":118,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"5540ee6d-7b10-4d37-a853-4414e0c28e4f","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":118,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"80a87fd9-2bd9-4af0-ae14-be2602df1ff4","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":118,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"b9ca25f4-6f76-4c49-9b44-9dfeacf16e02","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":118,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"ec216012-aa4c-4a50-9b7a-977c9293b587","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":118,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"65a6d38c-04fc-49c9-825b-1b2d99c4a559","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":118,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"5706a35f-d927-4bbf-9c02-5ba5bb6951eb","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":118,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"a2066340-8e72-43dc-b97c-c490f6d91a64","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":118,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"ab73e10b-1150-4837-9080-228f25eb86f6","block_type":"box","text":"Trust.","page_number":118,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"171e3d5a-b0e9-4191-a84d-ca1bd7180b0b","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":118,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"c191b58b-8378-455c-9233-2fe26812bd3f","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":118,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"b259851e-4e4a-4b7b-8820-4cd83660b8f7","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":118,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"f16094d6-46b3-46a9-afaf-e9682ae245e4","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":118,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"6edb79bb-4047-48fd-a8a8-0269589b1bec","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":118,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"f353ce79-f97d-4114-8f7f-cf79b7acfed0","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":118,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"ad166389-e5a1-4fa4-a72f-8601b70b0938","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":118,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"1522c7e5-544a-409d-90da-70018420d813","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":118,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"cdebdd5b-5d02-4d49-bb55-e481dcdd73a6","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":118,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"65647e1e-b0b5-4903-80ad-ad4b1943cd2f","block_type":"box","text":"II-59","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e688bfe6-2edf-4f86-9582-1bbe50d62b5d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":118,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b5022169-ebd2-45e4-9af3-a406363fc823","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":119,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"2485042e-22d5-4ff0-96fc-90975669ab96","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":119,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"0db247cb-2454-4fa3-be51-5701718ef34e","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":119,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"90493ea7-7954-4d36-a572-0f4796b281bf","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":119,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"1faaefb6-58e7-4741-8cb1-9ed470f2f64a","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":119,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"5c192135-3f51-4997-8e1f-8519369ff600","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":119,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"8f7975cb-a779-4250-8450-0471d0960da1","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":119,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"29f588ca-a1b2-4edb-a420-9ebc9be923ca","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":119,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"7637ce5b-72d3-4337-854c-f44d7b96c7a0","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":119,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"656cf79b-b9f5-4735-801e-2cf8d8e785f6","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":119,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"49ad7442-7c74-48fe-ab68-82697c4a44fe","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":119,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"a37a371c-3ea4-4774-bf2a-658b0f216ea2","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":119,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"1b55e7f0-c06d-49ec-988d-8ed4e6b9476b","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":119,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"34d59026-fef4-4a03-867a-45e9578f3ccf","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":119,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"c67fb57c-fb0f-4665-b30d-89864b3f8cbd","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":119,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"662e1f43-64e8-4c6a-a4a1-576218200073","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a structure for TOB Trusts designed to","page_number":119,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"7af7abfa-a9fd-49f9-9690-160105390a1a","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":119,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"62972fea-9308-4a4c-977f-2896993b04d8","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":119,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"38220358-4347-40ff-92c2-4e1921b4b432","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":119,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"d55d2c31-c8ff-4a5b-9011-00f50eba82a3","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":119,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"0da400bc-fa9a-4da1-902b-d7cf975ae364","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":119,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"ac859019-7e3e-4567-a2aa-cbd54c90c456","block_type":"box","text":"this TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":119,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"8641d9ee-a4d5-4cef-9b9b-78598952482d","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":119,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"be0986d6-7861-4de8-8046-31cf4d84aec0","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":119,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"7b9637f5-1a06-475a-bed6-946b2925f6d8","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":119,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"411236f6-fa8d-4aad-a8d2-085bd35782b3","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":119,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"d0673ac4-1151-4822-95f2-81b7c33c727e","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-party investors, and the proceeds of the sale of","page_number":119,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"5c57fb73-0073-4f32-98c1-eb8e57bb883e","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":119,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"d24fdf36-2b6b-4e07-8962-b46cbea1d60f","block_type":"box","text":"i.e.","page_number":119,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"619d2fe7-1a53-4529-a00c-3904a0bf0610","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":119,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"9ed0c823-40cf-4bb5-805d-b133ada66fe5","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":119,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"64a8b3f4-0a12-48d9-ac8a-456511d5057b","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":119,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"3e43f4c3-5237-4b68-ae94-ff1d932fc9b2","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":119,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"ba017a16-f254-4889-86ef-eec067b99d89","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":119,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"87a32d97-f76d-44aa-9e43-8fa25a37d13e","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":119,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"39ad4a13-7e09-4d77-82c3-405690f38bd7","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":119,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"b2ae97df-e58c-407a-a2d6-4744321dd161","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":119,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"24ab9af4-4bc2-4945-81b0-c61f0d2eb97f","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":119,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"3fd98c42-dbb8-48fe-ac36-99595f2aaaf6","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":119,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"ef7b7276-2bf6-4ca4-a64f-e03dc404188a","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":119,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"4d4abb34-10f1-49f7-a088-651617501278","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":119,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"10b16466-02dc-461e-9d42-01c66b44614c","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":119,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"ffd35e48-c7d6-4e6e-9a7a-806c0c7fb8d8","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":119,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"13d701ff-384e-46da-ba38-131f6a647561","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":119,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"0f94f775-8b6b-4e1d-b2d6-6785deb330df","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":119,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"9b639660-13c6-418e-bfda-8c98f09292ee","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":119,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"9f2ca1b0-93d8-4b98-998f-7352732b02d3","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":119,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"bf173551-960f-4c08-80f7-4d22ec55fac0","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":119,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"f99943ea-ed02-4e94-8ea1-764ab8f0c569","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":119,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"d80fab8a-fdf5-4109-ad34-b924b477c6c1","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":119,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"3996385f-7b93-4b79-9864-44718eecd27e","block_type":"box","text":"market is not yet certain.","page_number":119,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"3f88b213-e729-4663-a742-36a31c055223","block_type":"box","text":"Yields.","page_number":119,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"da1d2e1d-732f-4a9d-880c-675182a8c195","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":119,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"7122f018-67c9-40fd-b43b-b2aa92dba27f","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":119,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"c8d1f1e8-bb0a-4959-b0f2-87fb5224cbee","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":119,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"838d99cd-c2d7-46fe-b5d1-59a7b63e7496","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":119,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"45fe76e1-6d1a-4461-b51f-2fec837539ad","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":119,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"fbd82eff-e0b7-4e18-afa6-1051f066cde8","block_type":"box","text":"II-60","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b6b0549b-dde1-45f6-8868-7009ef4f3bad","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":119,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"55e13d18-f899-4711-9de3-e4407fa5225d","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":120,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"2156aeae-eefc-4a88-b003-7d049d9a94b6","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":120,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"3c4a29e3-a41f-4517-b61e-aeadedbc427d","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":120,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"03874091-84bd-4b5f-955b-77859f1caf4f","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":120,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"53d93833-3721-4e85-b094-0de62c9922a4","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":120,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"d8567664-0404-404f-8d56-6a9f6bca9ee9","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":120,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"f16b4fde-a519-4d35-a4cd-afc06ef26491","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":120,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"9d8f4afe-894a-4135-bfdf-32386d811383","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":120,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"708539e7-ed41-4a1e-83f0-7ed6353f0848","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":120,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"21d8edfb-3f65-45e6-a37b-4b924a09015b","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":120,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"3cb230fa-dce7-4c17-b502-ddc86b31e92b","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":120,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"6f3b71b9-fc6d-42a4-b9ef-29c153a28e6e","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":120,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"dae90517-8b99-46aa-8141-8bb45cd111b8","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":120,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"51117d2e-39ce-497e-8fcc-7367f745c53b","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":120,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"58e4c890-ed9e-45b5-b073-2f8130e9af0e","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":120,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"d3fd5776-304f-4cee-a684-c9b0eb86012e","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":120,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"6b41972d-20e9-4aa2-8e01-e70882ba0406","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":120,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"564ea2f1-2726-4567-97a5-2cb8ed6d4e06","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":120,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"d37dfb38-0eef-4129-b0fc-1f3f1a2a3afc","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":120,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"f6f05146-b9d9-49a5-a0db-a3ceaa254551","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":120,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"89ccc805-4929-4ae5-bc85-ead6c51eae6e","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":120,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"ac557b0a-8595-4d16-90fb-de7efe5cea1a","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":120,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"10d9a42b-1914-427f-961a-10eaf80cf1e2","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":120,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"3546d9ed-cda2-4209-b7ea-96758c4ba860","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":120,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"1d753633-139a-4c79-be77-541adf9d9b7d","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":120,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"f0840f2c-9435-47d1-9d71-a311cf9d0345","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":120,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"0acddf18-02e7-40a9-9bab-97a68ff8e05f","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":120,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"7c135a6e-f698-469d-a718-1664905cb789","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":120,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"f782e639-8ad5-4225-9b76-6a30fb14082b","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":120,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"a557e892-e6c1-4cc0-a11f-c757a056369c","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":120,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"c99f1e8f-8dd1-49bc-9c5f-c15fbebafcb3","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":120,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"d2d312cb-e0ed-4d51-9da0-3d2da5573d6c","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":120,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"4ef8be8a-3be4-4afe-9ebb-b70ae71cecc0","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":120,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"c75e9752-fcd1-4dc8-b1ae-3780cbc4fd7e","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":120,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"b07236b0-0c41-45cc-b230-22a3f5cde26a","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":120,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"b8774edc-0072-4353-8f07-7432b899b9cb","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":120,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"49972ece-7565-432e-92bd-2af49c34125d","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":120,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"22322eb3-a409-469b-a41a-5229d4fae576","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":120,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"561e48c8-17b8-43ad-89fd-780cee12ae56","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":120,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"83a10b18-7f7b-446f-915e-0d46fb1681eb","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":120,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"87302bd2-b734-4bfb-8200-1d0b99f712e9","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":120,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"5260df09-dc1c-444f-a539-90772ce6488f","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":120,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"50a81b2a-25b4-402a-a672-ed8c2dca792f","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":120,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"1fb51321-f59d-4639-bdeb-3e4cc8387c8b","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":120,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"ed61e456-eba5-4cc0-aeff-ab73f9489b65","block_type":"box","text":"Call Rights.","page_number":120,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"c1986282-8bcd-4911-a53c-81207c7548ba","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":120,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"9e0ddd77-92f7-4489-bc6d-d5735609fde4","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":120,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"0121e38e-57dd-4c7e-a309-52680402682b","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":120,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"4c670722-83e5-424d-aca5-477b5c61dab5","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":120,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"8bcea498-1d79-4228-8c3c-f299e12e5e8e","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":120,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"d78aad0d-814c-4284-a10c-3794684cfeee","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":120,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"73403e8b-aa82-4089-8dd1-fde5da39f17d","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":120,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"cfb1372e-b11d-48d3-93ef-6de79bfca4e1","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":120,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"41f6e9a0-59ea-48ed-a827-40218401f593","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":120,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"83e5161d-ccf0-4a18-9069-3a0d12ed2dab","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":120,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"dbd4f4cd-c8ea-4c5d-a35f-16c759d231d7","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":120,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"cbf54830-8e59-47e1-8848-b58b217b963c","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":120,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"70a6700d-ca04-4b9d-8654-271826d9bd64","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":120,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"482393c2-9922-4043-b3b3-c9ab9caf1f95","block_type":"box","text":"II-61","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3886420a-d83a-41ff-829c-f956134dbe46","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":120,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"01b6f889-4077-4b34-9e6f-d49a3fbcfc55","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":121,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"f158fad4-b299-42f8-a9c5-fdec71b57565","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":121,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"93f3b3af-b963-40ec-a9f0-df31a690f9cf","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":121,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"5399638a-23be-4892-b22d-658a198c4286","block_type":"box","text":"i.e.","page_number":121,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"d34e20bd-1bce-44ec-ae4a-114f59423fb1","block_type":"box","text":", wide differences between short-term and long-term interest","page_number":121,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"a2289bb6-c657-4e9e-ab76-c13521868844","block_type":"box","text":"rates).","page_number":121,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"4ab98fab-324c-4e14-b96c-bc827607522c","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":121,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"2102a743-0015-411e-8e13-73302f1be884","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":121,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"21411668-394e-4277-879e-10d8309e5882","block_type":"box","text":"e.g.","page_number":121,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"7183ada9-df2b-4749-8544-ca729aac8c78","block_type":"box","text":", an exchange of fixed rate payments for","page_number":121,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"6beaac6b-aed6-4cc9-8c06-30735b3a640a","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":121,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"e3e6cdb7-6c77-4ebc-b84d-3711a56780a2","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":121,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"1b66159c-3b32-4ab3-9cb1-4713000164d6","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":121,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"0b35bf72-6591-437f-bc9f-40827a96a33d","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":121,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"4bfa9a62-30cc-42c4-926a-6147b558a3b4","block_type":"box","text":"with the same attributes as the swap (","page_number":121,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"74fafabc-38c6-4f19-85e1-dfa3a37e167f","block_type":"box","text":"e.g.","page_number":121,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"a10be5e1-1c3c-4151-8ab2-6d99066f5f96","block_type":"box","text":", coupon, maturity, call feature).","page_number":121,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"ad49d67a-1024-40c5-8f46-2d5176933245","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":121,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"0d77e698-1060-428b-b774-831f71cf5762","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":121,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"e166a5ba-9f22-4331-94fa-1f757db6d2e9","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":121,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"d611c950-e833-4983-bd29-f905f80bff34","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":121,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"bfff4f50-cde3-4438-b1ac-2451e0444014","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":121,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"505d3cff-dc46-43de-89a0-b31f82a72824","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":121,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"9ae7d7ef-50ed-41a4-a482-948771ce1343","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":121,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"cbb75865-8414-4d1f-bcd0-1c8dc81fde3b","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":121,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"48c62e2a-b5c5-4991-b08f-3e9332e5db0e","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":121,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"b148124f-0982-48ea-8ec3-a3883601987f","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":121,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"c5fd1613-d6ac-486e-bdd8-f4636edc4f43","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":121,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"79012f02-a92c-4b0a-8bcc-1c8659763d19","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":121,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"223e03a1-7d37-4572-b34a-e00ee8714322","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":121,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"e6b2adf5-dab8-479f-879f-26dc474c6a2a","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":121,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"69d4513d-4951-4070-a28f-74bafb993c52","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":121,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"94006bc3-23be-418c-a879-9ad0e69b42f0","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance.","page_number":121,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"026247b6-8662-4a2a-a88a-4019b243ba7f","block_type":"box","text":"Insured Municipal Bonds.","page_number":121,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"aa7d45d9-3270-4a3b-a508-fd79f02dd722","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":121,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"fa99b3ec-0301-49b8-8fa1-497862535bd1","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":121,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"5d98c489-b0f2-466d-83f7-f17606d57d73","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":121,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"4d663037-8793-4d72-855d-76b9a684fb12","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":121,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"f16f61cf-e6ad-4381-a4ce-717cb64e06d7","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":121,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"ff333b23-a9c6-40ce-b2fb-4ff9200ab5d5","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":121,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"94232d47-2cc6-4472-96cd-201749a427ae","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":121,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"85a236b8-aead-4b56-ab03-260f82c9c0b7","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":121,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"57af0631-9faf-4339-8b69-08b31afd1b21","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":121,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"8555dedc-2da9-4582-9bc3-96f650203857","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":121,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"e1991a38-729f-410a-b7da-fb5b6b9d8528","block_type":"box","text":"bond could drop.","page_number":121,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"b3b02b7b-7a66-4523-a869-e3572753d6ea","block_type":"box","text":"Build America Bonds.","page_number":121,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"16b8207d-951d-4ee1-b9e3-e961bb871714","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":121,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"aa3f63ff-5de0-41d9-8ccf-e2496b4e50b5","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":121,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"8334b44c-7e76-44eb-bcd2-f6f59b8061ea","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":121,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"cadcf113-c0e2-43ca-9642-04999346e5f0","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":121,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"61aeee88-d358-4ae9-9bd7-c59a62b1aa67","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":121,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"a9fcfd55-c4ae-44e2-ac25-eab2275cefb4","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":121,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"b8f857b4-e5bf-4b17-9b8e-bb2bd495f1c2","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":121,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"c5521026-5ca0-433a-8d01-d2776d371471","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":121,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"619651bc-f028-442b-b58f-3288ff84c115","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":121,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"12c23b0c-4957-49d0-b770-13d42fecd376","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":121,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"3ad510e6-af26-42dc-a2ef-40821e99b3ef","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":121,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"89d9ee57-e63e-4f49-ba6d-71d2dff70565","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":121,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"63f16fd3-ac94-42f9-9b81-33e15507db5a","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":121,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"b122bfa7-3fd7-4ff5-b764-5083c9916cd5","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":121,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"e82e5cd9-8ad4-4a53-915d-f6eed7427499","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":121,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"a0134ffd-2c46-43a2-8562-151c3e13b6d9","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":121,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"0b8e0ec3-7618-4cf6-9f2a-e9e5069e9dfe","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":121,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"dd7fb975-c6ef-4857-a552-9f754bf93545","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":121,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"f3b000f6-c22d-4b29-8b7c-1029b5d2476e","block_type":"box","text":"II-62","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2e173b9e-3a99-4a9d-ad3c-0dd49869d78c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":121,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e54c75f2-7f46-4e9f-8124-f0df075d606f","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":122,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"e471587a-80fc-4f98-8e8b-096184cd0bf8","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":122,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"86ca2423-590d-4c40-84c2-52b442200061","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":122,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"a05d0582-54e6-40d6-9198-fbf6aa78829d","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":122,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"4c4cbe01-ff28-4ea8-ad4c-46918a2547f7","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":122,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"a49eff9b-ccdd-4e33-a506-9a9832f77d5c","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":122,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"1c9293a1-5930-4a15-bc11-18a8a64f16e2","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":122,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"1fe4f72b-0a78-4b68-856c-80a197544398","block_type":"box","text":"their face value to the sponsor (","page_number":122,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"ac51f190-dc4b-4338-8f8b-aee1b609c903","block_type":"box","text":"e.g.","page_number":122,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"2b9a6157-b1c8-40d8-87d2-bda7ba2967da","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":122,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"183bd05a-018e-497d-a223-c86baa0bef48","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":122,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"7de796f2-9749-4f9f-a734-52a24d791474","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":122,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"f1cd7819-4b73-4799-8262-be8ce5d2a55b","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":122,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"9ac729c7-b21f-4eba-91e7-c7b5e8c2f177","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":122,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"6728557e-5d04-4201-858e-9c09f1c03b6f","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":122,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"9213816d-ec17-46c0-8c37-a2115d0b875c","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":122,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"94b7082d-a15f-4e6c-8732-dcc3a4360c27","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":122,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"c7947aa0-3be2-47f7-b1ce-95dcc5cce89b","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":122,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"3692d37a-3add-412e-983c-89995cc5c39c","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":122,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"c5df013f-6f5e-4d0e-9e3d-33253965b1e6","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":122,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"e1c2c455-9a20-482b-bea7-c0c57d9f0590","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":122,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"55c88a79-8ce1-4779-96e4-11672b78154a","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":122,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"0c335992-3b17-4fbe-91d7-b3307ca30399","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":122,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"8e5cf84d-734e-44d8-b1bc-6beb2279ad3e","block_type":"box","text":"such opinions.","page_number":122,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"79ac71a6-f99a-4586-8f96-0fc5ab9308c5","block_type":"box","text":"Operational and Technology Risks.","page_number":122,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"fb6cee51-93cd-4067-850e-7e34b50742eb","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":122,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"5c533915-cda8-47ad-87f2-120558e410f0","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":122,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"31e90417-5d27-4613-bc25-26876a0208f9","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":122,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"02985563-1f55-4fe4-a55f-25e351ee8340","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":122,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"31e950c8-7837-434c-8079-be043b8d19bf","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":122,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"5e8cb714-942c-423c-be50-a68841a6d58a","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":122,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"20893a9d-7552-4a19-9902-e1e0fdd17eb6","block_type":"box","text":"counterparties, market makers, Authorized Participants, listing exchanges, other financial market operators, and","page_number":122,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"fc18cb5f-1c9c-4ca5-97fb-90f90e45a31b","block_type":"box","text":"governmental authorities. Operational and technology risks for the issuers in which the Fund invests could also result","page_number":122,"box":{"x":68,"y":513,"width":837,"height":12}},{"id":"460b31e7-08c2-4bd6-9769-379eba80c07c","block_type":"box","text":"in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose","page_number":122,"box":{"x":70,"y":528,"width":814,"height":12}},{"id":"418b9457-56e4-41a4-8cb9-44577d58a41d","block_type":"box","text":"value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":122,"box":{"x":68,"y":544,"width":694,"height":11}},{"id":"0855d3f6-4a91-45b3-a538-af87680dfe0c","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":122,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"8be231d8-ae71-4928-8d9c-9673a3f54bc4","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":122,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"2d2ce9ef-eeb7-499f-bd09-148622d4390e","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":122,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"cb67928a-e847-4a9c-8620-53dfc3b585e9","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":122,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"7a6b385a-4e5c-41b3-b533-f4d3a194c293","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":122,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"49c4df1b-01a8-44ff-a0b1-0c2ddbd299c1","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":122,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"edadf1ba-851d-4e11-aa8a-58ea2266f4ea","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":122,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"3095cd7d-92be-4aba-ac7c-30fdef0ce90b","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":122,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"e9818499-7fdc-46fb-b0b6-29bff1648707","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":122,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"f58afee3-ecde-4a62-882c-c6e0d03024b0","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":122,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"e06000cc-c06b-44f4-a52e-0d377e369392","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":122,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"7cbca21b-fc88-4db0-965a-7feec5e02085","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":122,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"fe19d597-c123-4b01-b1e2-1edb53bc7d39","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":122,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"23c37e4b-a3a8-4e75-b6dd-d77f660db3f2","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":122,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"c209560b-0a8b-46f2-8bad-1aa181b1eb55","block_type":"box","text":"systems, may also disrupt business operations or impact critical data.","page_number":122,"box":{"x":69,"y":778,"width":501,"height":11}},{"id":"99688455-6c68-46b3-99a2-4eee2fbd6a19","block_type":"box","text":"Artificial intelligence (“AI”) refers to computer systems that can perform tasks that would otherwise require","page_number":122,"box":{"x":101,"y":801,"width":766,"height":11}},{"id":"70d2a0d9-a0e7-413a-8edf-e23d08f73071","block_type":"box","text":"human intelligence and encompasses various different forms of artificial intelligence, including machine learning","page_number":122,"box":{"x":69,"y":816,"width":804,"height":11}},{"id":"c4510d4b-5359-412a-ac29-7dc81487b097","block_type":"box","text":"models. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve","page_number":122,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"dfe67a2b-6bc8-433a-950c-c2ac9df98e98","block_type":"box","text":"problems. The risks of increased use of AI technologies, such as machine learning, include data risk, transparency","page_number":122,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"74cd8b37-b327-4c61-96f5-44ee5ddb67fb","block_type":"box","text":"risk, and operational risk. These AI technologies, which are generally highly reliant on the collection and analysis of","page_number":122,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"7e0b2234-2e91-4c1f-a526-39c9b5b42cfd","block_type":"box","text":"large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate","page_number":122,"box":{"x":70,"y":876,"width":832,"height":11}},{"id":"dd79591f-2d8e-45a7-b16e-199d9160917a","block_type":"box","text":"all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":122,"box":{"x":69,"y":891,"width":765,"height":12}},{"id":"710036cc-5221-4c38-9182-938bd1a0e830","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and","page_number":122,"box":{"x":70,"y":907,"width":835,"height":11}},{"id":"32ffaebe-8b9e-4b0a-a0c1-dfccca9089a6","block_type":"box","text":"II-63","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b0f7b60-d35a-4720-b1b4-669d60c3977a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":122,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f81d6e79-53c4-4a61-b2eb-0f15cecd8262","block_type":"box","text":"how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":123,"box":{"x":69,"y":45,"width":773,"height":11}},{"id":"27478d49-596c-4673-8433-97d7c8b6e487","block_type":"box","text":"infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these","page_number":123,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"9ab933c7-79a7-4edc-86e4-73cfc1fa04a2","block_type":"box","text":"risks associated with AI technologies. AI technologies and their current and potential future applications, and the","page_number":123,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"65ea12f2-cbe4-4021-add5-9729da16e83a","block_type":"box","text":"regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full","page_number":123,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"0e71bc34-f31c-403f-bd9f-7246dc69ed8a","block_type":"box","text":"scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":123,"box":{"x":69,"y":105,"width":542,"height":11}},{"id":"332aad51-ff09-48a0-b88f-50efe2b4068f","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":123,"box":{"x":101,"y":128,"width":747,"height":11}},{"id":"01ba76bb-1142-4e41-a7f5-4166fd3d17cf","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":123,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"b509c59d-74cc-467d-bb33-17a69315655d","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":123,"box":{"x":68,"y":158,"width":823,"height":11}},{"id":"cda360bf-ab4a-4f97-8745-4a79c8fa0754","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":123,"box":{"x":68,"y":173,"width":755,"height":11}},{"id":"24ace8ea-3956-4e95-be00-bb6044b36544","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":123,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"ebca42a8-0800-4110-bdf5-28c562f75e4f","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or","page_number":123,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"44d8e5d4-8045-47ef-a3ef-c34afb8b26ba","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":123,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"3273b3e1-f8e7-4b6a-8cee-e6b3caaa7734","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":123,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"bc674dfa-a57e-43e9-962c-1628d1281465","block_type":"box","text":"and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":123,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"246deb2b-37ec-4a8a-bed1-e867074cdee3","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":123,"box":{"x":69,"y":264,"width":775,"height":11}},{"id":"4d15fb58-b132-44f7-9fd9-e5b561ad4655","block_type":"box","text":"counterparties, and other third parties whose activities affect the Fund.","page_number":123,"box":{"x":69,"y":279,"width":510,"height":11}},{"id":"d772ae16-d957-4b19-9c29-474ceb0f5465","block_type":"box","text":"Artificial intelligence and its current and potential future applications, including in the investment and financial","page_number":123,"box":{"x":101,"y":302,"width":785,"height":11}},{"id":"89e0534c-d23e-4bd1-97bd-c235f0498ce2","block_type":"box","text":"sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is","page_number":123,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"5daa6d51-681d-4729-9231-2de0ae6e7183","block_type":"box","text":"impossible to predict the full extent of future applications or regulations. Regulators continue to develop new rules","page_number":123,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"370069b2-0bd8-4c4c-ab87-3ed6678281db","block_type":"box","text":"and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding","page_number":123,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"500d96af-271b-40b2-9dfe-61a41bc90f11","block_type":"box","text":"and costly, requiring substantial resources to monitor and implement required changes. Ongoing and future","page_number":123,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"871efbdc-40ba-45c0-912a-16aee97f2d7d","block_type":"box","text":"regulatory actions with respect to artificial intelligence generally or artificial intelligence’s use in any industry in","page_number":123,"box":{"x":69,"y":377,"width":793,"height":12}},{"id":"0fb08569-f853-47a6-8507-6f0ef03653a7","block_type":"box","text":"particular may alter, perhaps to a materially adverse extent, the ability of the Fund’s adviser and other service","page_number":123,"box":{"x":70,"y":392,"width":783,"height":12}},{"id":"b51fd256-c299-4ecb-bee8-16fdb05cd0f8","block_type":"box","text":"providers or other market participants to utilize artificial intelligence in the manner used to-date, and may have an","page_number":123,"box":{"x":70,"y":407,"width":811,"height":12}},{"id":"ebadc4d0-cdff-41df-a6f3-13c7d25bfba7","block_type":"box","text":"adverse impact on the ability of a Fund’s adviser and other service providers, as well as the Fund or the issuers in","page_number":123,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"37b008d0-2d63-4301-bdfe-269250337e27","block_type":"box","text":"which it invests, service providers, or other market participants to continue to operate as intended.","page_number":123,"box":{"x":68,"y":438,"width":708,"height":11}},{"id":"e078a18f-6657-455c-a1c5-332f1e690498","block_type":"box","text":"Participation Notes.","page_number":123,"box":{"x":102,"y":460,"width":145,"height":11}},{"id":"271c39d2-d5db-4d88-b57f-944871258746","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":123,"box":{"x":253,"y":460,"width":641,"height":12}},{"id":"0c21305d-bdd6-4fb6-822f-c9cbf9d6b6cd","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":123,"box":{"x":70,"y":475,"width":766,"height":12}},{"id":"ac6518da-eb58-4101-9bd4-6a6ae82f2411","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":123,"box":{"x":69,"y":491,"width":772,"height":11}},{"id":"2058ee64-fb86-49e3-8af3-cc87295d1cb7","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":123,"box":{"x":69,"y":506,"width":475,"height":11}},{"id":"ad538a06-ce24-482c-a0e6-7edc7cf9347f","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":123,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"5753ca66-1f7d-458b-83cf-3203b5be494c","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":123,"box":{"x":68,"y":543,"width":831,"height":12}},{"id":"3d55d4a4-5cb2-470c-9ea2-edfbb6a50e95","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":123,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"38586980-29b2-463b-b732-d91818bfef72","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":123,"box":{"x":70,"y":574,"width":789,"height":11}},{"id":"def5d396-0f8f-4007-aaf7-aa1839ed4453","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":123,"box":{"x":69,"y":589,"width":791,"height":11}},{"id":"4a3519bd-64b9-4b43-a9f5-c63af071abdc","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":123,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"853fbef6-5e00-43f2-aff6-6846c8669441","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":123,"box":{"x":69,"y":619,"width":834,"height":11}},{"id":"e67b0a79-204c-4abe-896f-735d46f1fc94","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":123,"box":{"x":69,"y":634,"width":822,"height":11}},{"id":"63418b8f-7c00-4489-9d61-128974d0fc56","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditworthy.","page_number":123,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"946a7a1b-453e-49f7-8028-aeeac7f2f0e8","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":123,"box":{"x":101,"y":672,"width":743,"height":11}},{"id":"7355387c-07e0-42e7-8119-dab3bbf2eb09","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":123,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"c5298d67-bd0c-4e83-b733-8c183de78030","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, the Fund receives a","page_number":123,"box":{"x":70,"y":703,"width":799,"height":10}},{"id":"6c40ae7f-ad0b-470f-a0ff-bae6a4e67f64","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":123,"box":{"x":70,"y":717,"width":776,"height":12}},{"id":"03ea7efe-1adb-4b12-9785-d80cb8a81423","block_type":"box","text":"transaction costs). The price, performance and liquidity of a participation note are all linked directly to the underlying","page_number":123,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"e0dbd5b5-db3b-4cd8-a7cf-6db2706e42da","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local","page_number":123,"box":{"x":69,"y":748,"width":834,"height":11}},{"id":"e02b3b0b-a95d-4b0e-b5c0-15944c7a0248","block_type":"box","text":"trading market for the security underlying the participation note.","page_number":123,"box":{"x":68,"y":763,"width":454,"height":11}},{"id":"aee091e0-f56e-4da9-8772-ed829b342f44","block_type":"box","text":"Portfolio Turnover Rates.","page_number":123,"box":{"x":102,"y":785,"width":181,"height":9}},{"id":"a53a021f-d748-4810-a455-ee0adc414da1","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":123,"box":{"x":289,"y":785,"width":558,"height":12}},{"id":"0591bf1d-291c-4f86-9b2c-515b887994da","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":123,"box":{"x":70,"y":801,"width":804,"height":11}},{"id":"c6211ab4-594c-486f-aa85-57f0eac4757a","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":123,"box":{"x":70,"y":816,"width":806,"height":11}},{"id":"ddd9468c-a14f-41b7-b5d1-52ff3174d093","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":123,"box":{"x":69,"y":831,"width":800,"height":11}},{"id":"1716eb6b-b367-4d16-a81c-89879f27a39a","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":123,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"14d66652-427c-4beb-ad64-e474fc296589","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":123,"box":{"x":68,"y":861,"width":800,"height":11}},{"id":"1762cdfd-26cb-43a4-b4e4-1cdd677e87c2","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":123,"box":{"x":68,"y":876,"width":595,"height":11}},{"id":"feb943a1-7cb4-48a6-ad16-6fcfbd51abcc","block_type":"box","text":"i.e.","page_number":123,"box":{"x":665,"y":876,"width":20,"height":9}},{"id":"e61f31a9-40eb-41ca-bd2c-323edbd2fecc","block_type":"box","text":", 100% or more) may result in","page_number":123,"box":{"x":687,"y":876,"width":210,"height":11}},{"id":"484254a7-a7d5-4680-a590-226fda5f731a","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":123,"box":{"x":70,"y":891,"width":797,"height":12}},{"id":"812db369-119d-4345-8b43-3eb360d7f145","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":123,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"6e2c9967-7e84-40a2-a940-f64405a4a8e0","block_type":"box","text":"II-64","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6b4c8945-354f-4595-ad04-b32473c996d5","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":123,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"54a5f82d-781d-439f-8bd2-2be4d182dc38","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":124,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"762b4bc2-04c0-4479-bca8-ef6addc2d43a","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":124,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"d897fb18-90e7-4594-9a31-2557de16377b","block_type":"box","text":"Preferred Stock.","page_number":124,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"5e53caf1-765f-4983-a6c6-86d30367461d","block_type":"box","text":"Certain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":124,"box":{"x":226,"y":82,"width":665,"height":12}},{"id":"d663a93b-da50-4314-9b0e-e4bcc8746183","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":124,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"eb006977-e9c5-4ac5-b876-5b9315284428","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":124,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"b507bcc4-2a6a-4689-9052-49fb6308eb24","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":124,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"97b9836a-4bff-4a9f-b1a9-cc1dd6f13592","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":124,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"efd68221-ef14-496b-ad91-33c120e60fe8","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":124,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"64dd5296-46dd-4bb8-a822-3bd92f32116d","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":124,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"f78bcc48-2843-4696-8afb-2fde9d9cd15c","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":124,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"7865cc83-b948-4198-9996-a2007b1b9308","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":124,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"f8a6ecd8-07a3-4f49-8ed0-352070186064","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":124,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"0de08564-015b-4d6b-a5c5-e9188bbe6e32","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":124,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"abb5cf04-6ddd-4e1d-944e-ed786fd83c29","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":124,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"2f9f252f-837d-4c4f-83ce-c56c0dc9acff","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":124,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"921de27d-06ac-4197-b6d5-b8062ff86305","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":124,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"fa16c943-a744-4fb3-96ec-24d09a6e8552","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":124,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"04cc79f9-f0cd-484b-abb9-a7908e30180f","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":124,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"fba1c5d4-22ef-4e68-9f27-aa7c99ec63c7","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":124,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"75338eff-4f13-4260-8ce4-af52c09f93c4","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":124,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"46911cf4-1640-4a71-8ed7-80a2bff464e3","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":124,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"b24c4d36-c265-4bc6-aceb-511016466c40","block_type":"box","text":"Trust Preferred Securities.","page_number":124,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"664302d7-c06e-4446-9466-d6326b6b203b","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":124,"box":{"x":294,"y":370,"width":599,"height":11}},{"id":"180ebb4b-0a06-406b-a9dc-ced78c330a18","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":124,"box":{"x":68,"y":385,"width":737,"height":11}},{"id":"579541f8-e861-42d4-b93c-e8cc9e96e7bf","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":124,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"c78ac691-b6c8-490d-9c9b-0b861aa7d4a8","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":124,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"284a083e-a00b-43ab-bcef-26f91d9f34a7","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":124,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"d109fef9-3255-4ca2-b92a-daac4606fb70","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":124,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"a0f079e4-b7a4-4fb6-8ee5-c9fb0819a5c4","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":124,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"e4b9b300-f53a-4b06-b967-09b9aeebf9d2","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":124,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"2c5151ee-3e5c-4518-97fe-b99ab5221e27","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":124,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"bb055545-02ea-4612-a193-44ef98eb1b0b","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":124,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"d19973fe-7079-4b20-b20b-fdd2b430f963","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":124,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"fe678dfe-1d7f-4749-bc7c-6a055c7c73b5","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":124,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"0199357d-7d51-44a5-99e6-41b840168e5b","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":124,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"8245a1d1-819d-46fe-a514-28e00f24bfbe","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":124,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"dff87da7-8d2a-4c22-ae9f-65972d223f09","block_type":"box","text":"®","page_number":124,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"5f6833c8-1968-42ea-8e8b-a1b9e7ce8f02","block_type":"box","text":"”); monthly","page_number":124,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"b2eedbd2-d72c-4ceb-bf52-dda5cda6db92","block_type":"box","text":"income preferred securities (“MIPS","page_number":124,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"c033b54a-80e8-4844-997d-6da02f9dcdab","block_type":"box","text":"®","page_number":124,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"7da38788-634f-435f-80fb-dec4f15236f4","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":124,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"a425f1f2-45d6-4c01-81d7-708499592770","block_type":"box","text":"®","page_number":124,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"2551a008-44ed-48aa-bec5-e52e06ba06c4","block_type":"box","text":"” ); quarterly income debt securities","page_number":124,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"2a6aac00-2f51-4ed4-8131-96154e7d81b4","block_type":"box","text":"(“QUIDS","page_number":124,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"1604c711-9b32-41b2-a14d-0f04507a5980","block_type":"box","text":"®","page_number":124,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"33fdf16c-4cfd-4f9c-8e74-0517e9d7148f","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":124,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"15c47288-218d-4f1d-aa4c-c4c5755a81b3","block_type":"box","text":"SM","page_number":124,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"bcd0494f-2cd2-471c-83e9-be10500a09a7","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":124,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"80184a94-b83a-4675-a386-ed5fe36658e7","block_type":"box","text":"®","page_number":124,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"76fa693d-6709-4020-9078-c39012a6b8da","block_type":"box","text":"”); public income","page_number":124,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"d3ed3eb9-503e-4f8b-b7a7-179c536d0905","block_type":"box","text":"notes (“PINES","page_number":124,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"4736e55f-e81c-4c13-9871-dc6437a4ac71","block_type":"box","text":"®","page_number":124,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"2511d1b0-d818-4875-a36a-c8dab9130fad","block_type":"box","text":"”); and other trust preferred securities.","page_number":124,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"9cad7338-e260-422f-857e-92c02aa67bd4","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":124,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"a14aa072-05f2-4a54-a19c-dca376a5f7dc","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":124,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"33420fe8-fd45-4f58-817a-e04f7a9cd571","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":124,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"7a8ae9ba-784b-40ba-b6ba-ed5e76c9836d","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":124,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"e4ffc0db-cf14-426e-bd24-ff873b216646","block_type":"box","text":"regard to whether all payments have been paid.","page_number":124,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"026ca6a9-9504-459d-94cf-1723ed28c598","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":124,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"80be667f-8574-473b-8b44-0b7223a3a68e","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":124,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"770cc738-c5ec-4b41-bfb8-0d6c7b028e50","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":124,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"4c7e5746-1f27-4b12-9d13-0e44b956eb96","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":124,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"99974c8b-0614-47c2-9f69-aca2080ddfd9","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":124,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"944465b5-2a56-42cc-9f6b-183f5061490c","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":124,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"1beecec2-5e83-4732-9a84-5d0b5f4bafab","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":124,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"25ae0eca-e237-4965-ab6e-e7f9dfe7a447","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":124,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"c27658f8-d90e-4a5d-95c2-a965744f8890","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":124,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"7c1a53df-da8a-4a10-8ae5-48b5ea455350","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":124,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"ad89e4ce-93c5-40e5-a693-26a38e4e2dda","block_type":"box","text":"II-65","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"913a95be-2665-4f88-af5a-677e6be7e0d6","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":124,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"105e81a9-dd0b-4553-b20c-b230b6dd9adb","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":125,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"0e8013b0-d346-4a74-920c-8432a1b2c541","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":125,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"d19c571f-ec4a-48cd-bd39-ad9934c11910","block_type":"box","text":"debt securities.","page_number":125,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"83390814-4ad5-42c6-96dd-a741da05cf78","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":125,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"4f6c920b-af1a-4a55-8dfb-5c4dbcaae32a","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":125,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"a638efc2-f9e1-44d0-8182-28225e8240ea","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":125,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"5a838394-c242-4645-aac4-ff0a7b62e012","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":125,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"2e2b0664-eed2-4ce5-8d8c-8e97b42fc1e4","block_type":"box","text":"geographic areas or in specific property types,","page_number":125,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"9faa81bb-b2fa-42f5-926c-c7795738c474","block_type":"box","text":"i.e.","page_number":125,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"a2060508-ba57-47ea-9818-f682e0c7b1d0","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":125,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"c71581ed-3c00-4687-a323-98b6def4a439","block_type":"box","text":"buildings.","page_number":125,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"d9c0a8be-a12a-4350-98ef-bc733cc12b99","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":125,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"4d20efff-06f7-4b1e-aa8d-a5f9e4faeab5","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":125,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"32518ea5-2983-431c-9ed4-f6e07fc8b6c9","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":125,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"1ebbdf3c-c440-4e28-9237-7a93ccb984d8","block_type":"box","text":"property, which derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":125,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"53684bdb-9964-4550-9dd1-f9235ff42fd7","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":125,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"8ddf9ba9-6e26-493e-90e4-d49f4553e77e","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":125,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"ef6b97e3-fbaa-471a-8d21-36b659848da6","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":125,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"5133c07e-aa58-4c95-915e-5eafb36ac2e9","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":125,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"9b27b2b6-a9d0-42ab-883b-b291c6a1c8a1","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":125,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"ffaab945-cf9b-43e9-8910-35a87f0cb2bb","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":125,"box":{"x":69,"y":324,"width":822,"height":11}},{"id":"a2e29a25-483d-44d7-946e-1946c34ccec3","block_type":"box","text":"safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management,","page_number":125,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"125d042e-b83c-43c2-ab79-f5a9a488cc0f","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":125,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"2a33db20-9f42-4328-8803-16c50a37726d","block_type":"box","text":"from new properties, the impact of present or future environmental legislation and compliance with environmental","page_number":125,"box":{"x":68,"y":370,"width":812,"height":11}},{"id":"dadb97e6-0ca7-4134-a53a-a073a8796348","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":125,"box":{"x":70,"y":385,"width":838,"height":11}},{"id":"7c3e2965-6be9-4a63-bf80-c734cd0b1ed0","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":125,"box":{"x":68,"y":400,"width":826,"height":11}},{"id":"58cd39cf-b5ae-4ae7-bf26-e2b5b7a76d63","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":125,"box":{"x":69,"y":415,"width":817,"height":11}},{"id":"f5fedd27-2ad0-4577-88a5-234885c2b2e1","block_type":"box","text":"REIT are concentrated geographically, by property type, or in certain other respects, these risks may be heightened.","page_number":125,"box":{"x":70,"y":430,"width":822,"height":11}},{"id":"9a5870dd-4460-4e44-9ec0-180e721ebd8e","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":125,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"a6980d29-5802-45bd-84ba-ef34335f2fce","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":125,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"73aca790-8bb3-4f0b-8104-667483d4705c","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":125,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"7bfe5723-99a4-4818-8368-3d7540dc2449","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s portfolio which is","page_number":125,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"2b773c45-2782-4978-bf79-b739bc3f5318","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":125,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"0d5cff51-beba-4019-b562-1b73cac44756","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":125,"box":{"x":68,"y":521,"width":797,"height":11}},{"id":"2195ad44-775b-4e54-a293-7bcb3aff905d","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":125,"box":{"x":69,"y":536,"width":798,"height":11}},{"id":"e1773e64-4263-4c4f-8c55-67db94aa6346","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to","page_number":125,"box":{"x":69,"y":551,"width":820,"height":11}},{"id":"a47904d5-faa3-4362-aef1-67f6effc5b31","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":125,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"9e13606f-589b-4151-acd4-684e26d19b85","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":125,"box":{"x":69,"y":582,"width":801,"height":11}},{"id":"0a950311-1bd3-4900-82ba-f6f8425b69ec","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":125,"box":{"x":70,"y":596,"width":631,"height":12}},{"id":"aebb777c-6167-4a6b-8c13-6428e5330359","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":125,"box":{"x":102,"y":619,"width":772,"height":11}},{"id":"6a30a041-45fb-4a96-a869-06df13bc2560","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":125,"box":{"x":70,"y":634,"width":790,"height":12}},{"id":"079173fc-8670-4868-9b29-510a66b4dfa0","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":125,"box":{"x":69,"y":649,"width":834,"height":12}},{"id":"fa9d28f5-dc51-4fa7-806c-96b4fb09abee","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":125,"box":{"x":69,"y":664,"width":837,"height":12}},{"id":"04bfa76c-9d18-41e6-9059-9c834e17e8d2","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":125,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"d0b420b8-d2ed-4b97-a4f6-b74d706f60f1","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":125,"box":{"x":69,"y":695,"width":759,"height":11}},{"id":"a7cdb9d7-dfd7-4093-9672-08a92ff653ac","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":125,"box":{"x":69,"y":710,"width":778,"height":11}},{"id":"2f3e7f0c-ae29-49e2-b2ca-694915fcfa1e","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":125,"box":{"x":102,"y":732,"width":773,"height":12}},{"id":"5f4fd5d2-ad39-422b-866e-1cfabcc00a69","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":125,"box":{"x":70,"y":748,"width":836,"height":11}},{"id":"0205f56b-bfb5-4671-83c7-06f291833f46","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":125,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"755dc9d7-6dd9-4bd5-860d-60722841d6a7","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":125,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"8ea00a3b-91c9-4552-848d-1bcc8b859930","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":125,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"54571c66-a62a-47d7-b572-35b4d3324f14","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":125,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"681db387-ec89-4e4a-b949-b623e8b2202a","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":125,"box":{"x":69,"y":823,"width":804,"height":12}},{"id":"073d479c-5b6f-4d1c-895c-0b5f22838002","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":125,"box":{"x":68,"y":838,"width":761,"height":12}},{"id":"a86e92b5-9c93-44ae-8760-03eb4123b97f","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":125,"box":{"x":102,"y":861,"width":275,"height":11}},{"id":"231bc319-2b3b-418c-ad0e-88e1fed45530","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":125,"box":{"x":383,"y":861,"width":466,"height":11}},{"id":"a0eaba46-e8d7-4e32-a105-91dea2f4ad5d","block_type":"box","text":"markets generally or particular industries represented in the markets. The value of a security may decline due to","page_number":125,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"ca0a94f7-3d83-44a0-a0c3-5a8a1e1a7d40","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":125,"box":{"x":68,"y":891,"width":837,"height":12}},{"id":"1e3375ba-11ec-493e-a491-300ff29e2026","block_type":"box","text":"affect a particular industry or industries, or factors that affect a particular issuer or issuers, exchange, country,","page_number":125,"box":{"x":69,"y":906,"width":795,"height":12}},{"id":"a697c664-cfa0-4087-9eb8-8543e6e2ec7b","block_type":"box","text":"II-66","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c0944fb-4ce4-4569-b45c-8ac52f683df9","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":125,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"977426fc-ae4f-43e7-8a4e-716804978b9d","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":126,"box":{"x":68,"y":45,"width":796,"height":11}},{"id":"a40378c5-b688-4784-a510-5183a9209936","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in","page_number":126,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"b3a2a990-52d4-4c6f-b549-f9ef6f9d1a5c","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":126,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"ddd13c28-b77a-496f-9987-6b82b5be1920","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":126,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"c47d47f6-be84-4e5b-a483-68a8deecfc35","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":126,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"a4e6600c-1b22-438d-807e-09b25ace4266","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":126,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"cafc1445-cdc0-4050-8e7a-d74f79a4e13e","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":126,"box":{"x":69,"y":135,"width":804,"height":11}},{"id":"c344fda2-b646-4082-8a40-8d54c2719103","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":126,"box":{"x":70,"y":150,"width":787,"height":12}},{"id":"5ed89429-7490-45c7-aaba-ea8be0c9f1aa","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":126,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"bb0a456a-c50f-4b7b-8a0f-15704f70735f","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to","page_number":126,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"41407a0f-3811-4be9-9b03-852772f22b49","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is important to","page_number":126,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"27976fe9-877a-4aff-85f4-0714b444c359","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":126,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"ad94a6f4-ef77-4ba8-af3a-0b970bcbaede","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":126,"box":{"x":69,"y":226,"width":776,"height":11}},{"id":"de9de08c-a8ec-4458-8083-3102f417a9cb","block_type":"box","text":"conditions.","page_number":126,"box":{"x":69,"y":241,"width":76,"height":9}},{"id":"21118680-fa03-452c-87c5-cae2f3abd4df","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":126,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"1e2cd1c9-f4b4-4737-a64d-9b2c04a54718","block_type":"box","text":"a particular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":126,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"3de5eab2-7cf3-43df-871b-68a5a8170aef","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":126,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"c42a2e0b-772d-4990-9d6e-7a98cb39454c","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":126,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"f8a8f9c7-eb67-48c1-92f0-9906436dbbce","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":126,"box":{"x":69,"y":324,"width":799,"height":12}},{"id":"2581b980-067d-4c24-b1ff-81369ed5ab7c","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":126,"box":{"x":69,"y":339,"width":751,"height":12}},{"id":"6de74be8-480c-444d-8bb2-07ea9abf92ce","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":126,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"42bb57a9-e55d-4a06-a8e6-4ca98f83e47b","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":126,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"2dbb05ee-38b5-426d-a0e9-7723b40b20ce","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":126,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"6e2eaea9-69be-44ee-a6b1-47a1acee8460","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":126,"box":{"x":68,"y":400,"width":841,"height":11}},{"id":"da1c30aa-3a4b-4e6f-9265-fe54a94bbf38","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":126,"box":{"x":69,"y":415,"width":775,"height":11}},{"id":"13c8d7b5-42e7-4edb-8f78-7cbd3d577bd8","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":126,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"50794bd3-aa86-4175-b67d-4224053adfaa","block_type":"box","text":"affected by such events.","page_number":126,"box":{"x":69,"y":445,"width":173,"height":11}},{"id":"e56e165e-1cb1-4069-a876-07f09eb76213","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":126,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"8e19dfb0-9018-4bdf-b9e8-1bc58c87c372","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":126,"box":{"x":68,"y":483,"width":830,"height":11}},{"id":"f38269ff-adcd-4832-bd67-b50e47db35cd","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":126,"box":{"x":69,"y":498,"width":796,"height":11}},{"id":"1f394d06-0b50-4f51-9c8a-6c19b21daf0e","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":126,"box":{"x":69,"y":513,"width":820,"height":12}},{"id":"8edbe6fe-2269-442f-ae62-59fcb494bf3f","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":126,"box":{"x":69,"y":529,"width":833,"height":11}},{"id":"fdf3f57e-e6bf-4509-9966-40a5e03b67ea","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets and could adversely affect the","page_number":126,"box":{"x":68,"y":543,"width":759,"height":12}},{"id":"a733df10-2860-47ff-80cf-1cffcbdae649","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":126,"box":{"x":70,"y":559,"width":819,"height":11}},{"id":"b9654944-3bcb-423c-a1b9-865ae9229d9d","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":126,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"4c4f6274-b133-4340-9293-8df52a45ba95","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":126,"box":{"x":68,"y":589,"width":837,"height":11}},{"id":"5fe8ef32-0bd1-4067-a6b7-668c2ab63cc8","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":126,"box":{"x":69,"y":604,"width":795,"height":11}},{"id":"625b9a6c-0f44-42b7-ba2b-e576fd91eb1b","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":126,"box":{"x":69,"y":619,"width":836,"height":11}},{"id":"225c8a50-590e-4f57-be2b-27686da75aba","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":126,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"3f3fbfed-feff-4470-886e-d201e72910a0","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":126,"box":{"x":70,"y":649,"width":816,"height":12}},{"id":"6915f344-a122-4f69-af57-cf9b33a9daaf","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":126,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"fc9079dd-b2fc-4318-b6da-85465103a492","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":126,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"3c5bfaf0-5660-42cb-a887-2b3e2d724b24","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":126,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"14484c32-1dfd-4601-8626-6f6f009bfa82","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":126,"box":{"x":69,"y":710,"width":820,"height":11}},{"id":"e7af8d07-253a-422b-8761-cf976d1768c4","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":126,"box":{"x":69,"y":725,"width":785,"height":11}},{"id":"4ff5f973-54a3-4029-938f-a366a5b32b86","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":126,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"56997d6c-e4b0-42a2-a33c-50473b8c4770","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":126,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"8ad05624-bd86-443d-86f8-f33cbf26e564","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":126,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"1d782b61-267d-429c-954f-b61a6cb6856c","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":126,"box":{"x":69,"y":785,"width":746,"height":12}},{"id":"21722da1-0c9c-4ddf-ae61-d8a449489d8e","block_type":"box","text":"investments.","page_number":126,"box":{"x":70,"y":801,"width":89,"height":9}},{"id":"89b9a941-5115-45a2-bdd3-073ad56e0b7d","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":126,"box":{"x":101,"y":823,"width":802,"height":12}},{"id":"4f82e9b7-9913-4d34-a408-0d64b2707eb4","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":126,"box":{"x":68,"y":838,"width":796,"height":12}},{"id":"cacdfb81-0308-45a9-a484-645a32ab20ba","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":126,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"61e33f56-e681-46aa-8c43-b22ec6b5332b","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":126,"box":{"x":70,"y":869,"width":813,"height":11}},{"id":"688e9202-68d8-445f-bcf1-9ab26fee7555","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be short term or long term, and","page_number":126,"box":{"x":68,"y":884,"width":812,"height":11}},{"id":"0778383f-d7b6-46f7-b424-0b5e9051f0dd","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":126,"box":{"x":69,"y":899,"width":771,"height":11}},{"id":"7a917831-2e09-4ab7-a3d4-aeeee85d83a2","block_type":"box","text":"II-67","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f77fe616-5cd8-48f9-a1d0-da281ef57f76","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":126,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f08422cf-7317-4ead-821f-0c55e9c1b941","block_type":"box","text":"operations, and negatively impact performance. In addition, the impact of infectious diseases in emerging developing","page_number":127,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"d9f7bbad-cb42-4607-b306-7e43c8896654","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":127,"box":{"x":69,"y":60,"width":646,"height":11}},{"id":"d6d144bb-9711-438b-882c-79757d0a0131","block_type":"box","text":"Legal and Regulatory Risks.","page_number":127,"box":{"x":102,"y":83,"width":197,"height":11}},{"id":"e6537949-4926-4cd1-aa6b-5029724ed540","block_type":"box","text":"The Manager is part of a larger firm with multiple business lines active in multiple","page_number":127,"box":{"x":305,"y":82,"width":583,"height":12}},{"id":"9788b572-36e6-4745-be0d-a648da0dc51a","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":127,"box":{"x":67,"y":98,"width":819,"height":11}},{"id":"39ba4318-bbd1-4895-b58f-a99806bc8cb4","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":127,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"5f102c28-4298-438f-bc32-ea839ec40454","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":127,"box":{"x":68,"y":128,"width":781,"height":11}},{"id":"1f155756-c64e-40b3-b745-7aa9d9149b9f","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":127,"box":{"x":69,"y":143,"width":763,"height":11}},{"id":"5ee78dde-91d0-4abc-b549-9eb84c5b4bfa","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":127,"box":{"x":70,"y":158,"width":838,"height":11}},{"id":"3023dafb-02dc-4a81-8f47-0534ab95e484","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":127,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"ac1ef91d-c050-4464-9844-5498462ce6ad","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":127,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"0c59ba5a-afdb-4bdc-9b00-20c8148699cc","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":127,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"3e0271c7-ff61-42bd-ae8d-2b93c5ea7b72","block_type":"box","text":"reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":127,"box":{"x":69,"y":219,"width":666,"height":11}},{"id":"89982b18-6f30-4673-ba4e-4a75e9da2b7c","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":127,"box":{"x":103,"y":241,"width":202,"height":11}},{"id":"8dfe48da-acb0-48d8-8a87-74dcc0bc836c","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":127,"box":{"x":312,"y":241,"width":593,"height":11}},{"id":"8c04f4b0-2c0e-4272-9a67-5b0a4f8d5863","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":127,"box":{"x":68,"y":256,"width":806,"height":12}},{"id":"e25a0801-564e-4505-b0af-cc95ccef5de0","block_type":"box","text":"international trade relations, certain tax and immigration policies, and other aspects of the national and international","page_number":127,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"9654b14a-1113-4cba-b0b9-5f2b331b0996","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":127,"box":{"x":70,"y":286,"width":827,"height":12}},{"id":"36b58337-223d-451a-821a-8c45cde9fc92","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":127,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"dc2f15ca-ed22-4f64-99ab-b592bc4395d8","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":127,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"3eda554c-c890-4df3-8b87-bb147d2b2060","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":127,"box":{"x":69,"y":332,"width":559,"height":11}},{"id":"57daaf93-5d02-40a7-ba5c-0fd9ec12d3ca","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":127,"box":{"x":102,"y":355,"width":796,"height":11}},{"id":"ed137fd7-a12e-4210-a30d-fcd2a123c185","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial performance of a","page_number":127,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"369f93d2-356c-42aa-ad32-0202f4f87828","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":127,"box":{"x":70,"y":385,"width":799,"height":11}},{"id":"2bc9d10d-68da-4b52-a5c5-65fb94aaa2cd","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":127,"box":{"x":69,"y":400,"width":823,"height":11}},{"id":"bc77c57f-1ce9-4234-aaf3-736453778ea5","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":127,"box":{"x":69,"y":415,"width":801,"height":11}},{"id":"3e535f43-e7f3-4f93-bdfb-8fb6e014a0bb","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":127,"box":{"x":69,"y":430,"width":783,"height":11}},{"id":"9bcac6f9-4825-4cbf-b33c-2cd66378a4e5","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":127,"box":{"x":69,"y":445,"width":753,"height":11}},{"id":"3b689cab-5720-416e-8348-402315631cee","block_type":"box","text":"Geographic Risks","page_number":127,"box":{"x":102,"y":468,"width":123,"height":11}},{"id":"b509803c-34cf-4ab5-88d9-53de0e1b950b","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":127,"box":{"x":226,"y":468,"width":671,"height":11}},{"id":"c9c04b06-4cf3-49f5-8548-8bfb4e853395","block_type":"box","text":"to, parts of the world affected by natural disasters such as severe heat, earthquakes, tornadoes, volcanic eruptions,","page_number":127,"box":{"x":68,"y":483,"width":835,"height":11}},{"id":"07de1cf0-5402-4ec2-af49-eb54b9ac1182","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":127,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"50ae2d1f-e621-46c7-a1ef-2afdbcad4eee","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":127,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"a3299a5c-ac43-4947-819c-846574f9354e","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":127,"box":{"x":68,"y":528,"width":840,"height":12}},{"id":"93c8036a-1082-47a4-9e9f-2ea944147403","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":127,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"49cee1b6-c89b-4cf2-8865-cb8365ae660a","block_type":"box","text":"Fund.","page_number":127,"box":{"x":70,"y":559,"width":36,"height":9}},{"id":"a0161fc6-6982-46dd-a31b-a13c6c7c07f8","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":127,"box":{"x":102,"y":581,"width":255,"height":11}},{"id":"2fbd0520-3bc0-4b9b-8acd-4fbc3934e2ac","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":127,"box":{"x":363,"y":581,"width":514,"height":11}},{"id":"f7024a0e-6808-4e19-93d4-25e281466acb","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":127,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"23b86967-d487-4de6-b922-193bfdae59d1","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities,","page_number":127,"box":{"x":69,"y":612,"width":791,"height":11}},{"id":"2810c9b5-16ef-4d1e-8561-34594faa4b29","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":127,"box":{"x":70,"y":627,"width":826,"height":11}},{"id":"4eb48400-9e50-43aa-bb4d-0d048dc9b440","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":127,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"01dc56ba-8bf9-447b-a53d-127e03df1b4f","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":127,"box":{"x":70,"y":657,"width":837,"height":11}},{"id":"32f0bfe3-777e-403d-af71-eb96730b803c","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a result of","page_number":127,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"78acfbb5-c6ad-4031-8da6-d7867acd6235","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":127,"box":{"x":69,"y":687,"width":779,"height":11}},{"id":"f8ae7930-fd4d-47f0-af9c-96be2af38a5b","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":127,"box":{"x":69,"y":702,"width":830,"height":11}},{"id":"e4f7b796-199d-445f-9010-b6389d5936a9","block_type":"box","text":"continuing to develop (","page_number":127,"box":{"x":69,"y":718,"width":160,"height":11}},{"id":"518d1c2a-aeb7-4d3c-a9a6-7103193279dd","block_type":"box","text":"e.g.","page_number":127,"box":{"x":231,"y":719,"width":25,"height":10}},{"id":"222cbce4-56e4-485a-b17a-e8d031a1eccc","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":127,"box":{"x":258,"y":717,"width":641,"height":12}},{"id":"41d48f3a-4c81-464a-924f-925c8dc69806","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":127,"box":{"x":70,"y":733,"width":777,"height":11}},{"id":"abaf3f22-7d74-45a2-9a70-0cc1d8acf07e","block_type":"box","text":"markets or particular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":127,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"9fa011d4-859f-4de4-a03c-4033de8ba97b","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":127,"box":{"x":70,"y":763,"width":493,"height":11}},{"id":"51034d8b-377c-47bc-871f-73c79272e629","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":127,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"9d1f392f-05df-4bd6-bcd2-badd9a4babca","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":127,"box":{"x":69,"y":801,"width":803,"height":11}},{"id":"b4487630-70d5-4dd9-83e8-2659479111f3","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":127,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"cd932992-2fa2-45c3-9933-baaf90e6553e","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":127,"box":{"x":70,"y":831,"width":801,"height":11}},{"id":"8c96e1e8-e375-4be4-868a-bc7d6aa774a2","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term","page_number":127,"box":{"x":70,"y":846,"width":810,"height":11}},{"id":"2fc9df01-857d-4b90-8b60-9b6575be360a","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":127,"box":{"x":69,"y":861,"width":803,"height":11}},{"id":"587ddf0e-b3b3-4fa6-807d-6d09fa166fe7","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk.","page_number":127,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"63902748-b0b0-4d28-b6e0-febd0bf78b9d","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":127,"box":{"x":70,"y":891,"width":828,"height":12}},{"id":"f155f65c-8752-4128-8f5d-3d8b2c0683c7","block_type":"box","text":"largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate,","page_number":127,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"5221e8ea-7441-4c57-b023-0deae9f1c444","block_type":"box","text":"II-68","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a3c544bb-6468-4aa2-b4eb-8677cbd03af5","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":127,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f19e5b6f-81d9-4100-9c93-9af5538c3f5e","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain","page_number":128,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"950ff495-51f0-4a16-b3c9-d60a16a62b77","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform","page_number":128,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"2bed8e17-7932-43dd-8080-5dd0da37a86c","block_type":"box","text":"in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based","page_number":128,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"98efea43-4eef-4344-aef7-8d548124ba1e","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":128,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"c87ad3a5-bcb5-4e5e-a0c6-9aa804495b41","block_type":"box","text":"2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":128,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"e9839507-2afc-49a8-bdee-85595b3c957c","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":128,"box":{"x":69,"y":120,"width":827,"height":11}},{"id":"96053e2a-66db-4fc1-8bad-44e75e41f922","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":128,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"01716547-5e56-4038-81a2-af3ac3a058db","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":128,"box":{"x":68,"y":150,"width":384,"height":12}},{"id":"e431a228-cc3a-4f71-855a-0e7576748bb6","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":128,"box":{"x":102,"y":173,"width":782,"height":11}},{"id":"029d9f42-c41c-4fab-990d-58a25e8bcd1f","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":128,"box":{"x":68,"y":188,"width":786,"height":12}},{"id":"61c06b2f-6761-4c3b-9c23-3d75244f935f","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":128,"box":{"x":69,"y":203,"width":746,"height":12}},{"id":"c44c7612-1c24-4839-bd51-722dac9518ec","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":128,"box":{"x":70,"y":219,"width":822,"height":11}},{"id":"a5a643c7-708b-4936-84f0-ad074e4068a7","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":128,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"3aa6071d-1170-46a4-9877-3f137dc3dd9e","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":128,"box":{"x":68,"y":249,"width":799,"height":11}},{"id":"d823ea3f-20f8-4323-9ce8-77e8c0371cc2","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further change","page_number":128,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"d7cfc2ae-dacc-4baa-a36c-aa35e5b62d27","block_type":"box","text":"in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":128,"box":{"x":70,"y":279,"width":757,"height":11}},{"id":"9ff1577d-4996-4877-bbd3-43484f54d64c","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":128,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"1ac1efba-ba4b-4e8a-ab2d-949c6195fb7b","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":128,"box":{"x":69,"y":309,"width":840,"height":11}},{"id":"27905ae7-5c0f-47a3-975d-a51ddaa606e0","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":128,"box":{"x":70,"y":324,"width":782,"height":11}},{"id":"3f5b42f7-ded8-49c1-af1b-65ec20e1b511","block_type":"box","text":"consequences which cannot be predicted.","page_number":128,"box":{"x":69,"y":340,"width":298,"height":10}},{"id":"862f6efc-c611-4eab-a0b7-6f2c12591778","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":128,"box":{"x":102,"y":362,"width":432,"height":11}},{"id":"eeff54ab-c57a-461c-8416-263009f73fee","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":128,"box":{"x":541,"y":362,"width":347,"height":11}},{"id":"bdca6b09-9d00-4b97-9687-886ee05efd2f","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":128,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"0223ce42-66f0-401c-9cf9-9fdaa8bbd818","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":128,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"5d167656-a839-4e32-8015-52beafbde23f","block_type":"box","text":"term of the agreement.","page_number":128,"box":{"x":68,"y":407,"width":164,"height":12}},{"id":"30064c83-5fb2-4e1c-bdcd-96d18c42e117","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":128,"box":{"x":101,"y":430,"width":788,"height":11}},{"id":"5f3b55f8-d6e6-437c-9c3b-6bc3cfaf1fb3","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":128,"box":{"x":68,"y":446,"width":831,"height":11}},{"id":"1f263bc3-edae-4658-9162-02b90244270d","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":128,"box":{"x":70,"y":460,"width":821,"height":12}},{"id":"06e978f9-def4-4a20-9dfb-32af907e0ad3","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":128,"box":{"x":69,"y":475,"width":790,"height":12}},{"id":"16b01aa9-253c-450f-81ea-e03787c106f9","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":128,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"b31a0a86-55f2-4b35-bcb0-416f7aadab58","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":128,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"0648e0cc-a6cf-4211-8de2-1c60684d829c","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":128,"box":{"x":68,"y":521,"width":522,"height":11}},{"id":"920c60c0-ca62-404d-a406-17a3fb0dd185","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":128,"box":{"x":102,"y":543,"width":792,"height":12}},{"id":"a3b6850d-cafb-44a5-9b7d-155be826c4d7","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":128,"box":{"x":70,"y":559,"width":784,"height":11}},{"id":"3f7d808f-eeac-4678-bd85-c997bb5727d2","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":128,"box":{"x":69,"y":574,"width":837,"height":11}},{"id":"64d66612-4e20-4e77-86f4-89db66165c0b","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":128,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"087bd1e9-df0a-45ca-b523-ce20572d731d","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":128,"box":{"x":68,"y":604,"width":770,"height":11}},{"id":"39d5f6a3-56d6-4541-aa36-e0f0771d4487","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":128,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"79b93ea0-be16-4cd5-9e6e-bc892e8ba263","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":128,"box":{"x":70,"y":634,"width":430,"height":12}},{"id":"3da36dc4-1abf-4d6d-a853-af2d8de63d2c","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":128,"box":{"x":102,"y":657,"width":759,"height":11}},{"id":"0fbdd6cc-1d83-4b7c-a60b-7f5cfc9bf974","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":128,"box":{"x":70,"y":672,"width":765,"height":11}},{"id":"d6dbe6fe-bbcb-4899-8cff-670646da899d","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":128,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"1ae64d8c-0488-4730-9a49-dee5e96f377b","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":128,"box":{"x":69,"y":702,"width":799,"height":11}},{"id":"2a47e03d-0d1f-44dd-8fed-5bacf516611e","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":128,"box":{"x":69,"y":717,"width":801,"height":12}},{"id":"742bf8c9-49a4-41d1-b770-c9a126f40257","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":128,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"e3202396-617f-47ef-9178-451b645bde6f","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":128,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"0ab1f620-af58-4deb-ad75-f6b748ba19f5","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":128,"box":{"x":69,"y":763,"width":810,"height":11}},{"id":"565783f1-f3c4-4332-b167-3b9b216ed3ac","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":128,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"4d2817f7-f9e1-4781-9c12-cf1151d29450","block_type":"box","text":"or by another authorized securities depository.","page_number":128,"box":{"x":69,"y":793,"width":329,"height":11}},{"id":"6c3a70a8-7948-434b-a520-d341d673f93d","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":128,"box":{"x":102,"y":816,"width":770,"height":11}},{"id":"8abc7152-f1d2-4789-be45-d928775d2779","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":128,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"1df8446c-b61e-4ae3-b351-39dd9ca81a7a","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":128,"box":{"x":69,"y":846,"width":819,"height":11}},{"id":"6e32c751-b53e-47c7-b373-d67faa27610f","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":128,"box":{"x":69,"y":861,"width":778,"height":11}},{"id":"4b1f65ab-b7e6-46f1-b6ba-59eb6e8d45b3","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":128,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"27ae7e12-beab-46bf-b503-75a7bf0cd836","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":128,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"46a46564-781d-43b5-b76f-4aa84afe36af","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":128,"box":{"x":69,"y":907,"width":812,"height":11}},{"id":"9bb732fc-287a-4791-b3a4-2712c990e75e","block_type":"box","text":"II-69","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"041a4c8e-264f-42a7-8ce4-366be7f5c844","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":128,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4b69a3bb-f2b0-4e13-bf1f-9ca2db86fe0d","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":129,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"bdd847e8-017f-4244-9ca3-08ddc64b50d9","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":129,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"8f06254a-9796-461a-9395-68e0ea03536c","block_type":"box","text":"the repurchase price.","page_number":129,"box":{"x":68,"y":75,"width":151,"height":11}},{"id":"5b74a7a0-2ed4-44cd-9593-a9665c55112e","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":129,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"528270b8-1e65-4156-b233-4218a9a52188","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":129,"box":{"x":70,"y":113,"width":837,"height":11}},{"id":"8cadb6a0-1b4e-4875-9e20-559203981bac","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":129,"box":{"x":69,"y":128,"width":788,"height":11}},{"id":"2093b9c2-23f1-409f-8173-58465eb62891","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":129,"box":{"x":69,"y":143,"width":767,"height":11}},{"id":"adc3fa19-e4ff-423c-8f51-4ead1d5ef6b9","block_type":"box","text":"strategies without the repurchase obligation.","page_number":129,"box":{"x":69,"y":158,"width":317,"height":11}},{"id":"6b595f1a-b399-4e12-8639-b559deaac5fa","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":129,"box":{"x":101,"y":181,"width":782,"height":11}},{"id":"6ae9e93a-76da-4c39-9111-736a86a33a6d","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":129,"box":{"x":69,"y":196,"width":776,"height":11}},{"id":"cd1de3bf-b504-41a1-8802-06304e094ff1","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":129,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"3269be8f-7c5c-441d-af6b-c08bff654c88","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":129,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"357f7803-1484-484b-b6f3-2301d485ab64","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":129,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"b0aa444c-efe1-440f-9d36-ae2da2120282","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":129,"box":{"x":69,"y":256,"width":374,"height":11}},{"id":"636d3840-e623-4ab1-b647-0d9cedd786fb","block_type":"box","text":"i.e.","page_number":129,"box":{"x":445,"y":257,"width":20,"height":8}},{"id":"586eb954-0130-4f75-9ace-102add04e21e","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":129,"box":{"x":468,"y":256,"width":434,"height":11}},{"id":"b302f68d-236c-463e-9a48-661e49ad2ccb","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":129,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"8ee9d77d-7bd0-4bb4-b777-897e8c67fc07","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":129,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"66b38d18-b19c-4e31-bd30-a0240fbc2d0c","block_type":"box","text":"and income involved in the transaction.","page_number":129,"box":{"x":69,"y":302,"width":278,"height":9}},{"id":"df56aa59-a06d-4404-af71-a1f8180754af","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":129,"box":{"x":102,"y":324,"width":800,"height":12}},{"id":"cea8b277-6292-470f-acdc-11c439282b57","block_type":"box","text":"their affiliates to include in certain financial contracts, including many repurchase agreements and purchase and sale","page_number":129,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"e2478055-769b-4e0e-bef3-2b7a9906ab6a","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements,","page_number":129,"box":{"x":69,"y":355,"width":814,"height":11}},{"id":"dc13b8a9-4091-4b7b-ae5b-8deff12c2393","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":129,"box":{"x":68,"y":370,"width":790,"height":11}},{"id":"5aa7c37d-b338-4835-bea3-99ca51ee6b6b","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":129,"box":{"x":69,"y":385,"width":818,"height":11}},{"id":"1f215868-e849-4847-88e5-1bdffafb3971","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":129,"box":{"x":68,"y":400,"width":783,"height":11}},{"id":"d9c4240f-0ee6-42d9-b8e0-67b3a401eb59","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":129,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"9fd0c63d-48f3-4d30-89f7-439c85c6462c","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":129,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"f4fe400a-d384-4468-88cc-4760ce17d68b","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":129,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"89dcb545-c3eb-409c-b4dd-76248cd72ddf","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":129,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"3512ebc6-0f56-4041-af1c-5f508bb5cbf9","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":129,"box":{"x":68,"y":475,"width":824,"height":12}},{"id":"bac39063-1562-4edd-9f12-fc32d3f07a46","block_type":"box","text":"adversely affect a Fund’s performance.","page_number":129,"box":{"x":69,"y":491,"width":279,"height":11}},{"id":"5b606a8b-d4d2-43be-8bd3-edb94ed76476","block_type":"box","text":"Restricted Securities.","page_number":129,"box":{"x":102,"y":513,"width":157,"height":9}},{"id":"2bf16f79-e2e7-439f-8abb-85d75afa3f19","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":129,"box":{"x":265,"y":513,"width":617,"height":12}},{"id":"16ffcbde-8a35-4147-9f0d-47b935e915ef","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":129,"box":{"x":69,"y":529,"width":801,"height":11}},{"id":"ccf96f53-eb1a-449d-8ec2-61d8c5f19d9a","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":129,"box":{"x":69,"y":544,"width":808,"height":11}},{"id":"8cdf6d40-2e18-45fb-86e6-50d281c5ac1f","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":129,"box":{"x":70,"y":559,"width":802,"height":11}},{"id":"4ae3587e-21d2-4efc-8e52-2461620c07e6","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":129,"box":{"x":70,"y":574,"width":834,"height":11}},{"id":"e9d70130-976f-4ec9-9747-d7fbdd2b65e9","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":129,"box":{"x":68,"y":589,"width":825,"height":11}},{"id":"91bc7b0d-87ee-447c-a8c5-1552fb999aa9","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":129,"box":{"x":68,"y":604,"width":815,"height":11}},{"id":"4aab3de6-e3a4-4a8f-a83e-da1065d26072","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":129,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"5bf9a1bc-cd19-45c3-a182-c1fb2ea4b891","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":129,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"5b5417e8-5581-4baa-be5b-049dbceca3f4","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":129,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"d7d51a99-d2ef-4e67-bfee-5adb9db7090e","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":129,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"dffa02a3-f220-4ff1-b232-70f39bcd4d20","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":129,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"70d96e9f-d679-437a-9edc-33eca8686b9c","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":129,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"69de7e51-7066-4ee8-83ca-5922f697eab4","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":129,"box":{"x":68,"y":710,"width":805,"height":11}},{"id":"ee1913a7-9d64-4e5f-affc-8935affd9d13","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":129,"box":{"x":68,"y":725,"width":840,"height":11}},{"id":"c6764c87-bbf5-4a07-be2f-30c3880bb9f9","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":129,"box":{"x":70,"y":740,"width":815,"height":11}},{"id":"f986d357-3cc8-4bcd-a4be-4f83cce2d105","block_type":"box","text":"character of the issuer, which party (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":129,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"61338e52-e6b7-43a9-955b-9f69b05cd0b8","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":129,"box":{"x":69,"y":771,"width":803,"height":10}},{"id":"fee89afe-b0cf-43d2-a287-9f1393997f53","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":129,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"714d22d7-be39-4cd2-8827-678191fa786a","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":129,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"d0af0d8b-f177-472c-8ed9-a79a7fa1812f","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":129,"box":{"x":68,"y":816,"width":825,"height":11}},{"id":"4ffbfcff-73be-4d8a-9ba6-2e7324159379","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":129,"box":{"x":69,"y":831,"width":777,"height":11}},{"id":"97b7a559-86cd-4787-866f-9d3151a8fff4","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":129,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"f9d327fe-83e2-4e5a-b4da-aec008c0592a","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":129,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"a2c22f12-4662-476b-a056-83ec69830acc","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":129,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"20d45205-dbb6-4ed4-bcf4-ada54689e0a2","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":129,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"b6b64412-2054-4121-a9e4-86826c6dbf31","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":129,"box":{"x":68,"y":906,"width":819,"height":12}},{"id":"80767784-8c5c-4b27-b10b-7073e740516a","block_type":"box","text":"II-70","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60840a57-e087-4fef-a51d-968cff0a509a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":129,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f1116041-5a5a-46d0-8ebb-cf62b2f3f7f0","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":130,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"4c4a0aed-ad02-4592-83b2-73662881b0b7","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":130,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"a881d2a4-9857-4bd2-929d-89e4b0c21c10","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":130,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"87f48bce-9900-4cb0-bb06-b8f372a472c1","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":130,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"6f3080a9-5aee-4bf0-89ae-dec3e4dd55b6","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":130,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"ad0325a0-a0d4-44b2-8064-4ffcead3a354","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":130,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"905bcd33-af6b-48e8-9511-f8d4bcbadf63","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":130,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"dc757fb5-23ef-4c1f-aa52-a6057506f210","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":130,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"2621dd91-c548-4a47-a69b-7ce8a5bf24b0","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":130,"box":{"x":68,"y":166,"width":804,"height":11}},{"id":"e7f5af1d-bf33-452e-bb8b-56ce5a832c95","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":130,"box":{"x":69,"y":181,"width":647,"height":11}},{"id":"eaded6f4-4e0a-4c85-9406-a308b15020d2","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":130,"box":{"x":102,"y":203,"width":714,"height":12}},{"id":"07bf7c8a-78ea-4fb0-9f39-75a6692a4fa2","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":130,"box":{"x":70,"y":219,"width":823,"height":11}},{"id":"f94a5073-3645-42ae-bbb0-1c670d95c96d","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":130,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"1966f7bf-8625-47cd-b9e0-baa127227d6e","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":130,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"57021585-a7a2-4073-87bb-2241e0011bd4","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":130,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"cb5a4a90-e688-4cb7-b375-7cacd49b4c1e","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":130,"box":{"x":69,"y":279,"width":787,"height":11}},{"id":"2c01ac28-bb58-415e-aabf-9fe21babffa0","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":130,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"154fd489-6e44-4e87-b97b-671cb25c680f","block_type":"box","text":"offer other liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":130,"box":{"x":69,"y":309,"width":759,"height":11}},{"id":"c58b65a2-87d7-4b7b-9167-a1a51387e325","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":130,"box":{"x":70,"y":324,"width":833,"height":12}},{"id":"5daec24f-8e06-4e7f-80a8-df811e3f7bb3","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":130,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"96c61569-eabe-47a1-8e39-5b8374877d0b","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":130,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"03a00858-ffed-4c5a-8a6f-63c846b0efb6","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":130,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"300eb28d-aebf-410f-b974-cccdf3d83c52","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":130,"box":{"x":69,"y":385,"width":816,"height":11}},{"id":"f0fa7af4-ea02-435d-b30a-ab3eb9bdf3e0","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":130,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"678f5a5c-5be5-4684-942a-3fd535a9e8a5","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":130,"box":{"x":69,"y":415,"width":768,"height":11}},{"id":"e40bbdad-325b-4a10-bc5b-b5f65c4ba2ba","block_type":"box","text":"investment opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":130,"box":{"x":70,"y":430,"width":815,"height":11}},{"id":"f5f898ef-b744-4554-aa4c-2133ea77c3e3","block_type":"box","text":"especially as that Fund grows in size.","page_number":130,"box":{"x":69,"y":446,"width":264,"height":11}},{"id":"c44065bd-a480-4bf1-b40d-7c1acfdb4a28","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":130,"box":{"x":101,"y":468,"width":762,"height":11}},{"id":"3b46c1dc-7f64-4fcd-8bc3-294a5c2c081f","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":130,"box":{"x":69,"y":483,"width":795,"height":11}},{"id":"6bdbe6ec-bbee-4d41-9a4a-2e944e1f97db","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":130,"box":{"x":69,"y":498,"width":751,"height":11}},{"id":"5abe6ec4-e9ab-4716-bbbd-7aa638273e60","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncertainty and subjectivity of","page_number":130,"box":{"x":70,"y":513,"width":755,"height":11}},{"id":"1418512d-49ef-4d48-ab93-2327d0fad011","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":130,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"56f0f8f8-2256-4646-ab98-b7340651f7e7","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":130,"box":{"x":70,"y":543,"width":835,"height":12}},{"id":"a56089a3-c5b3-4c0d-8afc-1c92879e6abb","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":130,"box":{"x":68,"y":559,"width":766,"height":11}},{"id":"931ae794-df8c-4202-9c31-f8d69c5ee21a","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":130,"box":{"x":69,"y":574,"width":792,"height":11}},{"id":"56a3f68b-a296-4ef8-a049-d762facf0139","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":130,"box":{"x":70,"y":589,"width":821,"height":11}},{"id":"1d7ce4db-d12d-451d-bb6c-b57945fb2f18","block_type":"box","text":"Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing opportunities for","page_number":130,"box":{"x":70,"y":604,"width":771,"height":11}},{"id":"447aa5f0-3fa0-4f7a-bbdb-a529dce8e5f2","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":130,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"44c028c0-5372-4892-9b0a-6a87be7dfe41","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":130,"box":{"x":69,"y":634,"width":790,"height":11}},{"id":"5daa1f4a-6e1e-486e-81d5-ad6e2ebbb2c6","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":130,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"f0d17f05-885b-4318-8056-857f04c0ee26","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":130,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"a8b74d0c-2c23-4b97-91ca-5a9d08608117","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":130,"box":{"x":70,"y":680,"width":818,"height":11}},{"id":"9b9ebe55-68f3-4044-b3eb-710b06f4643c","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":130,"box":{"x":68,"y":695,"width":839,"height":11}},{"id":"f303eece-0693-4624-8d54-a80e790a534d","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":130,"box":{"x":68,"y":710,"width":514,"height":11}},{"id":"28d9ffde-b627-45f0-97e9-d002373e6db4","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":130,"box":{"x":102,"y":733,"width":385,"height":10}},{"id":"c24dd265-4c26-4632-a535-0d56463431ae","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":130,"box":{"x":102,"y":755,"width":246,"height":11}},{"id":"f1dec66a-64f3-4603-a88b-4604170c0972","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":130,"box":{"x":354,"y":755,"width":548,"height":11}},{"id":"7be05f33-a06e-4b09-bb37-08e81f2591de","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":130,"box":{"x":68,"y":771,"width":830,"height":11}},{"id":"368c9da4-1cfd-475c-ac87-ec28608de8ca","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":130,"box":{"x":68,"y":786,"width":793,"height":11}},{"id":"62b81be2-11d2-4074-ae5b-8403b544c1b3","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":130,"box":{"x":69,"y":801,"width":784,"height":11}},{"id":"3a5ece8b-dcca-4eb8-bb8b-8e96e2872353","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":130,"box":{"x":70,"y":816,"width":591,"height":11}},{"id":"bbeeda10-d25c-4d1f-94b1-708d39e2f8b9","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":130,"box":{"x":101,"y":838,"width":730,"height":12}},{"id":"69e6a67e-47b9-46dc-94e7-a92debb8574e","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":130,"box":{"x":70,"y":854,"width":822,"height":11}},{"id":"dd801ef7-f749-49a1-a716-e15e77bd3197","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":130,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"6eaa1da1-bb94-4ddc-ac92-3a618c5e63ed","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":130,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"6270238f-f0fc-4fa8-8ffc-4c3e4316fbce","block_type":"box","text":"II-71","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"54e84484-6c24-4be9-b079-5d7d24cc933c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":130,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b9c3fb6f-9d85-4850-9b3d-569cbf031ca1","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":131,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"af49fb48-8fe4-4201-93ae-a2c47fd023cb","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":131,"box":{"x":69,"y":60,"width":354,"height":11}},{"id":"a0ffae1d-50c2-4bf3-b81a-3f0a922fc432","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":131,"box":{"x":102,"y":82,"width":769,"height":12}},{"id":"3ea350db-0222-46e2-902a-b6e8b4ad2923","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":131,"box":{"x":70,"y":98,"width":815,"height":11}},{"id":"765b0aa3-d62a-4485-85aa-ad390c8b341b","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":131,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"873c1688-f935-48d3-9894-4f301d1ea7c2","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":131,"box":{"x":69,"y":128,"width":449,"height":11}},{"id":"bb4dd95a-7bbb-465f-b8b0-6dc25d309929","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":131,"box":{"x":102,"y":150,"width":794,"height":12}},{"id":"162545e7-af1e-445f-8f6e-70c05d2fd6b4","block_type":"box","text":"similar financing transactions (","page_number":131,"box":{"x":69,"y":166,"width":218,"height":11}},{"id":"17370537-6d4d-411f-9931-a19cac417c4d","block_type":"box","text":"e.g.","page_number":131,"box":{"x":289,"y":167,"width":24,"height":10}},{"id":"9f433ba4-46fb-4a08-9334-81bbbcfa4d54","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":131,"box":{"x":316,"y":166,"width":594,"height":11}},{"id":"3bd6f4a8-2a12-4e72-a1ab-4c9629f63a2d","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":131,"box":{"x":68,"y":181,"width":813,"height":11}},{"id":"6edf5efb-7d2c-4418-a7cb-51220d564246","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":131,"box":{"x":70,"y":196,"width":789,"height":11}},{"id":"a35efeba-9e32-4b05-b390-4d4c8d16e604","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":131,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"434bb995-1152-4680-8852-af9a801a43bc","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":131,"box":{"x":70,"y":226,"width":824,"height":11}},{"id":"a17055e7-96f4-4451-8ed9-dd8b3c4f9b05","block_type":"box","text":"finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":131,"box":{"x":68,"y":241,"width":758,"height":11}},{"id":"77074ea9-4c82-4719-a675-abac3062b209","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":131,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"b8e93b0f-9d82-49ea-a2ee-80fe693d8b3b","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":131,"box":{"x":68,"y":271,"width":838,"height":12}},{"id":"38c05b8c-2e03-4e67-974f-b5f4df598741","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":131,"box":{"x":69,"y":286,"width":538,"height":12}},{"id":"3c65d2b3-3901-440c-8dbe-5e7363f40d36","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated counterparties","page_number":131,"box":{"x":101,"y":309,"width":780,"height":11}},{"id":"f43c5520-6275-4e22-8d28-ec83c8bd616b","block_type":"box","text":"and certain of their affiliates to include in certain financial contracts, including many reverse repurchase agreements,","page_number":131,"box":{"x":69,"y":324,"width":838,"height":12}},{"id":"67bb58df-9ae4-4974-bad4-f52a9d36c90b","block_type":"box","text":"terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements, take","page_number":131,"box":{"x":68,"y":339,"width":775,"height":12}},{"id":"c871bcbc-59ba-4aa4-ba9f-a55eca35fa11","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":131,"box":{"x":68,"y":355,"width":754,"height":11}},{"id":"dd26b5d0-26fc-42d6-b1a9-4c87f973ce64","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":131,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"68489f84-d991-48e9-94e4-903ca0a10d8f","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":131,"box":{"x":68,"y":385,"width":783,"height":11}},{"id":"934fe87f-ac53-4d79-8d4c-193652f35cfa","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":131,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"2d644377-9817-4fe3-9ec9-f52a697056c6","block_type":"box","text":"amounts to be received under such agreements.","page_number":131,"box":{"x":69,"y":415,"width":345,"height":11}},{"id":"46f2f033-8548-4695-87d3-086d3612ff7c","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":131,"box":{"x":102,"y":438,"width":316,"height":11}},{"id":"b49a78df-82dc-4ab0-883b-d94a92295178","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":131,"box":{"x":424,"y":438,"width":481,"height":11}},{"id":"2af0c5ac-fa13-438f-aebb-32bae26ddb58","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":131,"box":{"x":68,"y":453,"width":822,"height":11}},{"id":"ecb1c444-dfb1-443d-9653-f6369c4bd019","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":131,"box":{"x":69,"y":468,"width":776,"height":11}},{"id":"4462a009-bbdf-48ca-90d8-a806814f22a7","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":131,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"79164a4c-7ff7-4a4f-9eb9-1390eba73053","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":131,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"b4c2a31a-9e0c-4ac7-b160-4b4c74d57ede","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":131,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"fc364fab-9198-4512-b289-5cc26dfa57cb","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":131,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"b78f0af8-a382-4206-a9d8-c71766862c88","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":131,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"b47ab5b2-8667-45db-8154-91924ed9da24","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":131,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"8bec2a23-b04e-4fb8-902e-e92d1e56f3f9","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":131,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"3c4f7433-1733-4a66-a2fa-de6f7533ce44","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":131,"box":{"x":68,"y":589,"width":708,"height":11}},{"id":"b9f056cd-0672-40a2-8f3f-d2356e7b69ec","block_type":"box","text":"Rule 144A Securities.","page_number":131,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"5c1ef712-fdb7-450f-97b1-63ccf8ba506c","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":131,"box":{"x":266,"y":612,"width":560,"height":11}},{"id":"8bf3c7be-c99e-41d0-b856-0db86566e423","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":131,"box":{"x":70,"y":627,"width":741,"height":11}},{"id":"aa5abc8a-36a0-4c42-b9ac-f6a71acf210d","block_type":"box","text":"Securities Lending.","page_number":131,"box":{"x":101,"y":649,"width":139,"height":11}},{"id":"6acc3b77-0c9d-4754-aeee-6e1bee00aed5","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":131,"box":{"x":247,"y":649,"width":645,"height":12}},{"id":"ca3bfafb-a16e-4f87-b648-88faec5ec69c","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":131,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"5efa7d00-d548-4b79-86b3-ce861640033e","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":131,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"a4ae2be8-698f-4949-9d68-7ac39c220215","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":131,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"43b02dfd-82b5-458a-aee5-1a8e110ff50c","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":131,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"b7fe9f2e-6ca2-4adf-a4d3-e69f90c05f93","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":131,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"d2a01a05-49e7-4003-974d-803f7b30ab71","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":131,"box":{"x":69,"y":740,"width":838,"height":11}},{"id":"ec7db58d-b66a-45e3-913d-c90ff6dbba68","block_type":"box","text":"the securities were not on loan.","page_number":131,"box":{"x":68,"y":755,"width":225,"height":9}},{"id":"665001ec-6cc7-4e03-8ac3-68fb0c4a4ca1","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":131,"box":{"x":101,"y":778,"width":799,"height":11}},{"id":"3aff570c-078a-4efa-a405-ecaa60832c20","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":131,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"fb8bb0ae-38c1-4081-95ef-9f0fa8a8b056","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":131,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"d693d4fa-e546-478b-b55b-737a164f599e","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":131,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"2d86fabf-4175-4ed5-83f6-b3d99bcaf618","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":131,"box":{"x":69,"y":838,"width":810,"height":11}},{"id":"8bfa316f-8f1f-4740-abf5-04a67f17e821","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":131,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"85d7359e-7fce-414f-b21a-0c52856e1877","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":131,"box":{"x":70,"y":869,"width":643,"height":11}},{"id":"d3f64cf7-65fe-40ae-9bac-bca9dbae3111","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":131,"box":{"x":102,"y":891,"width":568,"height":12}},{"id":"cb1b3835-37f6-4c83-b189-3f899eb6a00c","block_type":"box","text":"i.e.","page_number":131,"box":{"x":672,"y":891,"width":20,"height":9}},{"id":"3a2e813d-3a46-47d0-848a-170158684366","block_type":"box","text":", the risk of losses resulting","page_number":131,"box":{"x":695,"y":891,"width":198,"height":12}},{"id":"646b77f3-3941-4a49-8e40-182de55d7f54","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":131,"box":{"x":68,"y":906,"width":501,"height":12}},{"id":"84b121f7-5f29-4e89-8300-7478b956c130","block_type":"box","text":"i.e.","page_number":131,"box":{"x":571,"y":907,"width":20,"height":8}},{"id":"12e6b1dc-cdcd-4810-be37-b6a36facd912","block_type":"box","text":", the risk of a mismatch between the return","page_number":131,"box":{"x":594,"y":906,"width":307,"height":11}},{"id":"2df063ee-081e-4097-b27b-b969eac838bc","block_type":"box","text":"II-72","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"149ee72c-f46c-4170-9c89-4b138dc40611","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":131,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ee53fd0b-7f58-4dc5-8a77-1fb9d9cef119","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":132,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"dc3ec544-56e0-482e-892b-654c82b77674","block_type":"box","text":"i.e.","page_number":132,"box":{"x":865,"y":45,"width":20,"height":9}},{"id":"3fd473da-7f50-424f-8eaa-88a32b2d5ce8","block_type":"box","text":",","page_number":132,"box":{"x":888,"y":52,"width":2,"height":3}},{"id":"65b7ce6b-506c-49a8-9505-9a2ee1928e26","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":132,"box":{"x":68,"y":60,"width":788,"height":11}},{"id":"dbe135eb-5d48-4a5d-b3cd-ee36006c92aa","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":132,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"4e8a1649-aeaf-47eb-8183-7dc998e21408","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":132,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"47e1a20f-80bb-45ce-8458-84176e8572ea","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":132,"box":{"x":68,"y":105,"width":811,"height":11}},{"id":"91d5a788-3e00-4575-9e99-8adc0d062431","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":132,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"8ca0b772-b2a8-417c-8ca5-ac2e42e6d8fc","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":132,"box":{"x":69,"y":136,"width":790,"height":10}},{"id":"4c8e77e3-a263-440f-b2c3-2987531ad7b1","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":132,"box":{"x":70,"y":150,"width":820,"height":12}},{"id":"ddb5171a-caba-48d2-b6c9-e9c90dfcc124","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":132,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"433bb0b1-70f6-49a6-bcb7-cbeb685bfa82","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":132,"box":{"x":69,"y":181,"width":816,"height":11}},{"id":"0fa281f3-a806-49e9-9bb5-6640898dbf17","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":132,"box":{"x":69,"y":196,"width":775,"height":11}},{"id":"ddd1a198-a8c6-4ab1-b80f-ac399d699dd1","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":132,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"b1a96dce-e8cf-4654-bd33-88077d06bac6","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":132,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"63659beb-a1f0-42cd-b7b7-d1b3d7a91509","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":132,"box":{"x":70,"y":241,"width":837,"height":11}},{"id":"a263dfca-0de2-434f-83f3-622af6cb1332","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":132,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"7e5daca1-2060-4ab7-b1bc-4056825a59ac","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":132,"box":{"x":69,"y":271,"width":839,"height":12}},{"id":"99871daf-c5cd-4aa4-9bdc-65e629509ae1","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":132,"box":{"x":70,"y":287,"width":832,"height":11}},{"id":"f8d807fb-ac24-4cf5-90da-d9bbea5b8fe4","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":132,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"73b12319-ade1-48c2-ae94-6b193c18668e","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":132,"box":{"x":69,"y":317,"width":823,"height":11}},{"id":"86ca133f-d177-4669-a0a5-7b48407aa0aa","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":132,"box":{"x":70,"y":332,"width":823,"height":11}},{"id":"1fe5f44c-2988-4b2e-97fe-34f9b1584d8d","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":132,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"8feb5091-4521-43d3-920c-6250d16eb196","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":132,"box":{"x":70,"y":362,"width":814,"height":11}},{"id":"7b45f74b-8576-461b-acdf-7b99e8a8777e","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":132,"box":{"x":68,"y":377,"width":787,"height":11}},{"id":"9f6f3508-bce2-4287-9ef2-ed2bfc5de753","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":132,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"2bb5da29-005c-42ce-bdba-8a28b28affaf","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":132,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"6dee49c6-9d42-49e5-baa2-c6ce6258f28c","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":132,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"601c7d47-a05a-453a-af29-f5193da2af79","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":132,"box":{"x":69,"y":438,"width":731,"height":11}},{"id":"d7cef73c-a8f8-45ae-a581-643a993aaa1b","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":132,"box":{"x":102,"y":460,"width":800,"height":12}},{"id":"db804d07-dd35-4f96-97a4-a0aae97a1296","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":132,"box":{"x":68,"y":475,"width":802,"height":12}},{"id":"db4f336b-d1ed-45d8-afbe-fd78daed5d46","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":132,"box":{"x":69,"y":491,"width":783,"height":11}},{"id":"570f35e5-a830-4e78-80d6-406ee8343366","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":132,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"bdec5476-8ba2-42a4-ba95-244fe4a7aae8","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":132,"box":{"x":70,"y":521,"width":747,"height":11}},{"id":"7310f1b4-d227-4812-bdef-ab3a6ad6219b","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":132,"box":{"x":69,"y":536,"width":806,"height":11}},{"id":"1b9defa6-7487-48c0-9550-1d658123c6b1","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":132,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"a2bc0575-37ae-467e-994d-39f1005827a6","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":132,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"f91751ae-f0e0-4f99-8457-aef1bd4c7ce8","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":132,"box":{"x":69,"y":581,"width":827,"height":11}},{"id":"a9347a7d-029c-4e5e-9062-5da9d4083f61","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":132,"box":{"x":69,"y":596,"width":794,"height":11}},{"id":"e8f72930-cd49-42af-b08c-9b04d512e01d","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":132,"box":{"x":69,"y":612,"width":371,"height":11}},{"id":"16e5d9b2-02f9-44fa-ae4f-8075130bf7fb","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":132,"box":{"x":101,"y":634,"width":753,"height":12}},{"id":"04f6a199-0b04-471d-bfa7-7c850927094a","block_type":"box","text":"information (not including party names); this may include, but is not limited to, information about securities loans","page_number":132,"box":{"x":70,"y":649,"width":808,"height":12}},{"id":"ad5aa8bf-3d95-432e-b2c2-3de0b2bcd65d","block_type":"box","text":"entered into in connection with short sales. Compliance with this rule is expected to be required in early 2026,","page_number":132,"box":{"x":69,"y":665,"width":791,"height":11}},{"id":"215fd216-5230-440b-9110-d82220a55333","block_type":"box","text":"although a legal challenge against the rules is currently pending.","page_number":132,"box":{"x":69,"y":680,"width":459,"height":11}},{"id":"6c021829-ef41-4d79-8f6a-27da7fb95f4c","block_type":"box","text":"Short Sales.","page_number":132,"box":{"x":101,"y":702,"width":89,"height":9}},{"id":"99bcef40-5249-4dfa-b3f8-2b4bc6fde646","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":132,"box":{"x":196,"y":702,"width":696,"height":12}},{"id":"3e0512b7-0a1d-466a-a866-481ea66b7be1","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":132,"box":{"x":68,"y":717,"width":821,"height":12}},{"id":"adc80181-7070-4241-94ee-7a41eff102e2","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":132,"box":{"x":69,"y":732,"width":778,"height":12}},{"id":"c1235fa4-98a3-418e-aaeb-c80486a5faea","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":132,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"41d14961-318f-4cb9-957f-6fd1057dcd90","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":132,"box":{"x":69,"y":763,"width":837,"height":11}},{"id":"51a332df-9938-4927-bc26-e58019345c93","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":132,"box":{"x":68,"y":778,"width":828,"height":11}},{"id":"acaa363f-e84d-4969-b2fe-25ae6dd36391","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":132,"box":{"x":70,"y":793,"width":829,"height":11}},{"id":"da92339d-26a2-4da7-bf95-4a6e8791e037","block_type":"box","text":"securities to the lender of the securities.","page_number":132,"box":{"x":69,"y":808,"width":289,"height":9}},{"id":"2f4f3667-cddc-4432-b45f-42de4c00301a","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":132,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"f132a38f-503b-4550-af46-7adda11944c1","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":132,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"5806f993-369e-4c1b-9e28-fd66458d73df","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":132,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"ad915566-00e1-45f9-a598-ed3ad72e8ade","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":132,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"c0ddc899-5979-427c-b79f-0bbd09a994a4","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":132,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"0a4f56cb-e42b-41e2-84df-9c357bd838c3","block_type":"box","text":"II-73","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ba7a79e-4bc6-44c4-9c4f-a02ca185db03","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":132,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"20bcc311-e537-4727-8d1b-4e7494acda35","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":133,"box":{"x":69,"y":45,"width":770,"height":11}},{"id":"332ae4a9-1e90-4242-b85e-3c54bd98b4be","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":133,"box":{"x":70,"y":60,"width":568,"height":11}},{"id":"38d54d32-5e7e-46a1-853c-23df370ee44f","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":133,"box":{"x":102,"y":83,"width":806,"height":11}},{"id":"ee199c05-d18e-467c-a2ee-d3d17f5180d2","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":133,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"c96fbb7d-1dc2-4037-b3ba-b12c2c7e2883","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":133,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"28b8c8ff-8c6c-4c8d-8062-8dacdb4827c4","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":133,"box":{"x":69,"y":128,"width":758,"height":11}},{"id":"e274433a-c0e5-40f3-9ecd-645dcdf5c9a8","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":133,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"f8fdb448-06ce-4034-9bde-2537d4bbce0a","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":133,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"d5a0facf-d6b4-4820-b1bb-2f6c6fa57a7a","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":133,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"fce2e8b7-2b1b-4a68-96d0-ec41b112b059","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":133,"box":{"x":68,"y":188,"width":821,"height":11}},{"id":"f6bc5d15-a874-42be-a68c-bd39882ba8dd","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":133,"box":{"x":69,"y":204,"width":640,"height":11}},{"id":"9ff4097a-5f85-4a86-9942-7069c716b83f","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":133,"box":{"x":101,"y":226,"width":673,"height":11}},{"id":"eee6b948-75b0-4523-9b94-833ccd1c3a12","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":133,"box":{"x":101,"y":249,"width":721,"height":11}},{"id":"cd4a22a9-d464-44f7-b41b-ecf79695ffdd","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":133,"box":{"x":69,"y":264,"width":791,"height":11}},{"id":"9668da43-57fc-4f73-8ab9-99aa8bcc0025","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":133,"box":{"x":70,"y":279,"width":489,"height":11}},{"id":"97218464-1b9b-401b-a852-87a44f369e97","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United Kingdom","page_number":133,"box":{"x":102,"y":302,"width":745,"height":11}},{"id":"af743206-866f-4e6a-80bc-cdd09b83d1a8","block_type":"box","text":"regulations (under which there are restrictions on net short sales in certain securities). If the SEC or regulatory","page_number":133,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"49b6cd15-cbcf-4026-8c41-473d1bef3f80","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding short sales, they could restrict a","page_number":133,"box":{"x":69,"y":332,"width":796,"height":11}},{"id":"351597e8-86a8-4038-92a1-5914bee4d8cb","block_type":"box","text":"Fund’s ability to engage in short sales in certain circumstances, and the Fund may be unable to execute its","page_number":133,"box":{"x":70,"y":347,"width":766,"height":11}},{"id":"90d99d4e-62ee-40a2-8d61-1cdcd2ebe77d","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":133,"box":{"x":70,"y":362,"width":754,"height":11}},{"id":"e2fe6272-18a5-48bc-bdfb-d6b37cd9c626","block_type":"box","text":"jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain","page_number":133,"box":{"x":67,"y":377,"width":800,"height":11}},{"id":"944b2444-da43-4ede-8eab-fe8d7b545dc7","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":133,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"86d767c2-2b54-44e5-9f91-1be610321dce","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute certain investment strategies and may have a","page_number":133,"box":{"x":69,"y":407,"width":782,"height":12}},{"id":"2217249c-e3a0-440b-9005-7a02c0bea489","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":133,"box":{"x":69,"y":423,"width":460,"height":11}},{"id":"09b44490-e4b6-46dc-845c-e1dd7ec2d773","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":133,"box":{"x":101,"y":445,"width":293,"height":11}},{"id":"4d49e394-ce83-4d96-b3a0-e574b7220669","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":133,"box":{"x":400,"y":446,"width":504,"height":11}},{"id":"26c70e7f-938e-469c-8327-a0f54ec2c1b5","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":133,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"b051e01e-f1cd-4a4e-90b7-6903519bd735","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":133,"box":{"x":70,"y":475,"width":793,"height":12}},{"id":"2777e312-fd98-4912-992a-c378e9da2318","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":133,"box":{"x":70,"y":491,"width":824,"height":11}},{"id":"7fb14840-5daf-43af-9dd0-611f0b13814a","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":133,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"45f9b7fc-d7a6-42bd-bd5c-5e08e646c905","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":133,"box":{"x":69,"y":521,"width":768,"height":11}},{"id":"c77506f4-1abf-4bd5-8a37-4db7e8dbb59b","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":133,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"6ed145a7-f378-4ce7-8d7c-aa13d353d928","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":133,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"7115a613-43f5-402e-a73b-8d55d37959e7","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":133,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"6d06f180-426a-442a-b988-cd6bba667fc0","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":133,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"3642d4af-5dd7-4650-9ea3-9626af306bce","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":133,"box":{"x":68,"y":596,"width":788,"height":11}},{"id":"7bfbac51-e476-4875-bf79-0237abdde03b","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":133,"box":{"x":68,"y":612,"width":794,"height":11}},{"id":"c8c180f5-2ebd-47f7-95c2-9799c49d1007","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":133,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"01d8fa90-47fc-470e-a8e1-2b1dffa84719","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":133,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"d86ef418-4065-4268-854b-0a1ae5c95e29","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":133,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"ae286552-fb22-4ce3-baf0-0d80b88b2098","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":133,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"d09f133d-03d2-417d-80a0-a6252852260b","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":133,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"0cc83190-70a3-4465-b693-b8625094a928","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":133,"box":{"x":69,"y":702,"width":806,"height":12}},{"id":"bb844611-a515-4e78-adb5-3c9b8784affe","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":133,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"0ec120c3-3511-4550-a06e-2841a8342f39","block_type":"box","text":"Standby Commitment Agreements.","page_number":133,"box":{"x":101,"y":740,"width":255,"height":11}},{"id":"82c53529-df34-408b-8b1e-1196cc7f6e05","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":133,"box":{"x":362,"y":740,"width":511,"height":11}},{"id":"35e3f218-a30b-4ec4-8aaf-db7e24f9ce4f","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":133,"box":{"x":68,"y":755,"width":834,"height":11}},{"id":"637c5af5-db7b-4963-b64a-c53ea69e310f","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":133,"box":{"x":68,"y":770,"width":834,"height":12}},{"id":"73724d18-5ff0-42df-8051-6ef13f208d9e","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":133,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"22e547c2-480f-4152-bdeb-c41a7cd8a4ac","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":133,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"deb69b5f-d809-4f21-a567-b4e4c976a3a2","block_type":"box","text":"advantageous to the Fund.","page_number":133,"box":{"x":69,"y":816,"width":188,"height":11}},{"id":"f33d2ebe-69d5-4af1-9b0a-c57e6a6e17fd","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":133,"box":{"x":101,"y":838,"width":800,"height":11}},{"id":"cf91c24f-f7b0-4fd3-ad90-739825b387a9","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":133,"box":{"x":68,"y":853,"width":816,"height":12}},{"id":"78b38828-5666-462c-b2db-209a8f019149","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":133,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"abc4dc27-7658-49a6-9d58-9496b4befadf","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":133,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"527de3b3-5078-4668-abb1-659009a021e6","block_type":"box","text":"II-74","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a0dc702-4720-48be-a5b9-e70d760bd2e7","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":133,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7171a4b9-90ae-4561-99e3-341a6cb5d544","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":134,"box":{"x":101,"y":45,"width":785,"height":11}},{"id":"3b023303-4ef8-430c-a450-c2c77f4ec068","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":134,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"f529f647-70b5-4a60-a36f-fb8d14a8917f","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":134,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"82d5961c-d5ab-49b3-9b3d-1acf1d652748","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":134,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"50670357-3a36-43d1-a321-f4c59f94a7c4","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":134,"box":{"x":70,"y":105,"width":415,"height":11}},{"id":"af2bb5bd-5c78-4e7b-a64d-50f782194918","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":134,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"6d46d44a-0668-43dd-8347-e9dc1232e47c","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":134,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"01b30651-7a0a-464f-9816-ef5663128713","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":134,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"1f5cd7c9-7656-49b2-95b4-82ad056da7ab","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":134,"box":{"x":69,"y":173,"width":815,"height":11}},{"id":"58af05d5-900d-4ce8-9ebd-6b3e30a3d265","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":134,"box":{"x":68,"y":188,"width":817,"height":12}},{"id":"fdbe1f2f-656e-4a70-a6fd-98228400a99a","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":134,"box":{"x":69,"y":203,"width":578,"height":12}},{"id":"d26161b1-3676-45ff-b070-d7c67fd01e5a","block_type":"box","text":"Stripped Securities.","page_number":134,"box":{"x":101,"y":226,"width":143,"height":11}},{"id":"6f1eeeae-2ff3-477f-9e86-c2821e379881","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":134,"box":{"x":251,"y":226,"width":596,"height":11}},{"id":"53fcd645-60a3-4512-9542-40d04c13db94","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":134,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"a336a561-69e4-432d-a6b3-af4bd22375bc","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":134,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"9fb307bb-ac5a-472c-ae80-f0f49a794da3","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":134,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"3cfed0f4-3395-48a3-a510-23c7e325d222","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":134,"box":{"x":70,"y":286,"width":777,"height":12}},{"id":"338976f7-548a-454c-a9c6-a7bae4be4dd7","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":134,"box":{"x":70,"y":302,"width":802,"height":11}},{"id":"f387711a-93e7-409b-8fc3-910c53559a81","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":134,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"fb8e2219-178f-452b-a250-f9e0fefde5c0","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":134,"box":{"x":70,"y":332,"width":837,"height":11}},{"id":"b7c4a8bd-026a-498e-acb6-4440583aa3ab","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":134,"box":{"x":68,"y":347,"width":823,"height":11}},{"id":"a6987581-3296-4942-b503-18ba65a8c580","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":134,"box":{"x":69,"y":362,"width":494,"height":11}},{"id":"05fb1f28-e88c-46be-8a9b-8a674365db4a","block_type":"box","text":"Structured Notes.","page_number":134,"box":{"x":101,"y":385,"width":130,"height":9}},{"id":"769fc003-8a1f-4a84-8918-31b89f8d4601","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":134,"box":{"x":237,"y":385,"width":650,"height":11}},{"id":"fe088fa5-5453-460e-9129-4f7aae6fccbb","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":134,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"e46bcb9c-9105-48a4-bbab-92f881567220","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":134,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"0a4af693-138c-450f-93d6-518d30b99e58","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":134,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"8b914c1f-e7f0-4cfd-8fa7-6ab8f6faf483","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":134,"box":{"x":70,"y":445,"width":839,"height":12}},{"id":"6fb0ca03-e927-4ed8-a026-1303f7c9225a","block_type":"box","text":"may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":134,"box":{"x":69,"y":460,"width":801,"height":12}},{"id":"628dd950-ce40-4523-a5b7-0efc09325620","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":134,"box":{"x":70,"y":476,"width":813,"height":11}},{"id":"934757ca-0b82-4781-90c4-0c2205fa23f6","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":134,"box":{"x":68,"y":491,"width":673,"height":11}},{"id":"500e78d8-29da-48bd-a442-a3e858a50e21","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":134,"box":{"x":102,"y":513,"width":768,"height":12}},{"id":"8781cbe7-a0eb-4433-b0a6-e16b41f44cea","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":134,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"39a9228c-b1f1-49ed-bb37-f6ef1101a6d6","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":134,"box":{"x":69,"y":543,"width":787,"height":12}},{"id":"63b1a3a6-2dc9-4d76-b93c-218f6a89c35f","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":134,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"3f39215b-856a-4789-bb10-25f3c930a31a","block_type":"box","text":"the risk of loss.","page_number":134,"box":{"x":68,"y":574,"width":110,"height":9}},{"id":"8e917f6a-b260-45c9-b319-4fc5d24d2ed7","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":134,"box":{"x":101,"y":596,"width":759,"height":11}},{"id":"fdc3a456-f995-4d6e-a18c-6d4595926c85","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":134,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"80047a4d-c1e9-4d64-894f-32ea4c5ae531","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":134,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"0c4976af-c582-48f1-846e-39eb403fdbf9","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":134,"box":{"x":70,"y":642,"width":821,"height":11}},{"id":"54ac18db-794b-4cc4-8561-e454dbd9f9bf","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":134,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"01a63c8b-d3a6-441f-a864-052891810535","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":134,"box":{"x":70,"y":672,"width":618,"height":11}},{"id":"024cf4b9-1faf-4d64-b3eb-9ed064bcacc7","block_type":"box","text":"Taxability Risk.","page_number":134,"box":{"x":103,"y":695,"width":109,"height":11}},{"id":"53114a10-f9f8-474e-a058-b73abbc781ab","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":134,"box":{"x":218,"y":695,"width":644,"height":11}},{"id":"09736f84-549a-44f8-b58e-9b7b8eb51cb9","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":134,"box":{"x":70,"y":710,"width":817,"height":11}},{"id":"2f8461ac-9540-4dbf-b43d-54038b8b3b87","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":134,"box":{"x":68,"y":725,"width":827,"height":11}},{"id":"587f1e1a-3c28-4ef4-a18f-ade334153d35","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":134,"box":{"x":69,"y":740,"width":835,"height":11}},{"id":"fee01f8f-7e27-4030-8e13-bae51a5d51fa","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":134,"box":{"x":68,"y":755,"width":809,"height":11}},{"id":"a15a554a-905c-4d61-a23b-5c817ac14ac7","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":134,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"e5510223-b273-4862-91ae-74afe310aaf1","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":134,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"8c966820-87f9-4f27-aac8-fd8c9196c047","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":134,"box":{"x":70,"y":801,"width":822,"height":11}},{"id":"75e6d5d3-0098-460a-bef7-54cb93c28ef9","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":134,"box":{"x":70,"y":816,"width":818,"height":11}},{"id":"96e230cc-d8b7-4f00-a1f3-3f37672d3a84","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":134,"box":{"x":70,"y":831,"width":771,"height":11}},{"id":"245de7d2-8640-48f0-aca9-618ed60d5134","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":134,"box":{"x":70,"y":846,"width":765,"height":11}},{"id":"0107fbcf-2451-4487-9819-04033e966c52","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":134,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"57e2820b-5ba1-4fe7-a858-36143aeafa33","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":134,"box":{"x":68,"y":876,"width":807,"height":11}},{"id":"42761328-abd2-488c-9626-9657423add75","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":134,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"96e436c1-6759-46dd-a884-551e7301c67a","block_type":"box","text":"II-75","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"279ade91-65d9-4cc1-bb3d-91e0be5372bf","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":134,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"449b05c4-6e11-4fc0-a4bd-46120b6c3919","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":135,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"3867074b-6b9b-4ea3-99d6-735f42b7ad25","block_type":"box","text":"the value of an investment in the Fund.","page_number":135,"box":{"x":68,"y":60,"width":278,"height":9}},{"id":"c91de6db-97d2-424c-a0b6-0b96f665fefb","block_type":"box","text":"Temporary Defensive Measures.","page_number":135,"box":{"x":103,"y":82,"width":230,"height":12}},{"id":"9a2c688a-ff4c-4976-87a9-b3435529969c","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":135,"box":{"x":339,"y":82,"width":542,"height":12}},{"id":"c64da1ad-bfe7-4e13-9854-8adae716dbea","block_type":"box","text":"economic, political or other conditions, a Fund may depart from its principal investment strategies and may invest","page_number":135,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"01e56611-2dc8-4dc1-b0e7-8f5904575a8e","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other short term investments. Certain Funds","page_number":135,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"e2c265ac-993b-4066-a7e0-cc26353f6d29","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":135,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"c929406f-89be-48e5-8860-afcba69029da","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":135,"box":{"x":70,"y":143,"width":813,"height":11}},{"id":"d5203fe6-af70-415a-bb3c-a782330dbbf0","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":135,"box":{"x":69,"y":158,"width":795,"height":11}},{"id":"47211891-17c1-4d0f-a76c-f116e8e93e98","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":135,"box":{"x":68,"y":173,"width":806,"height":11}},{"id":"68ed5cbc-7d5c-4466-bbf6-920657551eb4","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":135,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"d535f368-be25-48e5-b129-a4ec38e757af","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":135,"box":{"x":68,"y":203,"width":820,"height":12}},{"id":"8e0c58f5-9b2b-41ce-896d-0793b6f4ef69","block_type":"box","text":"its investment objective.","page_number":135,"box":{"x":70,"y":219,"width":171,"height":11}},{"id":"3f3ac571-7fac-4ec0-b6b3-d9cb285b4f27","block_type":"box","text":"U.S. Government Obligations.","page_number":135,"box":{"x":102,"y":241,"width":213,"height":11}},{"id":"4581d8a4-d723-4538-bfa8-6704a6344265","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":135,"box":{"x":321,"y":241,"width":566,"height":11}},{"id":"bf46d55b-b26f-4292-a61f-8bdb41df07e7","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":135,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"996700a3-05f4-4040-a49b-1580bfb85756","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":135,"box":{"x":70,"y":271,"width":826,"height":12}},{"id":"fd26f8c7-df91-4e61-85c5-10ffc07c3b66","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":135,"box":{"x":68,"y":286,"width":779,"height":12}},{"id":"0a05044e-8db3-413d-b67d-1402bcb4ed25","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":135,"box":{"x":70,"y":302,"width":798,"height":11}},{"id":"c57c1e7e-bfd9-4294-9b1f-2f4f500401a7","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":135,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"041ab651-8c4e-49db-84a1-dae49deff31b","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":135,"box":{"x":69,"y":332,"width":809,"height":11}},{"id":"b5adca07-ff3f-4cd9-956d-13276136ebde","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":135,"box":{"x":69,"y":347,"width":805,"height":11}},{"id":"f90d3130-5cd2-4b02-8061-9d7c66508d9e","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":135,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"3c0cec47-43da-43aa-9809-d8b846b3fef0","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":135,"box":{"x":70,"y":377,"width":832,"height":12}},{"id":"03cb08f1-c95d-4acc-9d47-4d34c5254730","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":135,"box":{"x":69,"y":392,"width":829,"height":12}},{"id":"5d4f2fdd-2500-48cd-9ad2-63cf5d0ec6ce","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":135,"box":{"x":69,"y":407,"width":716,"height":11}},{"id":"a655aec4-533e-40f1-a9cc-ab94d28c3d6d","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":135,"box":{"x":102,"y":430,"width":800,"height":11}},{"id":"a118ff1f-43fa-4c8e-a69d-fa0a7487b43a","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":135,"box":{"x":68,"y":445,"width":785,"height":12}},{"id":"999b8a82-53b4-4900-abc1-cedb045cc11d","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":135,"box":{"x":68,"y":460,"width":813,"height":11}},{"id":"b334b811-64a9-460a-9a88-da8719c233c4","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":135,"box":{"x":70,"y":475,"width":794,"height":12}},{"id":"81c5383a-5678-4c57-8a7d-495a4518a766","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":135,"box":{"x":69,"y":491,"width":835,"height":11}},{"id":"6feeeda5-78be-4322-a10a-1137c623ae7f","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":135,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"59687502-275f-47c6-bb5c-9fc0b279322c","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":135,"box":{"x":70,"y":521,"width":777,"height":11}},{"id":"4b122010-5300-43ce-914d-beaac39274ca","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":135,"box":{"x":70,"y":536,"width":749,"height":11}},{"id":"d95c2992-fdac-4ca7-9896-521aceb4c101","block_type":"box","text":"U.S. Treasury Obligations.","page_number":135,"box":{"x":103,"y":559,"width":183,"height":11}},{"id":"353ffc5f-f5c6-482d-b63e-ac16f73c31f1","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":135,"box":{"x":292,"y":559,"width":593,"height":11}},{"id":"3dd4c81e-8952-49d1-a670-434881a12d93","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":135,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"71be2945-377f-4026-b744-640d44a388cb","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":135,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"3deafd36-ae8a-4869-8474-a4c63ade3012","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":135,"box":{"x":68,"y":604,"width":823,"height":11}},{"id":"9298d31e-26f1-4a1f-9458-61b030e4d3df","block_type":"box","text":"do so.","page_number":135,"box":{"x":69,"y":619,"width":42,"height":9}},{"id":"6e7bf9e9-279f-4709-952b-da2a2eaf1ad2","block_type":"box","text":"U.S. Treasury Rolls","page_number":135,"box":{"x":102,"y":642,"width":139,"height":11}},{"id":"d3ac6f32-3f54-4755-87d9-a2040e42398f","block_type":"box","text":".","page_number":135,"box":{"x":241,"y":649,"width":3,"height":2}},{"id":"1c212756-2020-4225-9e73-135dfab66215","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":135,"box":{"x":250,"y":642,"width":656,"height":11}},{"id":"1d82eeea-8cea-4289-98c4-d3e7cbff9de9","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":135,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"d4b4bbb2-095c-438f-aaed-d27997502ce0","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":135,"box":{"x":69,"y":672,"width":820,"height":11}},{"id":"aa9a6308-7b8b-47f6-a85c-5bdccc68240d","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":135,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"a96116d7-f8a6-4127-8100-566b8a8ab1f2","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":135,"box":{"x":69,"y":702,"width":828,"height":12}},{"id":"7def1b21-4b85-4e4e-ba3a-e84fb9ced5f2","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":135,"box":{"x":69,"y":718,"width":775,"height":11}},{"id":"dbec1d90-c531-457c-9413-3defc02b1898","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":135,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"ad0cf8cf-bcd2-4818-8a31-cecf4d16d28f","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":135,"box":{"x":68,"y":748,"width":657,"height":11}},{"id":"26249777-a0a2-4c12-b984-0ea1b2aa8dc1","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":135,"box":{"x":101,"y":770,"width":756,"height":12}},{"id":"7b4badaf-31f2-4fcd-bcbb-1c1473f21446","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":135,"box":{"x":70,"y":785,"width":800,"height":12}},{"id":"a7fbb981-4f8b-4fa4-a03e-e5d84da084ff","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":135,"box":{"x":70,"y":801,"width":617,"height":11}},{"id":"da21a5b8-c310-4f00-97f1-7bfb3e5b3301","block_type":"box","text":"Utility Industries.","page_number":135,"box":{"x":102,"y":823,"width":124,"height":11}},{"id":"a20d5dc9-b021-48a2-9e9d-e8c438611969","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":135,"box":{"x":233,"y":823,"width":674,"height":12}},{"id":"a7a17de5-c93c-4039-b3ac-0d00cfbabaec","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":135,"box":{"x":69,"y":838,"width":812,"height":12}},{"id":"e36e2420-b293-4dda-8011-83dcde5ce607","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":135,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"2e771f37-8ffb-44d0-a5d3-8cd008e51a78","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":135,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"2183a4bb-aed9-4146-ba97-06411af014c9","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":135,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"69d88291-1f3e-4d7f-bec4-3e415c37fd6b","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":135,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"5c7adb85-d453-41ad-bea7-ea130b7211f9","block_type":"box","text":"II-76","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05ec0464-91d1-4c20-b916-27ed51216ce7","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":135,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"234c97f6-6b7b-49d0-adac-a43d49e94c59","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":136,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"c9489de7-a1d1-4655-b128-9f242f3d43ef","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":136,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"819e10d4-b098-4a5c-8442-844d3181fd05","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":136,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"49095592-4bc9-4e77-8766-0cb5b749b364","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":136,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"85417f68-4c42-4c66-a86a-2dbb925d3bab","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":136,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"1952b6cd-bf5c-48f6-ae84-85483c10e1a1","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":136,"box":{"x":69,"y":120,"width":761,"height":12}},{"id":"d1201992-455d-46b2-b871-ea5c87c8d866","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":136,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"d067ecef-98cd-48ed-b277-81ca5e598a33","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":136,"box":{"x":69,"y":150,"width":777,"height":12}},{"id":"53880cd7-73f4-482c-a972-3ae0a91afa56","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":136,"box":{"x":70,"y":166,"width":820,"height":11}},{"id":"3aa22466-18a4-474c-8ebe-1d97388811e2","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":136,"box":{"x":69,"y":181,"width":835,"height":11}},{"id":"4c989263-c4e9-4470-b2f3-583f1c29c971","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":136,"box":{"x":68,"y":196,"width":778,"height":11}},{"id":"ac335831-ddb8-4aa7-9fce-8008f08f4a70","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":136,"box":{"x":69,"y":211,"width":808,"height":11}},{"id":"3fbb7a15-a38a-4aa6-8f31-99fd11d3f3fb","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":136,"box":{"x":69,"y":226,"width":831,"height":11}},{"id":"c1a66b3f-b94d-472a-8fdf-530f48d2891d","block_type":"box","text":"utility.","page_number":136,"box":{"x":69,"y":241,"width":39,"height":11}},{"id":"18f55854-2092-416d-a890-5f6f7f473e31","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":136,"box":{"x":102,"y":264,"width":744,"height":11}},{"id":"e046e753-51e8-4808-92e7-a1381ad87713","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":136,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"4d683458-4e82-4043-9837-a5b4ce5e7657","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":136,"box":{"x":69,"y":294,"width":817,"height":11}},{"id":"b9c869d7-3fb3-438c-8557-45fe4c1d93ef","block_type":"box","text":"interest rates and therefore may lead to volatility in performance.","page_number":136,"box":{"x":70,"y":309,"width":464,"height":11}},{"id":"4308fc9f-b971-41ad-baf7-1be1c0101e4f","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":136,"box":{"x":102,"y":332,"width":789,"height":11}},{"id":"c0b7dc7d-7ec7-49de-b072-126ce9800e97","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":136,"box":{"x":69,"y":347,"width":790,"height":11}},{"id":"beeb72f1-2559-4a89-a3bd-1987862fadc4","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":136,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"0a2087cd-e883-4b0f-86aa-a7a20a2c6ccc","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":136,"box":{"x":69,"y":377,"width":824,"height":12}},{"id":"c053911d-0578-458b-9a61-eb6ae812529d","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":136,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"a8f7953b-e950-4f12-91aa-f9c9aff1ac8f","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":136,"box":{"x":69,"y":407,"width":826,"height":12}},{"id":"4e147cd9-8f09-4cf4-b46a-82d714294f5b","block_type":"box","text":"continue in the future.","page_number":136,"box":{"x":69,"y":423,"width":156,"height":9}},{"id":"a11a641d-c8d3-4dda-9078-390ae9c3083d","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":136,"box":{"x":101,"y":445,"width":763,"height":12}},{"id":"bc1af53f-6f9f-4f4c-960e-d6d18d65b206","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":136,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"a541eab0-b7cf-4999-ab9e-94e5607c6c56","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":136,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"cc923585-0567-4977-ab39-7bcdb96869b0","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":136,"box":{"x":69,"y":491,"width":784,"height":11}},{"id":"02742446-f025-458f-9b9c-d35eca6fb148","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":136,"box":{"x":70,"y":506,"width":830,"height":11}},{"id":"117c6ac2-b08c-4003-9aab-41ad8a58b610","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":136,"box":{"x":68,"y":521,"width":809,"height":11}},{"id":"f654e2ab-a8d0-4e52-98bf-4abac889b020","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":136,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"2243b2ae-8512-4fa0-9a1c-33b90868a440","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":136,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"fdb9e54c-042f-4e70-a260-620883796897","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":136,"box":{"x":68,"y":566,"width":840,"height":11}},{"id":"a433e3d3-bb37-4df6-bfbb-f5f43f0b5405","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":136,"box":{"x":69,"y":581,"width":796,"height":11}},{"id":"5b9be3fb-ca96-4d75-8b47-e7851a44724c","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":136,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"1defcd89-504d-41d8-ab1f-d5683ebe63ed","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":136,"box":{"x":68,"y":612,"width":831,"height":11}},{"id":"68296b7e-cb8e-482f-ba56-b5fb5327b3b1","block_type":"box","text":"restrictions on the maximum level of profits of certain utility companies, but may also subject these companies to","page_number":136,"box":{"x":69,"y":627,"width":812,"height":11}},{"id":"6acb1aec-09cd-4447-8338-470f5f6ab043","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment opportunities that may arise from","page_number":136,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"85585512-e9b9-4812-ac61-5491faa5ac31","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":136,"box":{"x":68,"y":657,"width":831,"height":11}},{"id":"1e4e5c38-a07a-4b2e-ba24-510424c83c17","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":136,"box":{"x":102,"y":680,"width":720,"height":11}},{"id":"c9a80992-70fb-4f3c-b2cf-5396a9f8f428","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":136,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"6a5652b6-3f72-496d-a781-98fbe2b12c90","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":136,"box":{"x":68,"y":710,"width":762,"height":11}},{"id":"e5fd58fc-21a1-443d-abcd-05ad3e67fb26","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":136,"box":{"x":68,"y":725,"width":815,"height":11}},{"id":"e2a2202a-9a22-4a37-80bb-037eae1a86e0","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":136,"box":{"x":68,"y":740,"width":801,"height":11}},{"id":"2873b318-7bfd-4fd2-9ace-b4661492abcb","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":136,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"987fcbf3-2f1e-4723-a854-561014b66703","block_type":"box","text":"ways different from regulation in the United States.","page_number":136,"box":{"x":68,"y":770,"width":365,"height":12}},{"id":"4e7f7ac6-2b0b-4bd8-be53-7d112e394142","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":136,"box":{"x":101,"y":793,"width":745,"height":11}},{"id":"3506810d-fbbb-4b50-86d5-2a00f02f37dc","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":136,"box":{"x":68,"y":808,"width":790,"height":11}},{"id":"648e2659-7955-420d-b8ef-e5dd6c1e75cd","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":136,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"20098f8b-8a20-441e-8606-002e301301d2","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":136,"box":{"x":69,"y":838,"width":810,"height":12}},{"id":"aa3dca54-82f7-45b7-8fcf-5ec7b92750d8","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":136,"box":{"x":69,"y":853,"width":831,"height":12}},{"id":"3857834c-8a64-4bdd-8126-1e5df28124ec","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":136,"box":{"x":69,"y":869,"width":828,"height":11}},{"id":"adce45fa-827f-4991-a1a0-d8314516a9c8","block_type":"box","text":"II-77","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a96940bc-a908-4b1f-8876-814933e42765","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":136,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5fc7f194-9e1a-4d04-99b4-4d6286d7958c","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":137,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"2dce21bf-787e-4ec4-bc2d-ae836dd377bb","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":137,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"8772c76d-4220-4882-ba71-53c982beeeda","block_type":"box","text":"increase.","page_number":137,"box":{"x":70,"y":75,"width":63,"height":9}},{"id":"7ca05786-4659-4bb3-8c73-e92762322006","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":137,"box":{"x":101,"y":98,"width":793,"height":11}},{"id":"3fe67e70-5c60-450a-8918-7cd5be258add","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":137,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"7ed11a1a-87bd-448a-81f3-7e5388211955","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":137,"box":{"x":69,"y":128,"width":619,"height":11}},{"id":"90c31e97-2685-45d1-9f27-54d730a13408","block_type":"box","text":"Electric.","page_number":137,"box":{"x":102,"y":151,"width":54,"height":8}},{"id":"9671cf8f-fc2c-44f8-b287-a34071b18d54","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":137,"box":{"x":163,"y":150,"width":684,"height":12}},{"id":"f18dfe01-013c-4307-ae73-b9b59d4203ce","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":137,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"f17f1d9b-c9c4-4c4f-a788-e75c92df97e1","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":137,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"d22a7000-5907-426f-939d-56771d006821","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":137,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"e00dd028-94b3-467d-a0af-68f82c0908d2","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":137,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"4a24fdc2-ea7c-479d-9c37-32828cc72b12","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":137,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"1eabc12f-5021-46a9-b0d0-177902f6fe3d","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":137,"box":{"x":68,"y":241,"width":803,"height":11}},{"id":"6353d754-c54c-41ec-a9e5-6251b26a6da4","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":137,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"f1230df7-a5db-4c91-93e1-1bedd1cfdb6b","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":137,"box":{"x":70,"y":271,"width":836,"height":12}},{"id":"45b90c47-6603-4550-ad99-b123c315ab2c","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":137,"box":{"x":69,"y":286,"width":793,"height":12}},{"id":"7a86c8a3-f34d-47a6-9a4c-9f6d02aa2d17","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":137,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"8313cc6c-ab1f-45b4-bdad-58164e0ab15a","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":137,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"39cc589f-463e-47df-9a43-89bc6f8a9201","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":137,"box":{"x":69,"y":332,"width":775,"height":11}},{"id":"84b353c9-f353-4417-9e02-aec84b43884a","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":137,"box":{"x":69,"y":347,"width":770,"height":11}},{"id":"2f2ae4fd-34e8-4f04-a6fb-12d18a67fbf4","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":137,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"0eaec458-d260-407d-bf4b-ec81c2ab32ab","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":137,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"0ee760f9-f51a-45af-85db-92a1369c0d5e","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":137,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"abad3b57-c64c-4efc-9ac6-08f333351e82","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":137,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"1a3cfd07-cfc2-4604-918e-0351a95dba63","block_type":"box","text":"and for decommissioning such plants.","page_number":137,"box":{"x":69,"y":423,"width":270,"height":11}},{"id":"80ef0947-d971-4416-929a-2c8cb993ce77","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":137,"box":{"x":101,"y":445,"width":776,"height":12}},{"id":"6bc6b507-2462-4875-8e58-a731e058c2c7","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":137,"box":{"x":70,"y":460,"width":802,"height":12}},{"id":"f367be5f-fdb2-4968-b915-01705d9ab8db","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":137,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"68fc91e0-e5ef-4468-84e1-306a1f764d5c","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":137,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"3145cf1b-d4e3-4c28-8208-346f610b58d9","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":137,"box":{"x":70,"y":506,"width":838,"height":11}},{"id":"b3e6b90a-ccdc-4e0b-b3e1-cd5737d6f735","block_type":"box","text":"greater predictability of cash flow.","page_number":137,"box":{"x":68,"y":521,"width":239,"height":11}},{"id":"426e917b-009c-4544-8259-4b47e518a529","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":137,"box":{"x":101,"y":543,"width":801,"height":12}},{"id":"fa57017f-8e08-477b-8699-58e3e6124c72","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":137,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"17d05e0a-4dd3-4945-b9e3-4669ca12e2fe","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":137,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"b34269ee-2bb8-4c7f-bd30-5c113c69eb2e","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":137,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"1a9ca831-cff9-44fe-9d6f-6fff3c935a41","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":137,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"196b6dc4-a59f-40b6-8f4f-7e949f532e6d","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":137,"box":{"x":69,"y":619,"width":777,"height":11}},{"id":"ec143eb2-d2e0-469c-81e0-38d891a8d01f","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":137,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"23db0112-9d68-4418-aa6f-fcdd66306838","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":137,"box":{"x":68,"y":650,"width":835,"height":11}},{"id":"0988af86-1c81-458d-9249-a274925af855","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":137,"box":{"x":69,"y":664,"width":700,"height":12}},{"id":"01000933-cb9c-4b37-8431-bde95e663282","block_type":"box","text":"Telecommunications.","page_number":137,"box":{"x":103,"y":687,"width":147,"height":9}},{"id":"016622d1-bd25-44b8-9ff3-794f1faf14b5","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":137,"box":{"x":256,"y":687,"width":652,"height":11}},{"id":"7b477d38-008b-464c-823f-aa85463c2730","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":137,"box":{"x":69,"y":702,"width":813,"height":12}},{"id":"d5e5710d-0641-4908-bc15-5ff1e03aeaa0","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":137,"box":{"x":70,"y":717,"width":782,"height":12}},{"id":"0c063838-2d4f-47c9-9aab-5f24418a70f6","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":137,"box":{"x":69,"y":733,"width":786,"height":11}},{"id":"6e648f0f-a687-40b5-80d8-768b3a69fbac","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":137,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"5d4b2b98-ad8a-4e97-84ea-f5197b40f544","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":137,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"4fff82c2-4dbd-4666-90fb-8e92ae167ebc","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":137,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"7e6c07ad-0872-4284-9b22-22ffca230837","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":137,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"81232aa3-4bf2-4377-82e8-eb0feaa3c9cb","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":137,"box":{"x":68,"y":808,"width":825,"height":11}},{"id":"7ed2bb40-e971-4033-acc0-53306718aef5","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":137,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"61c3df6d-1bc6-4fe2-9c90-e2bcc5f14595","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":137,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"0fd34180-44f5-4e2a-a41e-54ccdb2524ee","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":137,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"11a88dc5-7aee-4684-bc0b-468f51538d7e","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":137,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"adb7efc3-112e-4ab0-8906-766d38eb8c94","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":137,"box":{"x":69,"y":884,"width":827,"height":11}},{"id":"33a9495e-f0a4-451a-becf-401ad4ae82d0","block_type":"box","text":"II-78","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2567dfa0-7713-446b-acf6-921de4365700","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":137,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"502251b3-e0e7-4bc8-9181-2053c24805bf","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":138,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"d2c1588b-5c57-4a44-a4bf-5431cd1c624e","block_type":"box","text":"residential, corporate and governmental customers.","page_number":138,"box":{"x":69,"y":60,"width":367,"height":11}},{"id":"74ae15c4-36f8-41d2-a672-5d1f73676a49","block_type":"box","text":"Gas.","page_number":138,"box":{"x":102,"y":83,"width":31,"height":8}},{"id":"7aa0d798-fd5d-4866-baf8-351a6b48ef1b","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":138,"box":{"x":139,"y":82,"width":740,"height":12}},{"id":"906a6c43-89fe-4750-9177-64c7023b12c2","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":138,"box":{"x":70,"y":98,"width":834,"height":11}},{"id":"974f7db5-ae0f-4188-8d96-0db95b690cbd","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":138,"box":{"x":70,"y":113,"width":756,"height":11}},{"id":"0419a2da-8f1a-4d95-823f-1359d9f35bda","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":138,"box":{"x":69,"y":128,"width":831,"height":11}},{"id":"1595a6c3-05d3-4944-914d-9163c0b07192","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":138,"box":{"x":69,"y":143,"width":801,"height":11}},{"id":"0443e405-feef-4555-a704-bd3bc23d0df5","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":138,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"893b1626-a868-4cb4-90c6-b6a53b935043","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":138,"box":{"x":69,"y":173,"width":782,"height":11}},{"id":"009ccc81-e4f8-4cd1-bac0-01b5e75f1704","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":138,"box":{"x":70,"y":188,"width":829,"height":12}},{"id":"1e681aa4-619b-4633-b045-178d7cfa09b3","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":138,"box":{"x":70,"y":204,"width":691,"height":11}},{"id":"8c5e7299-0cc9-4d7b-8cf2-b436d4b6bc89","block_type":"box","text":"Water.","page_number":138,"box":{"x":103,"y":226,"width":42,"height":9}},{"id":"40a0cfac-838d-49a2-bd01-1b4e2e1eb192","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":138,"box":{"x":151,"y":226,"width":754,"height":11}},{"id":"e751dd69-17e5-466a-ab68-f01dc840edff","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":138,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"85fc4169-abae-4650-bd7b-dbbaf15044f1","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":138,"box":{"x":69,"y":256,"width":806,"height":12}},{"id":"6b48a4f0-ec7b-4771-a776-f89460b4eca5","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":138,"box":{"x":69,"y":271,"width":814,"height":12}},{"id":"77f16994-62a6-4482-a645-f1da2f1d0e10","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":138,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"2b8f2682-51b4-42d0-9802-e31cf69d6552","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":138,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"a4042011-ddc8-441c-83e3-0b8e10dd1664","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":138,"box":{"x":69,"y":317,"width":662,"height":11}},{"id":"f47a1ba8-c89e-44ca-a4f2-b881bdb3b0d2","block_type":"box","text":"Utility Industries Generally.","page_number":138,"box":{"x":103,"y":340,"width":186,"height":11}},{"id":"707695bc-1802-4b94-b340-6934d0bec946","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":138,"box":{"x":296,"y":340,"width":584,"height":11}},{"id":"2d5d2cdd-bd35-4aac-ae35-c541d0f6b498","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":138,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"83d425d1-add0-4aeb-8c75-48045db51a9f","block_type":"box","text":"not develop in the future.","page_number":138,"box":{"x":69,"y":370,"width":178,"height":11}},{"id":"b8e4999f-ba70-4630-8116-7b5981be30bd","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":138,"box":{"x":103,"y":392,"width":585,"height":11}},{"id":"92722146-9f3f-4e7e-bb58-f4be242adb49","block_type":"box","text":"A Fund may purchase or sell","page_number":138,"box":{"x":694,"y":393,"width":200,"height":11}},{"id":"d8f68b90-b121-463e-9b06-58dfc7ec9916","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":138,"box":{"x":69,"y":408,"width":795,"height":11}},{"id":"13ff5795-9ea7-4814-b44c-8961511017d2","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":138,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"2c2f4a54-7a6a-4499-b5e5-c04e728e4595","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":138,"box":{"x":68,"y":438,"width":820,"height":11}},{"id":"e1d48c5a-430a-4802-a290-64f94bf9fc3f","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":138,"box":{"x":68,"y":453,"width":807,"height":11}},{"id":"14049453-dc1a-4698-a9bf-d50118a45b87","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":138,"box":{"x":70,"y":468,"width":430,"height":11}},{"id":"a3c26766-6e83-434e-a525-ee7cf6825964","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":138,"box":{"x":102,"y":491,"width":750,"height":11}},{"id":"48b19827-0576-4ef3-8a3f-b5c83a8b974c","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":138,"box":{"x":70,"y":506,"width":823,"height":11}},{"id":"dcb82ef5-6d0f-43f3-adda-852b9200eb5b","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":138,"box":{"x":69,"y":521,"width":788,"height":11}},{"id":"9fea5e5c-00d3-4599-8390-5bb6a0234cf2","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":138,"box":{"x":70,"y":536,"width":755,"height":11}},{"id":"2e0f6714-4d2d-4808-9d40-d11c100d2ea7","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but","page_number":138,"box":{"x":69,"y":551,"width":799,"height":11}},{"id":"0e5b240d-535f-4035-ac2b-0f097ac634fd","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":138,"box":{"x":69,"y":566,"width":614,"height":11}},{"id":"563dfeb7-a9ff-42ad-8b0e-774e0bfac861","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":138,"box":{"x":101,"y":589,"width":780,"height":11}},{"id":"dce2d4cd-b5a1-4155-905f-c288e55283ad","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":138,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"91757b41-2e56-44b7-bd83-83291e975c6f","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":138,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"6708deb6-80b9-48ab-903e-4b081c36e3cb","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":138,"box":{"x":68,"y":634,"width":839,"height":11}},{"id":"314a42b5-6732-4f2d-bde7-91d9b4ae1253","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":138,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"d90c750a-ab23-45f7-b1d0-420b6062625a","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":138,"box":{"x":102,"y":672,"width":776,"height":11}},{"id":"3955bcce-d319-437b-b337-121ef5b2ff81","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":138,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"daf2ec62-fc4d-44cf-aeb9-0e0f9fc5f48f","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":138,"box":{"x":69,"y":703,"width":799,"height":11}},{"id":"84a9c3bd-4394-44ad-97df-4da2077ba2c0","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":138,"box":{"x":101,"y":725,"width":784,"height":11}},{"id":"cedfb562-d12c-4055-ae0d-0f920c28fb90","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":138,"box":{"x":69,"y":740,"width":772,"height":11}},{"id":"7815bc8b-4071-4176-9e6f-bdcf81de433c","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":138,"box":{"x":69,"y":755,"width":434,"height":11}},{"id":"2f4a4831-49fb-4793-b9f3-eb43d597b894","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":138,"box":{"x":101,"y":778,"width":745,"height":11}},{"id":"95e50ab2-6076-424c-9ad2-6f99229ab4d3","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":138,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"49ad80ff-2557-44df-88dc-b5bf8a3ea099","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":138,"box":{"x":69,"y":808,"width":823,"height":11}},{"id":"c89e7f6c-3aca-4dd3-950a-53fc6f43b781","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":138,"box":{"x":68,"y":823,"width":514,"height":11}},{"id":"b3e7794a-cb12-4094-9ec1-48988104d0a7","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":138,"box":{"x":102,"y":846,"width":759,"height":11}},{"id":"b23a19ef-477f-41a1-8272-3697b1100131","block_type":"box","text":"securities (","page_number":138,"box":{"x":69,"y":861,"width":78,"height":11}},{"id":"8444f853-a662-45ca-8316-13e30f49c4c7","block_type":"box","text":"e.g.","page_number":138,"box":{"x":148,"y":863,"width":25,"height":9}},{"id":"1f870717-8ad2-44ab-9c97-8394a5d792ad","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":138,"box":{"x":176,"y":861,"width":686,"height":11}},{"id":"b76cd82d-fd69-4beb-9b1c-03d56e1f6345","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":138,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"28ffb888-fb8e-4b8c-93ae-578830ca08a5","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":138,"box":{"x":70,"y":891,"width":822,"height":11}},{"id":"db66cd93-12ea-4152-97fa-c24e1b7169cf","block_type":"box","text":"II-79","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3209ead3-225b-4a9e-aef1-8a3f95ec9a4a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":138,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e2888a93-4f73-433e-acf2-e4a819e9e781","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":139,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"db658018-3fb7-4b8a-8fd0-47de7b160137","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":139,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"367a7de2-0d10-44ac-8a7c-3d0d8f9bf31b","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":139,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"4b1d89b2-f1e4-4456-a220-026ec0cfc6b8","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":139,"box":{"x":70,"y":90,"width":349,"height":11}},{"id":"3068b43a-fd44-4a8f-8276-232d1e287770","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":139,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"1dda68d4-b598-4f98-9fa0-5d659250a3b1","block_type":"box","text":"their affiliates to include in certain financial contracts, including many agreements with respect to when-issued, TBA","page_number":139,"box":{"x":68,"y":128,"width":829,"height":11}},{"id":"a97f74f9-6007-45d7-bb35-2b87c8ee985f","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterparties, such as a Fund, to","page_number":139,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"7aa3d461-add1-41d6-b88a-3686f6aa0d95","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":139,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"b005a93f-bf72-4955-b3aa-090787606497","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency","page_number":139,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"47c1722c-59c0-4119-9eb1-698771d46457","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":139,"box":{"x":70,"y":188,"width":824,"height":12}},{"id":"c41a7e60-2799-4ef2-83df-46e6e563d62d","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":139,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"9e813ae3-48a2-4174-8143-4ee0110d030e","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":139,"box":{"x":68,"y":219,"width":573,"height":11}},{"id":"afd1eb54-ed3c-4289-8bd8-277e56aecec5","block_type":"box","text":"Yields and Ratings.","page_number":139,"box":{"x":103,"y":241,"width":139,"height":11}},{"id":"4650fee1-4d51-4eb3-af58-e088855e64b0","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":139,"box":{"x":247,"y":241,"width":628,"height":11}},{"id":"6972207f-06b5-4296-a5f6-d15a2ca6404d","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":139,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"f0d50bd3-fe12-4204-929b-1fc81ad93971","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":139,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"d0a145f9-1caa-4760-826c-3ec314b5ae8b","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":139,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"aa4306ca-fabd-4a12-841c-14611d9450d1","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":139,"box":{"x":68,"y":302,"width":792,"height":11}},{"id":"8e8b6889-b3b3-4610-8f53-bd43071c0015","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":139,"box":{"x":70,"y":317,"width":827,"height":11}},{"id":"cebcedba-5bb8-47b2-8818-56ab92a4f936","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":139,"box":{"x":69,"y":332,"width":786,"height":11}},{"id":"47f4cc81-9375-44c2-9dc2-8a15de621d1a","block_type":"box","text":"continue to hold the security.","page_number":139,"box":{"x":69,"y":347,"width":204,"height":11}},{"id":"f65f7212-6c0a-4f63-b5a7-4402f292b99e","block_type":"box","text":"Zero Coupon Securities.","page_number":139,"box":{"x":102,"y":370,"width":175,"height":11}},{"id":"81911fca-eecd-4bee-8e3b-90abecc9029c","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":139,"box":{"x":283,"y":370,"width":601,"height":11}},{"id":"1e6696d2-cc25-435c-bf72-4840d97cab31","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":139,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"707f8b99-af05-426e-9252-e3bae644c238","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":139,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"71020aaa-29e0-4573-a07e-1b395e78879e","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":139,"box":{"x":68,"y":415,"width":814,"height":11}},{"id":"10eceabd-7159-49b5-9b96-ac4143697036","block_type":"box","text":"security.","page_number":139,"box":{"x":69,"y":430,"width":57,"height":11}},{"id":"28747450-8ebf-475e-94e7-02ec4ab888c2","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":139,"box":{"x":101,"y":453,"width":749,"height":11}},{"id":"3d55deda-e5f5-4b5a-98c4-cae7a4da404c","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":139,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"7ad72443-9b0a-4392-87df-084d5386fb9c","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":139,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"c1000136-71b9-4f95-a38c-ebba2b96dee6","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":139,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"0b249aed-8d85-465f-afc4-91bac25a57a6","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":139,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"157816cd-b0f3-4379-88da-83a7bb6f2ef4","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":139,"box":{"x":68,"y":529,"width":824,"height":11}},{"id":"65c97334-8aa8-4275-a750-938f310b7d18","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":139,"box":{"x":68,"y":543,"width":805,"height":12}},{"id":"e37e884a-6e7e-46c1-922c-0684c7ed1ee0","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":139,"box":{"x":70,"y":559,"width":837,"height":11}},{"id":"0d57166c-d20f-4759-a1bd-5e18cc4bbf1c","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":139,"box":{"x":69,"y":574,"width":791,"height":11}},{"id":"4646b07c-91f6-41d0-90ae-0f849612dcf6","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":139,"box":{"x":69,"y":589,"width":800,"height":11}},{"id":"8dacb203-0ab7-4a30-8cb3-565ad4a858c5","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":139,"box":{"x":69,"y":604,"width":400,"height":11}},{"id":"32768d97-96e5-45fb-9677-aedb35f18745","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":139,"box":{"x":101,"y":627,"width":775,"height":11}},{"id":"1a0a83f6-4c12-4e56-8e61-6b8f8b59d739","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":139,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"ece786b9-ecd9-4a0b-994d-364d1c590c54","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":139,"box":{"x":70,"y":657,"width":826,"height":11}},{"id":"31b02491-e924-49e2-a641-cc072d7ff6b6","block_type":"box","text":"intervals.","page_number":139,"box":{"x":70,"y":672,"width":64,"height":9}},{"id":"4c0b0342-57d9-46ef-bf18-b95e79f92e85","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":139,"box":{"x":102,"y":695,"width":749,"height":11}},{"id":"dca0bd08-b251-4907-95ae-04d206242c6c","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":139,"box":{"x":69,"y":710,"width":784,"height":11}},{"id":"711d4672-99a8-4cd2-a392-b823244a8eff","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":139,"box":{"x":70,"y":725,"width":799,"height":11}},{"id":"48cc02dc-48ab-4fd1-a551-032911b22416","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":139,"box":{"x":68,"y":740,"width":799,"height":11}},{"id":"182f7ee8-fe81-4cb5-a692-7b31a2c119ac","block_type":"box","text":"exposure to zero coupon securities.","page_number":139,"box":{"x":69,"y":755,"width":253,"height":11}},{"id":"d1eae2c9-e305-4961-9859-afb6a14e4f64","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":139,"box":{"x":102,"y":778,"width":740,"height":11}},{"id":"72bdb2f7-44ad-44e5-9117-5358db00b673","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":139,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"d96f22b8-eac6-4324-bf79-ccbbd2438896","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":139,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"eaa87296-104a-48be-b968-fc83c01d8a5f","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":139,"box":{"x":69,"y":823,"width":741,"height":12}},{"id":"b852a64a-84be-4809-a3d8-1c6ebd07a77e","block_type":"box","text":"Suitability. (All Funds)","page_number":139,"box":{"x":101,"y":846,"width":161,"height":11}},{"id":"c64b79c6-53af-4b35-9a1f-e338d9d059ed","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":139,"box":{"x":101,"y":869,"width":793,"height":11}},{"id":"7392d4c2-509e-49ed-a19c-75dc840d68f5","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":139,"box":{"x":68,"y":884,"width":811,"height":11}},{"id":"802fcbdf-0fa6-4ff9-ae23-1e4091c4a6e2","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":139,"box":{"x":70,"y":899,"width":810,"height":11}},{"id":"305fb53b-f9d0-4dca-9067-92c0d96a444f","block_type":"box","text":"II-80","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d5388901-20d5-4bd6-9e53-4dc857d9ce75","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":139,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"41089772-3370-44e8-8c1b-570d3841bcf0","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":140,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"697cf4fa-8b2c-40d8-aa32-c2320c01a5aa","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":140,"box":{"x":68,"y":60,"width":460,"height":11}},{"id":"b7cb4b1a-2f52-4d1e-8a45-0f0c214f29cb","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":140,"box":{"x":102,"y":83,"width":264,"height":10}},{"id":"ef71afe3-7087-4b87-8ac8-a2825e094852","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":140,"box":{"x":102,"y":105,"width":745,"height":11}},{"id":"8e22945e-cd29-4bf8-b670-6e40b82ae7c3","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":140,"box":{"x":68,"y":120,"width":807,"height":11}},{"id":"99812b4d-8140-4c9d-a8b6-de3ce9799486","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":140,"box":{"x":69,"y":136,"width":528,"height":10}},{"id":"674732cb-1e2e-404d-8681-d119565406b6","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":140,"box":{"x":102,"y":158,"width":735,"height":11}},{"id":"79b445da-c82d-4127-af2a-5de628665c4f","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":140,"box":{"x":69,"y":173,"width":775,"height":11}},{"id":"77421768-715c-4025-a70a-7c302845e78e","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":140,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"0df1bdf7-f5b2-4ace-8077-cb24503850f8","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":140,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"11c51711-97e7-40a4-be83-bf1c54867734","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":140,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"066d1faf-b115-42ca-bb17-310c1a81fa7e","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":140,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"7115ef14-c07c-4887-b87e-87d68a7d865e","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":140,"box":{"x":68,"y":249,"width":802,"height":11}},{"id":"4eb55e89-cdc9-40d5-9d3e-f2461f132ae1","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":140,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"49e1d181-28a5-42dc-96d6-0482055ef6fa","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":140,"box":{"x":68,"y":279,"width":819,"height":11}},{"id":"9c1e854e-562f-43b1-b481-bea8d6b3a608","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":140,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"e6c53731-963a-49ca-9938-c6d1a810c8a6","block_type":"box","text":"(","page_number":140,"box":{"x":69,"y":309,"width":3,"height":11}},{"id":"cd7ec08c-ad5c-41ca-bf77-e39b841ca8d1","block_type":"box","text":"i.e.","page_number":140,"box":{"x":74,"y":309,"width":21,"height":9}},{"id":"3d7f2f63-7837-408a-8283-ed66d8c36496","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":140,"box":{"x":97,"y":309,"width":806,"height":11}},{"id":"b5e54d53-80b0-45cf-94e0-fc4398f2f9d8","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":140,"box":{"x":70,"y":324,"width":824,"height":12}},{"id":"806d47db-81e4-401b-86ff-8e61ee2339f5","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":140,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"eb02469a-78db-4469-b7c0-f255d401ba5a","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":140,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"e2c56866-95f8-4347-a348-4788fb22d398","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":140,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"29cceb39-fcec-488f-a186-4b9c10e0392f","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":140,"box":{"x":69,"y":385,"width":781,"height":11}},{"id":"94ad44ce-19a4-4c35-9459-43a06c31d953","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":140,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"3889538d-fb08-4035-b5dd-3e4407af1e6f","block_type":"box","text":"regarded as the sole issuer.","page_number":140,"box":{"x":69,"y":415,"width":198,"height":11}},{"id":"d0276989-5859-4ee8-b029-50f4d5db87fb","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":140,"box":{"x":102,"y":438,"width":784,"height":11}},{"id":"3ad705aa-9ed2-41cc-8579-554359b0820d","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":140,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"fb09edc8-af40-4d43-b300-b9cf5ad45218","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":140,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"d5c718c6-5ec5-463e-b664-02375fc03507","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":140,"box":{"x":70,"y":483,"width":747,"height":11}},{"id":"4361d4a7-8804-40d7-b2c1-8be106071d48","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":140,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"baf82117-0aa4-47d3-8230-1b8912420954","block_type":"box","text":"75% of its total assets.","page_number":140,"box":{"x":69,"y":513,"width":165,"height":9}},{"id":"3a628f0a-a62a-4351-8f3b-f68092876bef","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":140,"box":{"x":268,"y":543,"width":442,"height":10}},{"id":"f80d3f50-4087-4561-938e-266b7aa5eea4","block_type":"box","text":"Directors and Officers","page_number":140,"box":{"x":69,"y":573,"width":159,"height":9}},{"id":"927f628c-8f52-420f-b14e-6babb6966817","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":140,"box":{"x":102,"y":596,"width":733,"height":11}},{"id":"f89763c0-4fa3-4473-85f2-c7e3ea77abdd","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":140,"box":{"x":69,"y":611,"width":783,"height":11}},{"id":"01d56605-f4be-43a4-a4b0-a9dd5d554403","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":140,"box":{"x":69,"y":626,"width":795,"height":11}},{"id":"4d847fce-d26d-4e4a-9dcb-164a0a91d961","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":140,"box":{"x":69,"y":641,"width":789,"height":11}},{"id":"c2037789-f460-4f06-85a0-4a9ca5107e0f","block_type":"box","text":"Management Arrangements","page_number":140,"box":{"x":69,"y":672,"width":202,"height":11}},{"id":"85abbd43-f24f-43dd-8852-a8bce915884d","block_type":"box","text":"Management Services.","page_number":140,"box":{"x":102,"y":694,"width":162,"height":11}},{"id":"f748cceb-fcda-4e14-a3e4-8c4d26fbc6da","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":140,"box":{"x":270,"y":694,"width":615,"height":11}},{"id":"3b665ea7-c38d-4528-ac19-3c21125f2425","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":140,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"144eac2d-57af-4736-aabf-e23f522d6f33","block_type":"box","text":"portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":140,"box":{"x":70,"y":724,"width":820,"height":12}},{"id":"20b52055-2c13-4e2c-933d-d26d4825996d","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The Manager","page_number":140,"box":{"x":68,"y":739,"width":832,"height":12}},{"id":"be30806e-a463-4031-80ef-9fe76e1f4466","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":140,"box":{"x":70,"y":755,"width":801,"height":11}},{"id":"0c0db124-5632-497a-9cdd-259edf47f3a0","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":140,"box":{"x":69,"y":770,"width":370,"height":11}},{"id":"96701774-4d75-4cc5-a960-c820fabadd95","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":140,"box":{"x":102,"y":792,"width":778,"height":11}},{"id":"76328ae7-e5ed-4c01-8018-eefd79ca366c","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":140,"box":{"x":70,"y":807,"width":800,"height":12}},{"id":"f3fb214a-bac1-4242-8b42-ccce63a726a5","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":140,"box":{"x":69,"y":823,"width":810,"height":11}},{"id":"e4884a62-9d42-4d9a-bec4-a2669a19efc7","block_type":"box","text":"Management Fee.","page_number":140,"box":{"x":102,"y":846,"width":126,"height":11}},{"id":"4e42fa06-6faf-4f86-abb1-031ea01b4cc9","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":140,"box":{"x":235,"y":846,"width":646,"height":11}},{"id":"3b5c42ea-75b6-4426-8b26-61b14c074a2e","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":140,"box":{"x":68,"y":860,"width":841,"height":12}},{"id":"f517f459-62a2-426e-9dcf-0c8fb4629f2e","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":140,"box":{"x":69,"y":875,"width":833,"height":12}},{"id":"1abbf658-0ed7-403b-adf9-771850d310c1","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":140,"box":{"x":68,"y":891,"width":746,"height":11}},{"id":"4ff8389e-c03e-4e51-8590-e02e0a8cb18e","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":140,"box":{"x":70,"y":906,"width":825,"height":11}},{"id":"a4f9eaac-d937-459b-8399-3fafe83f9e0d","block_type":"box","text":"II-81","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82e2d29c-d59f-4df4-9e3b-5f1d451caaa9","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":140,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"48e389b5-12ad-44e7-b334-9f4f208725d9","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":141,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"e2893380-fb63-470f-8526-0ea6d6be9d6c","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":141,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9debf48c-521c-432e-bfc2-0cc1664f8155","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":141,"box":{"x":70,"y":75,"width":820,"height":11}},{"id":"b057f5ea-e111-41f7-87f4-37f0507fe501","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":141,"box":{"x":68,"y":90,"width":797,"height":11}},{"id":"ba0d617d-5f9d-4445-b304-54646b1cde8f","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":141,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"ac3a81cc-838b-4913-9b9e-8eafb35ea252","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":141,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"20e9f1a4-2c40-46b5-bf33-27ddcbdce8ad","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":141,"box":{"x":70,"y":135,"width":809,"height":12}},{"id":"061e43bb-6dae-4430-86dd-71b31aad1ebc","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":141,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"7fe2717a-4d1e-4669-b213-acb3dc0c0cdf","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":141,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"9730d204-dbd6-48d2-910d-f4029fac5b01","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":141,"box":{"x":70,"y":181,"width":784,"height":11}},{"id":"b63624f8-340f-460a-9a9b-ff661c93075b","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":141,"box":{"x":69,"y":196,"width":767,"height":11}},{"id":"68691d08-a9da-4896-b353-593eee420ac3","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":141,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"a9e8ac8c-c182-4fa4-b150-8922fde54904","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":141,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"eab89de5-7d23-443c-9281-1e4bb71a2010","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":141,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"98c916d7-dc1a-49d7-a629-7c22faccee86","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":141,"box":{"x":69,"y":256,"width":786,"height":12}},{"id":"6ab3acfb-a578-425b-96ab-dd5cce423146","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":141,"box":{"x":69,"y":271,"width":790,"height":12}},{"id":"1bf271f2-fec2-4ef9-9833-168c285cd516","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":141,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"a4ebd50f-0568-42f9-aecf-9617e92e8c86","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":141,"box":{"x":69,"y":302,"width":767,"height":11}},{"id":"a75fd719-e710-4280-9e85-f1be6b1b9db3","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":141,"box":{"x":70,"y":317,"width":743,"height":11}},{"id":"bbc4238a-f78e-4811-a7ec-78b9d1cd83e3","block_type":"box","text":"Sub-Advisory Fee.","page_number":141,"box":{"x":102,"y":340,"width":124,"height":11}},{"id":"f27819da-fb98-47a0-be57-d60a7c46fdd6","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":141,"box":{"x":232,"y":339,"width":643,"height":12}},{"id":"6792a9aa-755e-4a49-ae76-4ff0f0933240","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":141,"box":{"x":70,"y":355,"width":839,"height":11}},{"id":"ca345d95-d805-4c2b-8c75-d23616616343","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":141,"box":{"x":68,"y":370,"width":830,"height":11}},{"id":"df403cb6-de48-446c-9f9f-5be86a5a62b9","block_type":"box","text":"Organization of the Manager.","page_number":141,"box":{"x":102,"y":392,"width":204,"height":12}},{"id":"359a752c-ddaf-403d-9851-3b79e49771da","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":141,"box":{"x":313,"y":392,"width":560,"height":12}},{"id":"d508059a-76b9-4e35-923d-ab058691db61","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":141,"box":{"x":70,"y":407,"width":819,"height":12}},{"id":"2f28d2aa-29d8-49fd-857e-5fba9db733a1","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":141,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"59fd8538-880a-4e6c-8a73-ef3f04e6bf6d","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":141,"box":{"x":69,"y":438,"width":768,"height":11}},{"id":"bddf7872-ffea-4ba5-91c1-ee926a1d0f16","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":141,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"fed8fa92-9f2e-48fc-9523-389a9dc4cd64","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":141,"box":{"x":69,"y":468,"width":517,"height":11}},{"id":"7b0b9f7b-3904-4233-bba3-fe25c6d6701c","block_type":"box","text":"Duration and Termination.","page_number":141,"box":{"x":102,"y":491,"width":182,"height":9}},{"id":"79c6b25a-91f5-46f3-bb54-527a0e05c651","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":141,"box":{"x":292,"y":491,"width":613,"height":11}},{"id":"2e0ccaa5-8447-4bf0-a805-657d2a55e78d","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":141,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"9a56dbaa-94f0-49a0-b53b-2dcf6982cd31","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":141,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"34cfd70c-d104-4b45-aaf8-9d71af7565fd","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not parties to such agreement or interested persons (as defined","page_number":141,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"5b584ce8-09a9-4728-9789-cbbc48b5671d","block_type":"box","text":"in the Investment Company Act) of any such party. 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For its services to a Fund, the Administrator receives monthly compensation at the","page_number":141,"box":{"x":69,"y":665,"width":808,"height":11}},{"id":"4bb8cd1d-b8e8-4cb4-8d56-11385eb7e8b7","block_type":"box","text":"annual rate set forth in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":141,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"31557117-d5b5-4899-8175-e7924f976da9","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":141,"box":{"x":68,"y":695,"width":738,"height":11}},{"id":"b1a4ebc2-532c-46ec-b816-6b018b1e99c7","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":141,"box":{"x":68,"y":710,"width":839,"height":11}},{"id":"ed497aa5-a5a9-4305-88cb-ab14f31f6a41","block_type":"box","text":"that Fund’s SAI.","page_number":141,"box":{"x":68,"y":725,"width":113,"height":9}},{"id":"cfa802a2-a26d-402c-b4fc-c1a1b50a3eb0","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":141,"box":{"x":102,"y":748,"width":755,"height":11}},{"id":"e93d226c-2b16-48f8-8a2f-b9b89a8de4ec","block_type":"box","text":"certain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":141,"box":{"x":69,"y":763,"width":800,"height":11}},{"id":"dfbc89ab-1e7b-44ec-b29c-9aced883cd6b","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":141,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"2b3040c5-467b-4566-9f50-12b9533ca50a","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":141,"box":{"x":69,"y":793,"width":826,"height":11}},{"id":"3e02f5cb-1c0e-4bd5-9a9b-271b2ecfc771","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":141,"box":{"x":70,"y":808,"width":362,"height":11}},{"id":"422a0a3f-bacb-45b8-aa83-6c2553333d47","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":141,"box":{"x":102,"y":831,"width":390,"height":11}},{"id":"af61487a-0e0f-4c96-bb5e-75161154e73b","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":141,"box":{"x":499,"y":831,"width":364,"height":10}},{"id":"f8590f4c-4b48-4615-97a3-3b10e5447108","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":141,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"e2d9918c-f477-438b-b147-b7c5a0b8b3de","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":141,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"bc57f7d5-b0a7-4b34-b892-f81a58d18c93","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not parties to such contract or","page_number":141,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"40594907-1465-4883-9b81-c9c18d92d876","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. Such contract is not assignable","page_number":141,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"4ae4647c-f56b-4cfe-aafd-bb2126048b02","block_type":"box","text":"II-82","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e6df3ed-b8c0-4bea-a0a4-fa326e88129a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":141,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"82f09eea-5f58-491e-9ff9-beff1bfc154c","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":142,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"333ce78c-fea9-4ab8-acc4-236836b77d91","block_type":"box","text":"shareholders of the Fund.","page_number":142,"box":{"x":69,"y":60,"width":181,"height":9}},{"id":"ab37b98e-3015-46d6-9943-ec2f276c5936","block_type":"box","text":"Transfer Agency Services.","page_number":142,"box":{"x":103,"y":82,"width":180,"height":12}},{"id":"c7d121bf-740d-42b1-ac3f-3f39829f7eaa","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":142,"box":{"x":291,"y":82,"width":595,"height":12}},{"id":"4066c667-7fe8-44e9-9737-c20af37e9ed1","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":142,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"d11954f2-8d13-4e70-bd37-33bfc9ebf9c9","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":142,"box":{"x":68,"y":113,"width":833,"height":11}},{"id":"895e1682-24e7-41a8-bfce-b6743f1cab36","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":142,"box":{"x":68,"y":128,"width":792,"height":11}},{"id":"6f4fe0e1-ec6d-405a-b216-04ecca3f2862","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":142,"box":{"x":68,"y":143,"width":819,"height":11}},{"id":"8e69cc95-f88d-4bc6-8acc-f91132ddca04","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":142,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"37194544-28fa-41bd-b1b0-893600bcba65","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":142,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"6e3f3948-5a19-4fcd-b3db-bf85937da554","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":142,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"4454e41d-9458-419d-b826-bd23cbd31632","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":142,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"6906d80e-1e5d-4d03-8509-6c566f178480","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":142,"box":{"x":69,"y":218,"width":806,"height":12}},{"id":"aabb5ea1-c5ce-4dcb-9dfd-61230abbda17","block_type":"box","text":"class on a recordkeeping system.","page_number":142,"box":{"x":69,"y":234,"width":238,"height":11}},{"id":"dc9f5131-7ac9-4eb8-93cc-c3ea14a5a77f","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":142,"box":{"x":102,"y":257,"width":338,"height":11}},{"id":"a269b62e-6821-4060-9ef2-e08862517bc6","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":142,"box":{"x":446,"y":256,"width":441,"height":11}},{"id":"f124d90f-06a9-4d5c-9eb8-73181b7f6805","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":142,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"5849c9e1-f521-4cd5-8e29-0555e92e2807","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":142,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"d1690e84-fb92-4e58-8af7-188eb0f8ad75","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":142,"box":{"x":69,"y":302,"width":627,"height":11}},{"id":"1b599072-1a2b-49cf-b8cd-bb609236eacc","block_type":"box","text":"Custodian Services.","page_number":142,"box":{"x":102,"y":324,"width":141,"height":9}},{"id":"ce69ad7a-70a4-4567-b4f4-f39481e8acbd","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":142,"box":{"x":249,"y":324,"width":654,"height":11}},{"id":"e9193f66-954f-438d-9288-96301fb18711","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":142,"box":{"x":70,"y":339,"width":820,"height":12}},{"id":"e607adec-5123-4673-bb36-1a7f720222dc","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":142,"box":{"x":70,"y":355,"width":814,"height":11}},{"id":"d30b007d-c41e-4fd1-bef0-79c598531950","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":142,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"eadd4916-86c1-4cc2-82c9-552e40e86975","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":142,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"16a2f0cd-0119-4515-8c8c-d82ccafa71fc","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":142,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"0a2a9ba1-8f0e-4ef0-90ce-557f7b48dc76","block_type":"box","text":"certain assets.","page_number":142,"box":{"x":69,"y":415,"width":106,"height":9}},{"id":"23daca86-413a-4780-9265-69be8f393861","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":142,"box":{"x":102,"y":438,"width":716,"height":10}},{"id":"d23a23fe-17bf-41d6-88ae-45ef891f7114","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":142,"box":{"x":102,"y":460,"width":803,"height":12}},{"id":"88b1f139-8e5f-4489-ade0-074ae1ff07fc","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":142,"box":{"x":69,"y":476,"width":799,"height":11}},{"id":"769719a0-f575-473d-a99a-197c12356083","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":142,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"47ef746e-1131-4fb3-9b62-8072752e188d","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":142,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"275bb2ea-c40a-4c23-88da-24f9f0d2cd1c","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":142,"box":{"x":69,"y":521,"width":807,"height":11}},{"id":"0589a490-fbd4-48d0-9fe5-16581038833c","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":142,"box":{"x":68,"y":536,"width":836,"height":11}},{"id":"594937a4-cd40-4ab3-8118-49bbf00607ad","block_type":"box","text":"Fund.","page_number":142,"box":{"x":70,"y":551,"width":36,"height":9}},{"id":"8e2b8281-638f-40b9-923a-593df04b9dbc","block_type":"box","text":"Accounting Services.","page_number":142,"box":{"x":101,"y":574,"width":148,"height":11}},{"id":"bd874ff1-ae41-4f31-bac4-ba3b0e51183e","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":142,"box":{"x":256,"y":574,"width":641,"height":11}},{"id":"884b036a-14bf-4e70-a646-f46186c737a0","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. Each","page_number":142,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"d2497558-4cf8-4ae0-9266-5c2967c15fe0","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":142,"box":{"x":70,"y":604,"width":797,"height":11}},{"id":"901b3815-93be-4ab9-9c05-9bc3eb2dd428","block_type":"box","text":"Master LLCs.","page_number":142,"box":{"x":70,"y":619,"width":91,"height":9}},{"id":"c5984ff2-a6a4-4a6b-b0a1-bb6a0d667a48","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":142,"box":{"x":102,"y":642,"width":771,"height":11}},{"id":"804fa241-767c-444d-b934-df7776d7eec0","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":142,"box":{"x":68,"y":657,"width":810,"height":11}},{"id":"efb4e78d-934d-49eb-872b-f0a7948973e9","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":142,"box":{"x":69,"y":672,"width":828,"height":11}},{"id":"aa1b4669-81a9-4e0e-b384-70c6cc76960d","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":142,"box":{"x":69,"y":687,"width":386,"height":11}},{"id":"66572db0-3fa3-408f-bfc1-5c1c0695519c","block_type":"box","text":"Distribution Expenses.","page_number":142,"box":{"x":102,"y":710,"width":158,"height":11}},{"id":"a1fbf423-1076-412f-b765-7e6f511f89d8","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":142,"box":{"x":267,"y":710,"width":614,"height":11}},{"id":"77cb0f5d-afcc-4910-b415-3eabdd286c64","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). 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BlackRock may, in certain cases, elect to implement internal policies and","page_number":149,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"326c3c4c-5305-4c21-b1fd-035c2fa68d0e","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":149,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"5570f012-db99-4119-8095-074ec0753e13","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":149,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"ff1608c7-1cef-4e09-aba8-172610751c99","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":149,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"9497e4d8-fe52-4a5d-b881-0a806a064395","block_type":"box","text":"BlackRock. 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BlackRock may pursue rights, provide","page_number":149,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"cc6932a4-9688-4ec5-95c7-6ff4afa50956","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":149,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"437dda52-4374-495c-8750-e0f69d733751","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":149,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"e347e1d1-9a41-48e1-bc0b-cddf610bc3c4","block_type":"box","text":"action) may have a material adverse effect on the Fund. 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BlackRock may also determine to rely on the actions of similarly","page_number":149,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"ca099a1c-5df0-4c59-91df-dc3f56dae246","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":149,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"1f9041cc-528e-463c-9e33-ac7a41216294","block_type":"box","text":"Funds.","page_number":149,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"8d89b2b7-2db3-462b-9640-785db32a7205","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":149,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"0ed34b90-c332-4fbc-beed-fd056ccb72cc","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":149,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"86d22531-1083-4cfa-ac21-917edc621414","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":149,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"890a1ba1-f57e-4564-8b27-737f23f4f3a4","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":149,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"68b46637-6745-4db2-9f6d-f0a5eb40e094","block_type":"box","text":"II-90","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fca48823-d395-4426-a6db-241a7a8b3ec1","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":149,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9a31a439-ae44-4652-926a-65b308765262","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":150,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"25700bc8-4c46-4631-80ce-f0feace887f9","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":150,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"1c63f8d6-1da6-431f-be78-064751fa6cc5","block_type":"box","text":"for registered representatives, other professionals and individual investors. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":150,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"8f1aaf86-1401-4f75-af1d-dc7c9d5021f8","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":150,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"76c52ca2-7cce-4e2f-abb5-03fd14756712","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":150,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"6860d16e-6dc8-42af-8687-b6bd04e6e24f","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":150,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"57a080f9-d868-41bc-a5b2-6509d621140d","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":150,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"ba4c0162-d159-4b6d-b040-403d62f77101","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":150,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"678c0cb0-8c71-478c-9139-c34845907a2d","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":150,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"7457f570-7ef0-4d2d-9de9-0ff703d8d234","block_type":"box","text":"and those activities may have an adverse effect on the Fund. 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It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":150,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"670baa8d-889a-4da6-b0f3-fbccf4ba713c","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":150,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"30b1046a-21b4-45de-a2a5-62f0520fdaf5","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":150,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"78138c5e-5af3-4cbd-a9d7-36178601e268","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":150,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"20a27523-3f33-4098-ad0e-19e4580c5fe6","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":150,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"c86437e3-0ed2-4743-91cc-a37de523b2ba","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":150,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"950d525b-d494-4d3c-927a-ecc6ad3b4a27","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":150,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"36d2d555-4bf8-4acd-b2de-1291a68048b0","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":150,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"ec71f74e-422a-4052-bfeb-f0889287199e","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":150,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"76c97b3a-5a25-45ad-8e5b-5742d11e4bf6","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":150,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"0707846c-b9ff-4dc4-a148-936b557dd55a","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":150,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"7958167a-e19e-4132-9ecd-a0f247b9736a","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":150,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"001910e7-b410-4dc2-9319-79095e0462d3","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":150,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"ddc68e76-b6d1-43c8-8b4f-4716590c9ad6","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":150,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"a9a918e6-9f52-48ba-8d7f-322782547089","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":150,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"21246270-eef4-489f-a16c-ac290d9f80b2","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":150,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"56a30757-4d64-49bb-8c92-592da49bbf6f","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":150,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"b07037c8-e11c-4f10-a65b-63f928acb911","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":150,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"e18e80dc-0573-4db0-bdca-0ab6b1b90187","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":150,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"3fe7237b-8f65-4bcb-bebc-e255f4aafb81","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":150,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"eb7bb13a-ac1e-40d9-a98d-5b7663c3ce2b","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":150,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"d7c30280-4103-4995-8c36-abaf7f0aeffe","block_type":"box","text":"managing a Fund.","page_number":150,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"a152a833-b115-4f42-b3cf-bf386f43f7f1","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":150,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"5f6acb65-c386-4732-8e12-863c061e250c","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":150,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"a717fb9e-7f4d-45f9-9016-2a27182b647a","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":150,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"6756d101-0e9f-4c1f-8e1a-f3c1490b80a3","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":150,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"fc8ad1b4-91cd-40ce-b83a-ef12c6fac73a","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":150,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"3b7e403f-6b6b-45a0-b35a-e554db4ae48e","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":150,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"859e4677-c30e-4375-885e-8c4605cbbd52","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":150,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"2df9df8e-469a-478a-bf54-f5b7f8e2b34d","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":150,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"3002541b-cba0-4d85-acbf-cddd1f268aad","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":150,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"b7bb3581-ae0b-46a3-b52a-aeadf0c4dade","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":150,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"addb43d8-fcd2-448a-be82-c3720db9cda0","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":150,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"a69b9a84-a6c2-479f-8211-d14a04de5ebd","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":150,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"8b50e682-964e-4f0f-a873-351651d5b6b5","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":150,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"6dcefd0e-1193-423e-829f-7860c01bfa6a","block_type":"box","text":"II-91","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a77d6e25-b753-40dd-bf38-9eb35a8a48f5","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":150,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b8954bd9-b807-43e4-bcbe-db93a77a4023","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":151,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"2d30e8c5-e0ee-4a6b-ae19-e62259f5b4f5","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":151,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"80f40cbd-da1f-4546-a00e-31c8da8e4709","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":151,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"3c35f81a-2e42-4595-9634-6fc61d3af385","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":151,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"1cab0c69-0cd2-4425-be9d-03590f6fd4ee","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":151,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"f34048d2-d2d9-419c-ba26-8b9802bdf6d1","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":151,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"7a8494d9-5b0b-420d-b569-536cea569c7f","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":151,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"de7024c1-440e-49d4-946e-9e1b6abda171","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":151,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"1104e56a-7e21-41f3-bc2a-025d5253f4a5","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":151,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"50c825bd-6567-4d05-962f-fa8cb8827b4c","block_type":"box","text":"under management for BlackRock.","page_number":151,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"4e83dede-d822-445f-882e-a90119d373cf","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":151,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"36063ac2-fef5-4874-b60d-dd8d482840b2","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":151,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"d1587fe2-33d6-44bd-a556-772dcd62bbad","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":151,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"fd6fefe0-5f01-4364-b7e0-56893ad9161e","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":151,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"e27a56ac-7a52-488a-ba9c-004cf923a0bc","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":151,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"e5901cfd-e7ec-4217-92a8-1085d0bc4267","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":151,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"c92bbb46-ad90-47b1-9c66-46a2ebb98b69","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":151,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"105fd564-6e51-4e51-9315-fb9c85caee4e","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":151,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"8dcd0ad0-9543-4c77-a49f-0d3022c17448","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":151,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"f975ee60-78d6-4b57-b4d2-8dc3bb707437","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":151,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"9021d3d1-2cae-4774-8dd2-d3d2aa2113e6","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":151,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"4512b113-e052-4f25-8543-b6f10fcfcb56","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":151,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"7131837d-2ea1-47a7-b30f-b6c94202d712","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":151,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"01e1c03e-74e1-4a70-abbc-a2aa72f18921","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":151,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"6029d42b-fec7-4a5e-830f-e9692a54e144","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":151,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"02c8a524-fd1c-479c-baaa-84fa4d18dba2","block_type":"box","text":"or in other commercial capacities. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":151,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"6fcbf646-d0bf-4704-a604-52fcc2dec0f0","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":151,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"d87778b6-9653-4886-9193-a5c30cdd41cf","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":151,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"0f017e71-1a19-4a80-815d-c3eda741af70","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":151,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"b29f137e-f06c-43b3-b0f5-3e10f17161f6","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":151,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"c97c5dfc-7624-4254-8ebd-f08ca8a1da2a","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":151,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"029d1e56-6207-4c22-aba2-d8b579a5096f","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":151,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"d1c187f2-c2e2-4662-a8c4-e8bf14220b7b","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":151,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"bbb373f2-7fd4-4abe-92b7-272d91a6a7e4","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":151,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"8e90bbe2-a754-4be6-8a5b-491ef4115540","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":151,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"5e8f348b-efdd-4ecc-b67e-ab50a438f4c0","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":151,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"91fcbd26-b81c-481c-9518-2d1355ac84d0","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":151,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"424c8169-7585-447f-9547-8b80b5841ff7","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":151,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"257b38cc-9fb0-4373-bc14-93d28641b8ac","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":151,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"723d5b2b-098f-4b17-b7b0-67eef5655ce6","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. 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BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":151,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"8131d21e-c685-4c1b-acac-b2a497b94e02","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":151,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"7748cf74-7a5e-4e9f-b2cd-27122afb9803","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":151,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"3927e617-30cd-4a13-9268-f49314833df1","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":151,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"cfdbc8ca-bd03-4c1b-b125-cd4df02ff854","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":151,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"46b2f264-5352-4506-9fd7-05dd6f0a4d4b","block_type":"box","text":"II-92","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6cb72e10-b83f-4da9-b8bb-c9e76db89882","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":151,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"04cb9686-58a3-48b4-882e-a68914398c0c","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":152,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"f461c3b9-3ac3-43c0-861e-231efc31ba57","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":152,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"92a3b741-aa62-4eda-86cc-4380f638f571","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":152,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"65166423-678a-40af-839c-8c7791c946fe","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":152,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"799d01dd-4dd5-4157-937a-86d9b89300ee","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":152,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"b947c696-54af-43a1-b88e-4c242145674a","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":152,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"b2127bf1-6e9a-496b-966e-9e6f29122bd6","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":152,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"0e07dc9b-0bf5-4f3d-8517-26caf001d737","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":152,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"394d61e5-74a0-4f2c-bd7d-dd134c7e2d2a","block_type":"box","text":"regulation.","page_number":152,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"1fe9caae-68ae-4c76-9feb-7a7c2d3a70ec","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":152,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"2c429be7-65b3-4bed-baec-e3da07fe31af","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":152,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"a6820b07-ae49-466a-bf24-fcba92eeacf4","block_type":"box","text":"various program limits (","page_number":152,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"9b656e72-83ec-49f7-9785-9f66d695f8e8","block_type":"box","text":"i.e.","page_number":152,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"24fdb71b-f480-4c82-a31a-9c6e80ace4b9","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":152,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"10dc49ad-1424-4285-8a35-c4b32ae68a1a","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":152,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"3cd079a0-6335-48ec-bc28-dc3b403a5243","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":152,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"8a0f4ff3-5026-407a-b583-ff8d0f3b84ce","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":152,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"a2308c93-3978-450b-9020-a3e7d16e7561","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":152,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"4474057d-3904-4c65-929d-cb545494a803","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":152,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"73339a7f-7503-4fa0-bab1-8410c087baa2","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":152,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"05c2750c-5636-4209-a84b-ac36f1f5609c","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":152,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"764af10d-23f9-4844-9031-b62d262b02a7","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":152,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"7fdb07b4-67fc-46c1-abe7-8cb50bfc9009","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":152,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"9e36c6fd-5415-4e0f-afce-e38daf2df892","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":152,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"f37ce982-2578-4b06-93ec-39b6533b8a3a","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":152,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"adc997fa-8d65-4179-913f-f2f358fd44a4","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":152,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"8938d289-ddc6-49a4-a14c-4030614c0612","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":152,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"44063fe2-4090-4621-97dd-3ec8a6012a84","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":152,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"fdb92e9b-c8e6-45a2-acbe-0ec5fa0da9f2","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":152,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"58e7d09c-86aa-4f55-afcc-31e7d5b06545","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":152,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"d30474c9-7fb9-4c8c-a621-d93d10a54ab5","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":152,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"de9a476b-8361-4f79-9cbc-c430e786a8b6","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":152,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"ccb9ce18-96e5-4848-88d0-3231007d434c","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":152,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"e5c03964-98e8-4128-a66a-31d949453a49","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":152,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"0cd90e8a-f8cf-43d1-8845-66a0c8eca417","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":152,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"9653559c-80b3-40ef-8aa4-8099342c68cd","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":152,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"37bcac79-2d7b-4be7-a610-27e6704c328f","block_type":"box","text":"than through client commissions.","page_number":152,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"e575473c-cf0c-43b0-a138-6674a508406f","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":152,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"e0d45022-e9b8-40a2-8f7f-82cca443132a","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":152,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"3d424174-0837-49b3-8fef-88c461be55a5","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":152,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"fec91554-c464-4330-8e61-403a84a8469e","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":152,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"178fa0a8-b4e6-47e3-8f51-b12d001853d0","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":152,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"a970783a-1bdc-428d-ad1e-68b8eb17a576","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":152,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"b4aced99-fba6-4eba-9cee-698e762c6ec8","block_type":"box","text":"research-oriented software and other services and products.","page_number":152,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"581b5e82-e077-4f6a-b633-e9369e0f07fb","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":152,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"6405ff98-4b48-4490-a4f4-213ee2e04210","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":152,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"ead141d5-114f-4393-b80c-e5c43e4083c1","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":152,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"8e8fd2b7-1980-42a5-b8a3-b0bfe02f0515","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":152,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"c7349b7d-2800-4f92-8c42-2e98741fac71","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":152,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"a45d4417-9948-4ec9-9a5d-689457cc27f0","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":152,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"664d403b-6973-4cc9-8cd9-9404e8faa6c2","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":152,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"b897850f-34b2-4718-b0e4-6e016ff47fe6","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":152,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"3f9bca2f-9521-4909-8cf8-e0d9238236fb","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":152,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"2110fb4f-a572-4782-8fd9-c49cee331580","block_type":"box","text":"and services itself.","page_number":152,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"f34f20f2-82fb-4c8d-949a-7e5c9ce85961","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":152,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"2390e48a-6093-4d1b-acee-219715f71d78","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":152,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"e635e4dd-1a0a-4e9c-b843-2d2bf6a64377","block_type":"box","text":"II-93","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"28b94338-e971-4dca-b3da-84a24ba1e182","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":152,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"01bfc835-f29f-4eec-b19a-07b53ae3d59d","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":153,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"cd9afe0c-c0fc-4040-b6f4-3f129fc15cd3","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":153,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"f2a6d5f4-1cc1-438a-bfeb-835090800f79","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":153,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"55daeaef-cd64-4c94-be84-12da9296685a","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":153,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"76a9e218-6f04-432b-bc18-b91228b4be21","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":153,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"9eed7dd5-9d36-466c-9757-dd705a301a48","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":153,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"9c79c533-8315-425d-8f3f-786739987cef","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":153,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"e0adfe80-7507-459c-9dc1-9cefca369b94","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":153,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"e4898cd7-c7c9-4d21-95b0-8e6e8dae2065","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":153,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"cb1f8378-dc90-43de-854a-195ce71af32e","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":153,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"3161088d-94c0-469c-bb8c-36d49acd60a2","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":153,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"b893bee6-7468-43ea-9295-82d38640be0f","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":153,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"fb727898-289c-4bd3-bebc-9847684146a0","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":153,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"b5a3a7d8-1e64-49d3-834f-72d598d5329c","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":153,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"44a45a0d-311d-4337-b3a5-64074658c2e7","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":153,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"d13bfe7c-f4d3-41ab-b1ea-e1d01cf1feb9","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":153,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"a407ac76-70e3-4a6d-9874-66d049344da3","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":153,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"b2be1d76-64df-438f-a14c-66858e64de06","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":153,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"9b14bd5f-d620-44c1-a97d-8e334c70fa5e","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":153,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"58ffbc11-820e-47e0-9b23-99b16a7a9e65","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":153,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"6ec6801b-f5d5-4652-b999-ce1b87640754","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":153,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"3ba09293-e673-490e-8933-8ef1dc0fcbcd","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":153,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"32986e21-1f50-4be7-9bff-1e3e457e22e6","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":153,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"9073659b-c984-4d0f-a6b0-796414cc2b5c","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":153,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"72650ac5-64da-4396-b4fb-e7988402b77f","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":153,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"43237a00-cd0e-4c3b-9106-6cc7e48a249f","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":153,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"143446f3-b213-497c-8d73-a10aab98fbf2","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":153,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"db43f5f7-ca33-4b67-b9ed-0354e4769c35","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":153,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"155ab227-9c83-41c2-9c4d-713eb4709183","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":153,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"6e9da3cc-bcfe-4451-8e99-3c601daf202b","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":153,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"fe45e8c5-a4fd-4fd7-9e11-2f126ca5667f","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":153,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"3f7cfab5-543e-4e1e-a7a3-63c427ee91fd","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":153,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"e3037354-264b-4b02-8e7a-00b97b529dc2","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":153,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"72b94935-d325-4ffa-bc87-61d1bd275e02","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":153,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"dac606ef-3f8a-473a-829f-81d4350516f9","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":153,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"7d63b75c-e184-4f6e-b80e-93de3d116613","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":153,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"1f81a7b1-fb0d-4d52-b9aa-70e77bd32091","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":153,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"c3354509-bae1-4e44-bcf5-ea717c86aa26","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":153,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"8a575aa6-c2c4-4f35-a1d5-80fd61b2cd3d","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":153,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"1e6d0d02-8e6c-4947-a08d-1d481ba52160","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":153,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"57924f55-8f67-4908-b8da-eddd44b39f33","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":153,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"20d823f1-3af8-4ca8-9086-9fa56dcbf081","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":153,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"6d7589dc-f780-4ba6-bcaa-4391a74120d4","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":153,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"d92d7cce-172c-4275-b5f3-4f33901f50ac","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":153,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"d05fd563-781e-4eae-9ab3-90c25e92aeb2","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":153,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"7781e338-25c9-4ac7-a1fa-ad91ff17f67d","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":153,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"9ff2a867-6b05-4993-bd8f-193e61b713b3","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":153,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"b25fdbcd-c775-4d24-9673-4d10fcdc57d8","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":153,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"509cd083-470b-4515-b89f-29de2ff20e29","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":153,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"74b273bd-bc16-4961-bb86-9405e4481b70","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":153,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"18d61625-2ad1-4afe-a3eb-77085f639335","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":153,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"0fdba11a-cb1c-43e3-92a9-7a10e5eb8e76","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":153,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"88428981-02bc-46e7-9842-c660e82fb7de","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":153,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"a3937981-8e6d-45ca-b1bd-b9439859abb9","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":153,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"599d9930-5c92-42eb-a9b9-2317411889de","block_type":"box","text":"II-94","page_number":153,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2576465-4d01-436e-a1a6-d9559c0c03eb","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":153,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f34a0f45-0ce6-4c70-9a7e-f8226e1afe71","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":154,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"e4eb5ea5-2943-4cdf-8888-69cab4a531fb","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":154,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"a5438596-170a-4771-8112-69b8ead89c43","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":154,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"6fb1dff3-db15-4215-9470-d17936aa65b1","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":154,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"f4e784c0-0a0f-4a2d-9b0f-0ec2825101a1","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":154,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"1ab22a05-0bc1-49a6-b6bb-4278344743fa","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":154,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"924a7239-5c1b-4a63-b27f-e2b109b111f2","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":154,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"0c668ef2-b002-481b-8896-abf833918cf3","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":154,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"9b7a736d-4cc1-4b35-953e-8317f057a97b","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":154,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"985f55f0-c2ec-4277-89ae-f17899fee765","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":154,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"8a2a3c51-3bf7-458b-afea-bb468acd642c","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":154,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"44e41f77-72e0-458b-8109-b8b350d2112a","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":154,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"1e27beb4-cfb2-455f-b012-c2ac95e0b09c","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":154,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"71ab0e64-6aea-47c4-a6a2-0f905453016d","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":154,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"de476a25-90fc-4b56-9b83-ea15d9641140","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":154,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"adab7956-b67f-4afd-848b-ef25159c653d","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. 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As a result, a Fund’s sale or","page_number":154,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"2acfaffb-b8ca-48b2-8ec9-521288dfab4a","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":154,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"ce80faa2-3834-471e-a122-ef5b154ad297","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":154,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"a4a5edec-ee4b-46d0-83c7-1535d0fc78f2","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":154,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"26e0382a-3d9f-4561-a8c6-2eac46ffb96b","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":154,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"ba8c37c0-fa78-454b-8b09-ce285920b623","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. 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From time to time, the activities of a Fund may be","page_number":154,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"02a67789-1a80-4abb-bbe3-a199bc36a4a1","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":154,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"1bd4bbcb-cca2-4aa4-b969-62cef829c422","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":154,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"9cac2b91-e802-44ae-a055-0601ee2920d6","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":154,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"fea725b7-4a66-4932-abf9-29a0363d4dff","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":154,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"cf4a0e5c-0d8a-4484-a28f-bb666ffac110","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":154,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"8b2b7467-456f-4a3f-99ae-4b18dc8d100a","block_type":"box","text":"proprietary positions. 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Similar situations could arise if personnel","page_number":154,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"6ddabf3b-73bf-4bdb-9b25-af274b45844f","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. 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Certain portfolio management teams within BlackRock may","page_number":155,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"32ac8ca1-ad9a-4bdb-844c-3571044b251c","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":155,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"cfc9ac3c-f11a-43e8-a1ea-4dce4318d8b9","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":155,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"41811563-3451-404c-9816-26511672bbbc","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":155,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"85218049-a265-4aa2-ba7e-87c936f8c48d","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":155,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"05e9422c-ccd4-4187-b28f-a4c68b131ddb","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":155,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"a6342ba8-b957-4fdd-b56e-456886edbc82","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":155,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"2910f8bc-3460-43b3-9550-670fb005011e","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":155,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"62f6c289-5cea-4407-b657-53489b39fd1f","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":155,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"0c005b6b-01c1-458a-8f13-0d002a138564","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":155,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"d2a755fe-76d4-4be7-b0a5-3531347ba672","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":155,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"12617919-dd66-4bb9-bf8c-929a2beb5862","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":155,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"4362490b-1fc2-4c2b-9295-870bccf48522","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":155,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"c4c79a49-daf9-4ff9-974d-d968ffd8ba25","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":155,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"b2e8966c-987e-4fbd-bc04-2045892cefb6","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":155,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"5d925243-d9ca-43a9-abb0-321a8a1f29c8","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":155,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"706723e0-b6f9-4277-9473-e38dd561b5a5","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":155,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"bbf9ba35-433f-4157-b63c-9368d8af2755","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":155,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"c0084454-d292-4b63-bb14-250ea3b995c7","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":155,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"ab4ed62d-dee5-4d90-b037-ad4baf9a1cad","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":155,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"06b9c986-60f0-477e-bb76-f51e217cce43","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":155,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"5eb247a2-8399-4f47-8b69-83c954552009","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":155,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"fd9434a6-c814-4905-bf7f-2f83c3b76f2b","block_type":"box","text":"a barrier.","page_number":155,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"308e8e9d-99eb-4d7a-9539-78cb5c15c32c","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":155,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"98f7828b-24fe-47b4-bc0f-55f05a02b4c8","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":155,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"ac010bc7-b7e7-488e-8ac9-2262e6bfa480","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":155,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"55a4568b-daa8-4c4c-8195-113caa4820d9","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":155,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"9513d395-373a-4a87-b45f-1bc1c04485f8","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":155,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"b2d8eea0-406b-4d26-ab19-21c643ae6dad","block_type":"box","text":"issuers. 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In light of certain restrictions, BlackRock may also","page_number":155,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"ca45909c-b21d-4b28-bafb-e163134c6c44","block_type":"box","text":"seek to make indirect investments (","page_number":155,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"47864b25-2013-431c-8418-2dc02a1b81c2","block_type":"box","text":"e.g.","page_number":155,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"b8aaf5fd-2d3d-414c-b0e0-ff2ce3f377bb","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":155,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"62986043-ca86-4bf5-97ff-864c4ed6ec24","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":155,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"40a7bacb-c434-45df-a2f3-94f09711184d","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":155,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"d33a1f4b-8397-48a0-a174-62efa2948a2f","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":155,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"893ea19f-c7fe-4881-b306-68de32cb5982","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":155,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"532ec6d4-3d36-42ba-b8e8-80f40517db21","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":155,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"663c57fc-b755-426c-ab14-bab44f4a95b3","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":155,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"bd645c17-aa78-4753-961e-562972b03534","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":155,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"d58ea64a-0b83-46d4-909d-a2de5de1b9d0","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":155,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"12c9ce32-a4d9-4cdb-83fb-4f4c62b8a0f8","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":155,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"d5feb7ab-a4fa-478d-a62f-104b0541de6e","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":155,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"4e10f967-8c38-4482-b084-32bfd5213270","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":155,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"26316f33-8491-4206-8ecd-f596d9d8b83f","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":155,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"63681f36-a538-4b3c-b9e7-8702b511d466","block_type":"box","text":"II-96","page_number":155,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8ed6b1b-0ee4-4ca6-86ab-4c353f21787a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":155,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2559b488-93fd-4729-99e7-2b3f8473fe47","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":156,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"1c65c030-9fd7-4084-bd3b-991469030c39","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":156,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"38a3d363-7bdb-4033-95bf-f2811aa42b1a","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":156,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"a09badb1-f2fe-4bab-b839-b60f7acb8911","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":156,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"a6f584cb-973b-4e43-9431-4aa18aaf9a0c","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":156,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"45949949-7bbe-46f6-8ff8-f5b6918a1fa1","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":156,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"df47e785-0347-4128-b2a6-c931ebfb5136","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":156,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"3ae52751-173c-4012-9d8c-ceb0c77fe5fc","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":156,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"7be63190-63c1-4aef-8621-f1ce46083d06","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":156,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"c29b0f1a-7296-461b-8503-0758c7771053","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":156,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"4d6517c1-4b93-437c-9a66-2948a46877db","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":156,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"a4cf9ee9-585b-4eee-b72e-af45212d998a","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":156,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"d02c8d26-54ed-48e4-ba80-3270b665c986","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":156,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"f92330fc-a146-4c6e-9491-fd0e25439879","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":156,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"d543462b-0b1d-401d-a1f8-acaaa311033c","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":156,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"26ca28d3-a411-43ad-ac2d-c2d91a3cdbb8","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":156,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"01cafb06-bfaa-45f8-a635-26debed99301","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":156,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"d8e41b8b-9c0d-4d7f-926c-4451e9029bfa","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":156,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"692114c5-b480-4935-b5f5-741eebbcd03b","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":156,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"a9d55049-19ff-43a2-876f-d4176fb2285d","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":156,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"b653b801-d666-4c72-b319-4bb3795faf0e","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":156,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"63d57565-d28b-4fc2-a7a7-e957c9e6cafb","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":156,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"55a72259-2c5c-4fd9-97a3-2f2b0a5cc6de","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":156,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"53e0d26b-5bf5-4819-847e-9808d8996951","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":156,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"12855548-b1b4-4200-b56e-4f23a4058849","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":156,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"074dde9e-e04a-4dfe-b651-f9997cbae20c","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":156,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"9cf4b068-3e9a-431b-b38b-9506ccfb9051","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":156,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"8578b770-9da5-4910-b712-b87ed48781ec","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":156,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"211868cb-8f8b-4892-a8ed-e361887f26b2","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":156,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"78ae5364-a824-4b69-95a3-a3552a1b881d","block_type":"box","text":"strategy with respect to such security or asset.","page_number":156,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"c343b4c8-f396-40a4-8e16-012c04705698","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":156,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"e1fa0079-7d75-4d56-9b83-45142b6e7156","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":156,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"ec3dc9d4-3fce-459e-88eb-0f8c8deb397a","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":156,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"b72d7d48-b428-4e73-9d26-767a00e1db4e","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":156,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"4d618f66-7fa1-45f7-a868-9d97568ff6a4","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":156,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"dea51694-58e6-43bf-a73b-8a8bafbe79b7","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":156,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"89ff0198-fa44-4cab-b0b5-477fcab749f6","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":156,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"c5d84fd8-7ca7-4005-b17b-a7c493a6ae11","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":156,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"0d24511d-a17b-4140-871c-cae9771370cf","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":156,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"d1279ff9-616b-419a-981a-6290f6b1f2e5","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":156,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"b07cc15a-4245-482b-8d9b-8110d4fdb894","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":156,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"af6de74e-0fd2-4323-b6cb-111853f02087","block_type":"box","text":"e.g.","page_number":156,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"2816c293-4aac-4ebb-88d2-0742a6bacadc","block_type":"box","text":", custodians,","page_number":156,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"3dfbacea-573a-4f11-9471-e95cd87f23e0","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":156,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"7079b8a1-460a-420f-bd8f-575feff820ee","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":156,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"a8f579c7-7c58-4da1-bda6-37081a471ff7","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":156,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"c2233e05-e7dc-48fa-a3c8-6b3a79759877","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":156,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"3739f8b4-0a36-4717-9749-9132fa381aa0","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":156,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"edbdfa8f-a198-4b96-b5a7-b9c452011b81","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":156,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"02db0a2d-6761-4812-b55c-1e1ca7269952","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":156,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"0b3b17c8-b275-495b-a02e-f86fecb6f796","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":156,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"f518f9e4-0d7e-4b37-8401-69bfe4886068","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":156,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"35c2233c-abcc-43d6-b4a8-aef1f1815eeb","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":156,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"4fc904c2-78e1-4722-af94-d3f863d6389a","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":156,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"b204ab98-b57b-4ae6-acc6-c449bd3502e2","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":156,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"180d2263-b825-427c-8902-d6b66fa85392","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":156,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"edf552f7-e0fb-41c8-924e-693da5111f42","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":156,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"3fe85849-e254-4e02-bacd-79f0bccd0591","block_type":"box","text":"II-97","page_number":156,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac0aeb98-0487-46f5-a407-f4b9da2ce26c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":156,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"304ece11-406f-4ccf-906f-56095ff3ae0c","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":157,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"aad77c4f-45f9-4f55-a4de-b695d83f4fd9","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":157,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"b03e3853-c362-4bc1-98ce-930d20e0e2cf","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":157,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"e078192f-1326-4265-a0a6-8b1fd1688a6c","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":157,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"fcebdead-a5a4-4339-8380-f9445c93b14d","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":157,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"512f9a37-785b-4cf7-9b16-78ac90d2c593","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":157,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"78764033-cd86-43c7-8d7a-9078bf4c3a9d","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":157,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"ee1c37a3-8036-480a-8188-105d3b089644","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":157,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"911ffcfb-2732-4ec3-8473-d727284db66d","block_type":"box","text":"provider.","page_number":157,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"0b50958f-210c-47e8-987b-01ffa2bb06a7","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":157,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"7a37d508-ca36-4ae3-9b49-2d3fd6e12ddb","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":157,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"4ad116c1-59e8-4c0b-87d2-c0d81ac56b3a","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":157,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"b8ea764b-e90b-42d6-9622-52ac64e55b3c","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":157,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"e3083c94-b6a9-4127-9df8-2740a0fe1f64","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":157,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"744a0b07-6dc2-4a2c-b76e-f41df5fc44c4","block_type":"box","text":"PURCHASE OF SHARES","page_number":157,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"fa6523ba-499f-44b1-904a-902273d331ba","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":157,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"2f8569a5-4e8d-474f-b82a-6a5e8f015286","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":157,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"6b80f6f3-c314-488c-ab81-d1f7a30ac663","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":157,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"fb694b89-1af1-48c8-9f39-a79fc2d2c61e","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":157,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"f9b141b3-959c-4516-a8f7-0e4f0811dcb2","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":157,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"bca08673-e440-4714-a27d-bc8cb2ed9096","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":157,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"b058d159-46d0-4683-92b2-ed374c8fa85f","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":157,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"29d33d09-94a4-44ec-89a7-ef9ad8715656","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":157,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"46b5e848-c5f6-4c8f-b737-e615335e624a","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":157,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"89d4ddc3-433b-42ad-a8b7-3089773700ed","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":157,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"d2a08671-a8f2-428c-817a-6ae22abd89b6","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":157,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"3e48a6fc-631e-4789-8e02-2b13345579cb","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":157,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"afeb94ca-a3b4-4858-9a94-cccfa9ab7fb7","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":157,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"26edc3a3-31f5-4269-b5be-b3aada1c8a91","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":157,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"802a163c-cd11-4780-bffd-b3428233206d","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":157,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"218a9987-5b42-41c4-8430-0a6133291839","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":157,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"38917157-beac-48ea-bd1d-0de2bcd0a049","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":157,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"e67b0d2d-0654-4351-92fc-dc09328ea7ad","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":157,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"60146ff4-c6c9-441e-9019-2daec3c41b42","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":157,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"8de6452a-a280-4f9a-835e-d78d84029e5c","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":157,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"5c99c3e4-5450-49b2-9526-089b20797869","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":157,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"dfb6ebf1-ae08-452f-87e1-d1551dd40197","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":157,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"3be07510-32f9-4647-b107-ef79aea111fd","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":157,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"769241e7-44e9-43b9-b062-6f99d168d541","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":157,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"63c20ad3-d0b5-4f22-853c-3a063caa7cbc","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":157,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"81556225-9411-45d6-8b28-2a1ff3ec4ac1","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":157,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"c5ea0956-973d-4ae7-897d-4c56bada6ae9","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":157,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"6b336552-57ca-4791-8b71-7b71c57ef1f3","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":157,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"e0520c6c-5612-4e10-9d04-e8cdbff8e6da","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":157,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"3c13a71b-9410-473c-945a-403f193ca918","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":157,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"5e429035-dcf8-4fa0-bb89-9f61b3070721","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":157,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"7b8a3204-42b4-40ab-869d-0444b7e37c7d","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":157,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"331a51a4-1c11-4d73-b140-a7221902e397","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":157,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"17ef1d02-406a-4e59-a998-0e76ffead496","block_type":"box","text":"investment is $25.","page_number":157,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"1a5db868-2939-4156-a7b3-fff69f28dac8","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":157,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"38193cee-85b8-4c78-8001-fe46058362c7","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":157,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"bfa63d81-4503-4eae-9622-bc8dce0a7368","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":157,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"c913d576-1d38-4c27-93d8-49d6b1e48c9b","block_type":"box","text":"II-98","page_number":157,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d05368ce-d347-4c47-b485-1538f457f3cd","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":157,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2a5819e4-2631-4dff-bc60-5f35f3e124fe","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":158,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"241fe7ec-1956-4db8-91c9-3af40de675af","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":158,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"5695726a-1308-4731-b7e2-faaf7567bf20","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":158,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"e55b285e-c8aa-4c33-95e8-15c388f596e6","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":158,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"52426c34-9153-477f-8678-d382201f3d8f","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":158,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"dddbfddd-fe3a-4daf-9ed7-311b2dfe4a57","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":158,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"17ad4346-5333-4c6a-914f-b4607c756723","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":158,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"9d27629c-041f-441c-be2a-d0ceb712b645","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":158,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"e92c0b6a-f780-451d-ba79-8955a759799a","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":158,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"d1cc7c09-9147-4544-9204-994d6c7a36ec","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":158,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"6cb08e10-7a37-4234-8d3c-67471708cbd4","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":158,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"25bad798-c1f1-45f5-b2f8-a18c594b17b0","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":158,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"dc4c737f-c692-4d5e-bcf8-afa326873e14","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":158,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"9786d440-d1cd-4839-b229-048b95b8987d","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":158,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"be32a358-74cb-4592-b924-fbcd97b00831","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":158,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"5df2f0f7-0884-40ba-b5d2-e00acb2d67f8","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":158,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"e270b2a9-025e-4ad8-a4e1-609ee40d977f","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":158,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"0128593e-2788-4258-8b37-3becfa3d3362","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":158,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"66dbb68f-6d46-4ab7-bb71-5eb7ceed9673","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":158,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"064a2daf-18be-4483-88fa-5cfdb446124a","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":158,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"bf7a18ae-ba18-4132-bda3-af9884d62aa1","block_type":"box","text":"adviser.","page_number":158,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"ed68cd93-b210-4add-83b1-a7906dd6918a","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":158,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"ca519d3e-e124-44d7-93c6-922ac5670092","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":158,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"a6205591-1163-4bfa-9b33-0766d99167a4","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":158,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"da212e93-c50f-41f9-9ab4-4b6842773750","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":158,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"781f2423-d4b2-41c9-9096-541e28daaa3e","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":158,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"56b7a7cb-add4-41f9-94fc-b0a188f94005","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":158,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"47ab6674-a5ea-451d-8b73-b1863581c23a","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":158,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"85767ca3-a64c-4569-b9b1-10551060f413","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":158,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"e9368824-284d-4d47-abbf-fd5b401f5bec","block_type":"box","text":"also be restricted from making additional investments.","page_number":158,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"ac7d03b4-1c4a-4056-a64a-fd36ea2a911c","block_type":"box","text":"In-Kind Purchases","page_number":158,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"c4e9d564-f877-462d-950f-34b399d007aa","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":158,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"7e787540-64b0-4c06-bb7e-f8269e3dce8c","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":158,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"bbf2b50d-dc83-41a1-9584-33cae3fbf14a","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":158,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"8e9d3b24-59c1-4f07-9fa6-e22cfb9c521a","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":158,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"66f49991-76b1-4443-bbed-756d6e8add3b","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":158,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"84566d77-3ffc-40e2-a750-e6e01eb79032","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":158,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"131ef60f-3871-41f9-a01e-970e56c35371","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":158,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"b5addbf8-b234-4b8f-8f6c-2d80a1358e0b","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":158,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"99102fcd-e22b-4575-b3a1-22e477f3d207","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":158,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"bb474ce5-433e-4fe4-9e86-d872ddf4afb5","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":158,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"1495960e-b492-4ba9-971a-a3877bb97007","block_type":"box","text":"has settled.","page_number":158,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"5942a27f-7fac-48f0-b7f4-89beb0fddad3","block_type":"box","text":"Institutional Shares","page_number":158,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"c62f87db-f680-4c72-83a0-3ca1b6a7935e","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":158,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"a19ea8dd-2cdf-477c-ac3d-6ef4072b3f6a","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":158,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"d0ebb36a-c1ff-47e7-b5ea-a1b00be76aad","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":158,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"e7235481-f3d0-4209-8608-896e11259b91","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":158,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"39336b25-6358-42e8-b951-8119a29a0c64","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":158,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"8fdf6c93-892c-469a-96ea-9e0274eff2dd","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":158,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"ddbe84ff-e59d-4d40-961f-9e36d57f355a","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":158,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"17e691a1-9784-41c2-89ee-cb45a3e40d93","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":158,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"38635050-a9f8-4a19-96ee-6bc783b0e736","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":158,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"4738ad7f-5745-4121-b420-e83480ba37fc","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":158,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"912ebcde-639e-4867-9ef3-ae2cb09b331d","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":158,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"cbb65937-e882-47db-9e6d-5f52b301accb","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":158,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"8964bfd0-1380-46b5-a8fb-b8ad0a4ecea7","block_type":"box","text":"II-99","page_number":158,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b727ddce-8531-4662-b79f-6aee772dfd65","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":158,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bf880a81-b895-466d-b901-ae9a86d59be4","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":159,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"4a999448-506d-40c9-a335-5708fec9a180","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":159,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"92e7c01e-7856-407b-82e9-4b6d397a49b3","block_type":"box","text":"these fees and conditions.","page_number":159,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"9010ca86-21d3-459d-8805-c128a1c3c0a1","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":159,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"d7d0afc2-1be5-4057-9900-facee2017ded","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":159,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"84e29b76-8ffd-45d4-a587-fde99fd095ca","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":159,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"e8c4bdb5-afdf-4f98-9e12-b2ea412929ed","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":159,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"96d312f5-8a2e-47ea-8c01-7442470ae15e","block_type":"box","text":"incurred by the Fund.","page_number":159,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"4659862a-970f-4b8c-a391-a3b605935de0","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":159,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"a8af6b6b-1257-4cca-b718-08eb5f67c455","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":159,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"5be352a1-81bd-4919-9576-fb9539ddabbb","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":159,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"71c6b199-2e72-4a4a-ba69-cf9cdb7cd01a","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":159,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"26f6072a-f9f6-45e4-ad72-42b95fd90261","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":159,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"0a83379b-9566-4eef-b56b-8375080c2d6d","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":159,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"1156fef4-15da-4d6c-aca7-55bbad716c87","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":159,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"9a682be4-573c-4d68-9d58-084d025c2123","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":159,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"d5699d5e-7237-4c4b-bd23-8cb8779a04f7","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":159,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"e3db8314-4ab5-4299-b41d-8285c8f72568","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":159,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"6bf868e9-9a55-4f03-9a30-7077ea91d79a","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":159,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"d7ae5b06-e874-4b44-861c-c33b808edcfd","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":159,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"e27b49b6-5429-4669-ba39-3df536d83b39","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":159,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"3c0344e6-70e9-49a8-af85-02e799ff4f1e","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":159,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"6eea0186-c02b-4d21-a1ad-38a1970bebf1","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":159,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"e12ab1ad-3208-4984-8ecd-229560454c1c","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":159,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"538cde68-2b8e-40cc-ad1c-1127d844a223","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":159,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"cdeffebd-656a-41f8-946d-ad8edb80e1bb","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":159,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"90661b0e-4742-4e13-8087-a21ff69cdd7e","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":159,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"bd0e8017-78ab-4ead-8ccc-6090f4f849eb","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":159,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"9abd85b8-a338-49c4-8f98-c51ecb4acf00","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":159,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"3bf0c406-dfb7-4267-8412-57fb168df0b7","block_type":"box","text":"minimum initial investment of $1,000; trust department clients of Bank of America, N.A. and its affiliates for whom","page_number":159,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"545abed8-14b6-442c-ba18-660920c2a3d6","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":159,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"33d2e39b-1baa-4b38-bb50-719e6ccfcce9","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp.","page_number":159,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"80016c02-f281-4f09-8d41-1739fcce5806","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":159,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"63ec7eac-60dc-4281-b947-adc6c8e57885","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":159,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"36b94677-b78f-4266-8ee8-3bebc97f45e4","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":159,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"ed659cbf-9c40-4cc8-a146-107dbc0b4433","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":159,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"be897526-f2b1-4689-ae79-de89e583d0f5","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":159,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"50f2c94d-6ecc-48d4-9fef-f455c559645b","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":159,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"57dc4d25-1d06-41bc-83bc-54904a235888","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":159,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"6e13f516-c875-4cfc-8969-9375c14d93c2","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":159,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"eb724d35-7260-4fc4-a37f-234d1302fb8e","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":159,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"7e698359-8caa-4381-a97d-3fa3decc0517","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":159,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"7ae79b30-f0e5-413c-a6cf-c5c1ecd3bf93","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":159,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"7a43b601-279e-447e-bcaa-422ec78b5e34","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":159,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"a6d40f8f-92ac-4071-bd77-72185534c2f2","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":159,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"c1478c3c-9d74-42de-a2ed-30cf172811db","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":159,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"49dc1a4c-ab29-4ee0-8d6f-5eaeb25badb6","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":159,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"e0938dd5-8923-4606-9340-1c4bc82a64fa","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":159,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"93962f2f-e667-4d06-8f89-2a5e6ca26cb7","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":159,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"91a6654f-9a4c-4641-98d0-e1cf21bf4feb","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":159,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"b19e6f2d-6c5e-400a-878d-616257e1a5f9","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":159,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"2870039e-7865-418f-bc4a-202e71cc476d","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":159,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"af3b35f2-f7e7-4044-9d02-781083ec4522","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":159,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"7bc95737-b032-453e-a47a-5150d74ba78a","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":159,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"413445ca-ce71-4dad-a1ba-58ae6370f664","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":159,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"4a8142c4-ef61-4735-ae47-5aa4258052cb","block_type":"box","text":"II-100","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5a438e15-5349-4476-a56d-9b453572917a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":159,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ad76d32d-6f38-4ae9-996f-328848cd0a5a","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":160,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"caa4bbca-9e9f-43dd-9312-7dfc6cd6c05f","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":160,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"c510b28e-4cd3-4072-a008-e9fcf8b6f700","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":160,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"42b6475b-3faa-41ea-8b90-2bd6fca94327","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":160,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"e5a1824a-49ba-47be-991b-0ed7ef2c92a7","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":160,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"01c9baa9-6727-42c0-9384-70571600abcd","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":160,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"1eed7ca0-34bd-44d8-abc4-4a98a2e9fc9c","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":160,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"33b64509-9ff4-4002-ae1f-a22f16b2c201","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":160,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"3c57a160-a01b-47f8-a4e9-45ac97b867fa","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":160,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"133f587b-37b0-40fe-adc7-b22e416c7ac1","block_type":"box","text":"periods indicated.","page_number":160,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"00eb2503-463b-4385-9629-f489fc9b7493","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":160,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"ddb9c14d-f634-49a6-8dc5-b94bb61beb9f","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":160,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"395d2a69-6280-4cd1-b037-713dfbe8a9b2","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":160,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"54b645b0-cb30-4c22-bb4e-e610dab92918","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":160,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"8a48fb4f-1f80-4a17-a310-9a67cbecdceb","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":160,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"ceee96f1-eb6b-489e-8990-5d87ef6c71ce","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":160,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"8021f2f3-28cb-4f32-b26c-708d631fd756","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":160,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"e5afd036-dc3d-4457-bac8-652125ce9ed3","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":160,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"2347cf67-30a3-4713-9218-e9dac99ce405","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":160,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"058a517d-a437-4548-babf-79c858fc0e9d","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":160,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"aeb41a75-1368-43de-abef-8c1702742dc8","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":160,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"678de7b3-8d5c-43e4-aab6-aa548772f7c8","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":160,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"e3925a4c-0e06-4b3c-bc58-c73c3e8ef5dd","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":160,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"be34055c-ef09-4665-8af4-2ab1407e7a9c","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":160,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"d5fc1dad-5d4c-4b6e-af63-70d4ab6b3e52","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":160,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"b83c55b1-0052-4a9e-b6e5-8088d8e4be5a","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":160,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"42719e35-cbe4-4609-b4f3-a2610a849883","block_type":"box","text":"Reduced Initial Sales Charges","page_number":160,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"e7abb8ae-8175-4072-ad82-34b0c093ee52","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":160,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"5a00ad37-06cc-4476-baf0-ce1d0177253f","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":160,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"478c0518-6e24-4888-8616-1912ef4de4e1","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":160,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"47b06bd6-90f6-4ed8-a4c7-594254bce326","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":160,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"ef8ed132-c4af-4b25-9ced-6758f7997a16","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":160,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"b123bc19-2dd7-49ba-97b2-4acfb198c9e5","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":160,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"d81336fb-7f60-442b-849e-c12c80e88481","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":160,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"857ca4f6-aeb5-4547-be17-33c319d8b04c","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":160,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"594ab9a8-2ce7-4d3f-8f26-6b7f643e7f7f","block_type":"box","text":"Reinvested Dividends.","page_number":160,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"0843f34d-be13-4817-833c-fbae3ca82972","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":160,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"533e5757-3f4a-45e8-9414-9a5f01308aa3","block_type":"box","text":"reinvestment of dividends.","page_number":160,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"9f24fd23-7aba-48b0-946b-669a10b8f791","block_type":"box","text":"Right of Accumulation.","page_number":160,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"9932969f-13af-4e9c-8ae3-bb19f0a016af","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":160,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"2a9affbf-354f-4780-ba1b-223f88f690cc","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":160,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"14895f13-8d99-45c9-816c-e8cea9fbd3d9","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":160,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"87403752-2ff6-4d95-8444-a1943c4cea97","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":160,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"affa4ef7-4936-4968-85ba-6ca9b027c232","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":160,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"6648255a-c23c-4159-a13c-28e56a3c2aa2","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":160,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"7a48ec73-a520-4175-a895-54e39c8571f6","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":160,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"8b4e7b54-4439-41b9-a7ef-54b932bc2cf7","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":160,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"4adf86ca-8b1d-4494-8e5b-9a077b4ace3b","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":160,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"983cf30d-5324-4bc5-8166-06cc9547f16d","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":160,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"d41dca02-2320-4ef9-8b0d-909dc0a03edc","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":160,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"ca4a836b-b7e1-493b-b957-71ccaa7501e1","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":160,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"514a42bc-15f9-4494-b9c2-31b6fb656966","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":160,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"1dd3c65f-0d2b-40c5-8f09-731d2634f517","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":160,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"15c6793c-315d-4453-a6ec-18d0fc1e29dc","block_type":"box","text":"II-101","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cdb82d90-5ecb-4eec-ad63-232ed3013e04","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":160,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1ab199ae-a46c-49b0-a663-2afc0bda1e0f","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":161,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"fb1e989c-1e10-4e03-9c37-dec513d349d8","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":161,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"63030086-71db-4ec3-80ac-8c8aceb24aac","block_type":"box","text":"Letter of Intent.","page_number":161,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"f405e225-a34e-48ae-83ad-6be07e02ea35","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":161,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"8721757a-e4c0-4dd1-8f76-0b5c58db3d1a","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":161,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"c555aa46-87c5-4481-8ac4-308f4f4583b5","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":161,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"5442bccf-0ca3-4e40-9d6e-d5e820076529","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":161,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"c35bfe03-046c-4ec8-b650-a7bafb2b64ee","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":161,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"29c2550f-efb4-4b51-9a63-1f14a55ec6cd","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":161,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"f73edea6-62ff-40dd-b723-3c5036c89b6a","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":161,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"699fc47f-0f10-4f0f-a9af-83ac70b04d06","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":161,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"7f4a77d8-81b0-415b-aab2-0e4cbc1d60eb","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":161,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"88dae658-89b3-4095-acae-42f50ce6af35","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":161,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"bb8a50fe-db09-4e7b-9e3f-0a39e2712309","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":161,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"e11e8fa4-b382-499e-9f75-c769287d2448","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":161,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"7b8210eb-4d5a-4eaf-be19-d542e364336a","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":161,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"5d86f761-31a6-40fc-8b35-567f43f9f6a3","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":161,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"1884151b-d996-42ce-a97c-c25b8c3affad","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":161,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"22005114-6841-46ef-9dc5-3e596fe913ac","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":161,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"97c36e4d-732e-47d5-ab53-7ea5b37a55e8","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":161,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"41ab5d9f-1e6c-4f22-bd67-a16be978ab87","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":161,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"c20a5163-faa2-41b9-9e3a-1d0f1eae3e60","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":161,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"aa623a5a-730a-441e-bf75-9b1e7628666f","block_type":"box","text":"Placement Fees.","page_number":161,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"b0ff6a59-ec06-4cf3-b2b2-899b41e36e61","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":161,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"78dd4095-f67c-492b-bedc-439f84ac6552","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":161,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"b269e1d3-131b-4a07-a24b-354c0198fb37","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":161,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"68f823b1-07ec-435b-93ab-249c302da979","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"1bbdfa1f-7b2b-477d-815e-69cd83261d30","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":161,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"9fee42b4-c954-4998-b164-a34ea228ac06","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"0dbec041-4317-4188-96ac-646846cd5b13","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":161,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"08ba40f3-c717-4ee2-9834-0fada5288b8e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"10a329d3-b932-49d7-b18c-04906557357e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":161,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"e2ed4b67-6cbd-4f3d-8680-8a17593b243f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":161,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"965214f9-b92c-4557-a1d3-4db51d638d29","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":161,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"e67db802-d2f0-43cb-b691-68baa48b6180","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":161,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"14acce4f-dc4b-4a38-9b9f-c5badf7fc5e2","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":161,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"1948adca-4331-453f-a1a6-36f973631d7c","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"57bc9d6d-a2e0-4cba-a009-5035a37ba1d7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":161,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"35d56a8d-9909-4bed-98e3-69e946e386fc","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"d0511042-d6ac-482e-9bcf-513b202d3f32","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":161,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"5e7829a2-43e0-471d-aa43-1997a59b8dd8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"08bd5ccf-13b8-4e38-8d6b-4cb33f2916e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":161,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"0579867a-e0c4-4355-bea4-5aad022f133a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":161,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"84bc2ab2-417f-4c6c-865c-5ecf35e62818","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":161,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"87347c9f-e5b3-41fe-b76f-f22692268d1e","block_type":"box","text":"SM","page_number":161,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"83f3ed40-440d-4fc7-ab6e-79198a88b47f","block_type":"box","text":",","page_number":161,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"c8145448-987b-40a7-8d8f-611fa82ced72","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":161,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"2b1dd62e-6b41-4f9e-8b3b-b8da4a871c47","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":161,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"ecd37d0c-7faa-47d3-b89f-ad51047f9bf9","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":161,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"c1634957-7429-4635-a075-2f47dc404c39","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"0de78f89-9497-499c-9827-c58d00398155","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":161,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"e7ad771f-8a11-4522-9791-f9c87a19c3aa","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"3bb37905-f8f5-409c-89a8-24be82df3a89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":161,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"6e4bbdd5-853e-4bca-9357-bbff6b5eaf3e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"505810a8-4ba2-46d9-a760-d15cea133645","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":161,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"6dc21da6-6087-4ba1-8d95-e026e6aebed7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":161,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"2111719b-62d1-4570-8c90-104d1057a055","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":161,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"d7afeaf2-450b-48fa-a0b9-3fb5bfa010cb","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"a69ce5cf-440e-418f-b853-9e97ddbbb781","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":161,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"633e3208-bf0c-4370-926c-c50e5d9d13ae","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"de90a837-90cd-4f3e-bfb5-4ab11c058830","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":161,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"4f6fb538-c75e-4fb1-aa13-2c1589910c10","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":161,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"ca4738d8-2213-4f9a-920f-43df9fdeae41","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":161,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"564aee81-9590-41ff-9c46-3fe9bfe31ff4","block_type":"box","text":"II-102","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d56f0613-d213-49c4-a393-fed6cab31c9a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":161,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"908b215e-4b65-4a70-a558-78507709bb37","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":162,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"ad283aca-76ec-462f-8619-68c501bb0fa7","block_type":"box","text":"may be up to the following amounts:","page_number":162,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"3ade49c9-f0ac-4d0c-a1df-a2358ef1c11f","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"84522926-2480-4517-a803-a61f682ab4fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":162,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"626b1df0-c83f-473b-97e1-39d62f75ea53","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"c0bf3f72-ee89-4703-a808-933c641afa9b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":162,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"21b82884-13b7-4f03-b791-389dd9b0796a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"25a03b59-2c95-421a-ba7f-6d7f365f32d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":162,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"e1171635-2030-4ec8-a164-49ad150b1d5e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":162,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"069d5ae6-4dff-44a5-a4b2-37ab888c6fc5","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":162,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"05f12338-3f20-4e16-a6e1-253a455c79bd","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"06a44ee7-8cfa-4f57-b986-29e7cdd51e4c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":162,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"82dec9ad-8818-47cc-baf2-059ce526b72f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"e64c991d-1603-40fa-badb-d49e70ffb4c7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":162,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"62214b0d-ee6d-4077-890f-a84a15832911","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"1719532a-6399-4261-8bcd-46d4c5a9ebdd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":162,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"6fc6c540-ef03-4225-880f-1e8f29330381","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":162,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"f828baad-703a-4c1a-9c5b-4da21e7961c5","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":162,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"f51ff563-6bb9-4e25-85d9-d406822c50e0","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":162,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"b344703d-10a3-40cd-9212-722dc724c2eb","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"43f67efe-2e85-4c31-8beb-cd75b16d7cbf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":162,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"24580447-89c3-4ecb-988a-b1a411db718c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"9110b516-93d9-48d6-ac5d-d1953a1330b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":162,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"36738aa8-5654-4a16-877b-9f80391b4ee4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"11a8434b-b414-4905-95eb-551f48edfe85","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":162,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"3f63eea0-deec-4937-b219-0880c3fe0c08","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":162,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"4decd401-b411-4358-98ca-b442676a6e0c","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":162,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"7c0eb389-1cd4-447e-bc78-763402259d12","block_type":"box","text":"$250,000 and above . . . .","page_number":162,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"b5451260-cf65-4128-bd55-0344574eaa68","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":162,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"8d4c1244-2b60-4c0a-b317-96a7efeb6bb0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":162,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"74524ac3-920f-4cdb-b3ee-f4d9d6de2409","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":162,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"3ae913ca-525c-4866-8c42-b50dd45ea593","block_type":"box","text":"the following amounts:","page_number":162,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"9ab0fb0d-9d35-44af-9af3-c34c7b4c53a6","block_type":"box","text":"$100,000 and above . . . .","page_number":162,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"1c76694d-d939-488f-8c89-01a076f69b1c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":162,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"bfea5367-3e6e-4c05-b8a2-24fbbed43277","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":162,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"905a0361-1b6c-4ac9-bb48-602b6843156b","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":162,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"840acbfe-9047-489b-8575-8683eca2268d","block_type":"box","text":"$250,000 and above . . . .","page_number":162,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"2e12aaaf-efd0-46dc-9754-359c0da5f6c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":162,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"81084676-9d28-4c94-b6f7-1a7b6866d3e2","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":162,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"41552e24-843d-47de-bf7c-9aee92ebe528","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":162,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"6ccada79-0ece-4f47-b7fb-544fe47b6ab7","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":162,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"c50e6f9b-504f-483d-9c95-058ccbd8d1f8","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":162,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"f5a7a966-466b-4ab1-9a1f-ae1b55391e8a","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":162,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"1f3ee4b5-ef96-481c-a214-9a3fcd53c6b3","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"6c9c5cd0-b01d-41eb-95e4-84b910be349e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":162,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"93c8707f-703a-4b89-8656-188f40b4ed2d","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"4f03c67d-5ef7-40e3-a9ed-e8856d0d69b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":162,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"ae49175f-6491-4aac-9cbb-30a1cee74404","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"365991eb-0f0f-4b77-88e5-a847241f2025","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":162,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"2ac7c95a-e904-4c14-80fb-14ac9425cec6","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":162,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"53cc77b7-d3b6-4c1a-ad6e-2bbdb7ccbd14","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":162,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"5be0a86d-f15e-46fc-a5ef-dcbd87f60189","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":162,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"4cc3b21f-489e-4d32-87af-3ca28f9d2a5f","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":162,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"92c5cef7-f3bd-40c9-94df-a3d1d31c3fd6","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"59dedaff-63fd-402c-8de1-5f898c07eea0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":162,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"535c9ba8-0388-430a-8904-f50dd2e59a05","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"d195df9f-73e9-4b83-9086-272c36e2f809","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":162,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"da0de0a2-4045-4f78-9de5-80c09b762da6","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":162,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"7f00b6b6-b948-429d-b79b-afb6b6447c1a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":162,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"e6abe03b-c7bf-4570-9b42-d85a097b11e8","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":162,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"f573be51-0801-4637-ae0a-9bd5a0c6010f","block_type":"box","text":"®","page_number":162,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"63d1f206-272b-4052-b80b-784630ed90a5","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":162,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"3c160cc6-aeeb-4e6e-bf45-b486994d454b","block_type":"box","text":"®","page_number":162,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"9c821245-cab2-4698-a2ee-96c754410480","block_type":"box","text":"Index 2035","page_number":162,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"1802cbb8-c696-4cde-872f-6d632e56eeb0","block_type":"box","text":"Fund, BlackRock LifePath","page_number":162,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"f13bd739-a4a2-426c-b776-c72fb7bb21c8","block_type":"box","text":"®","page_number":162,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"32429b75-65da-4e85-9652-bf5f91731522","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":162,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"0ffaf831-29f7-46d8-8ecc-5a83d99d0d35","block_type":"box","text":"®","page_number":162,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"2ac41feb-af37-4e10-b332-752c11f2f5c3","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":162,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"3f898d63-567c-44f9-8881-68cdd0b1a0eb","block_type":"box","text":"®","page_number":162,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"9fb8550d-a151-4bc6-942e-51050ad785ec","block_type":"box","text":"Index 2050","page_number":162,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"13a1fbb7-bf48-4384-9f4b-a444467465c7","block_type":"box","text":"Fund, BlackRock LifePath","page_number":162,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"d4276aac-df57-46ff-a32f-7e1359bd6c64","block_type":"box","text":"®","page_number":162,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"c4333c9c-e33f-4a9e-87f2-a89f57af3f53","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":162,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"841fb0f8-504c-4f93-bdcd-aee71395d5ff","block_type":"box","text":"®","page_number":162,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"0fd9100a-fa87-49a4-9342-a6e76bc5abc3","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":162,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"a2687f54-ecfc-40a7-b862-6a2e89e64931","block_type":"box","text":"®","page_number":162,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"0ef82040-96b2-467f-8133-cdce22403c9e","block_type":"box","text":"Index 2065","page_number":162,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"0095c9ba-24e4-419d-a2b5-10dc8f814cb7","block_type":"box","text":"II-103","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1f6bd26f-4f8c-426f-a86d-b6e00ea65d6a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":162,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ae8a3ee9-58b9-4bdf-8d2f-24891d09ef44","block_type":"box","text":"Fund, BlackRock LifePath","page_number":163,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"56f82130-9b5e-42bf-914e-131a1ee065a8","block_type":"box","text":"®","page_number":163,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"eca5efa6-fee2-492a-8bfd-14a1b05eb00f","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":163,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"2a3c31f6-e65e-4a28-a24d-59dc68f470d8","block_type":"box","text":"®","page_number":163,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"27d73208-1a75-4c9c-92bb-bf2114367ced","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":163,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"6bedb509-bfc1-4833-b81c-34d48aedbe0b","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":163,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"1b343d15-966b-475e-a902-38afcbf856ec","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":163,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"e499aa82-2c69-4377-9800-d8eafcc46159","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":163,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"7fd49c0e-5116-41ac-b41b-fcbf63c45b50","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":163,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"b22a0be3-13d2-4688-9e02-e8eed869eec4","block_type":"box","text":"SM","page_number":163,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"5fbffb2d-3daa-40fc-9fed-1c906506591e","block_type":"box","text":", the placement","page_number":163,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"2ca66926-05c2-41e2-8057-950f4fca9785","block_type":"box","text":"fees may be up to the following amounts:","page_number":163,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"7d4ef400-3e3f-4021-95ca-7bdf18507300","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":163,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"cd786130-6b42-47c2-b3eb-198f208ffd22","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":163,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"e58a8eaf-c339-442f-9d77-076fcc24480f","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":163,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"8da2301b-106f-4a02-ad3a-351bc1acf193","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":163,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"72e6347d-4977-4e58-ba8e-32ede9ee6c23","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":163,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"befd522d-fe2f-4c71-9c3e-01669fd8d2b2","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":163,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"dfca192e-e7e7-4f22-a5fd-2f7aa7215821","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":163,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"9e9d5f05-dc50-48a9-ac60-d5e10fa4663d","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":163,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"08a20a4c-309a-47e6-844d-cd629161a89d","block_type":"box","text":"$1 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employer","page_number":163,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"1a4f1c45-f4b0-4234-8438-8571cca4928a","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":163,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"8b3e5628-4436-484a-b0da-2b1befd8c019","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":163,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"560618c8-1e0b-4b59-a83c-f2387949f24f","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":163,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"35d9928a-558d-481c-9ed8-450b4c3349c2","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":163,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"b6ae7983-8600-43f9-8438-e8e878a79ea4","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":163,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"41fb8a9a-8659-4dd9-90b2-6dc13d035c18","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":163,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"f88695e9-fd22-4414-8d55-ff1867fa3bd0","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":163,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"832ee3fa-50a9-4dab-b0ec-365b52249147","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":163,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"1575aad0-8bff-42b6-8d52-5c8e8ff74c43","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":163,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"b8782f4a-20d5-4029-a996-474adbc96a26","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":163,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"4e24dd2e-c27b-4497-a5fe-a8bbe09b5607","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":163,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"d1f11a3b-009a-4c6e-9d8e-143bd69f3198","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":163,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"b2680ec0-c520-48c1-aebb-c3a48cd790b1","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":163,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"c16c492f-9b7d-43bd-9e9b-97f8e2767776","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":163,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"162e7826-829a-42d1-98bf-554f71b11fff","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":163,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"35fb11de-f4c4-4db5-a2e1-5b328dd2f9f0","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":163,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"be3e7dd4-2cfb-4f7b-b9a6-c18586a5cea5","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":163,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"afb8d8a1-2fde-40c0-b6f7-71658ecd369a","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":163,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"deba35e7-772d-438c-98bf-ca6a029ca732","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":163,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"8a708f51-ed23-421b-b922-fc7da4625c25","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":163,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"deec5172-1505-4b12-a760-a4c4ecb3abc7","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":163,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"d4d9b9a4-ca81-453f-ad1d-28c201608348","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":163,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"98e28565-ac39-4e5e-933d-9a7f300d5be4","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":163,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"508ff3c0-dd38-49c0-82d0-c2021bfc44bd","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":163,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"345d1aa3-bddb-4f6a-bfcc-18965f4d917a","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":163,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"52fdef33-cec0-4a99-873b-647a5a10bb1b","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":163,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"f662da4e-4163-4bbf-b8cc-2e54dd673ec5","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":163,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"2651dbd7-1efd-4708-9cba-708b2f7f866a","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":163,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"b9fb0d72-0c39-4268-bc2c-316e0a514eb8","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":163,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"67aaa8cf-264c-407e-9e78-4ad1c58e0043","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":163,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"e9e49912-6dfc-497c-a3ed-a035c964d37a","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":163,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"f85536b0-5f3f-40f9-8380-239e14277263","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":163,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"6968fcf2-7a7e-4b74-991a-59ff28df0394","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":163,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"fc6f8979-fe6a-4090-9009-b41f25a717b4","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":163,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"fe02ecbf-b650-4e91-b7ae-ac3570a53fb3","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":163,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"71cf74ff-8da6-403b-a62c-4a68087a62da","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":163,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"f7849256-fad9-419f-8f37-c797eff08b56","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":163,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"07e985fa-1f7a-4e51-9566-d36a7ea3ce50","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":163,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"7ebd69e7-3556-4dc3-9860-dfe85ce3db0b","block_type":"box","text":"II-104","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a6de3e4c-968b-41d0-8d4e-07b92b182b5d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":163,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"11150f02-1dea-40a0-ac0c-998f9755a82b","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":164,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"2da1d9d7-947b-499c-b58c-9aa854dceb8e","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":164,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"207c5701-59a3-47ed-af1e-fd98dd6f1be3","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":164,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"bc48a5b8-b8c5-43c0-a6d6-44aafab5bc52","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":164,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"1d33c349-3239-4b73-adb2-2c4f30faef05","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":164,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"47b2df82-4009-402c-9dff-155799bc9555","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":164,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"66e03209-a7d1-4064-921a-d7d1aa2d5bcb","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":164,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"f420a650-f27c-4625-a46b-77d16d73b1c7","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":164,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"754b39e2-35bc-400e-ab5f-468bad63b432","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":164,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"094a5060-f34c-4ed8-be00-78c7450ae63b","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":164,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"d58b5224-76d3-4125-8c1e-2449387d6258","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":164,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"66c1c317-1812-423f-b2c7-89d80e498ccd","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":164,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"fcd4b695-2db0-439f-9546-8ed7487a1f23","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":164,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"ad0ada8e-cc57-472e-a1fb-ae2178a4d078","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":164,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"27ee02a7-b152-4102-a831-11a0b0a1ac29","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":164,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"430b6d47-8de9-4e01-984a-3b03f9a90f52","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":164,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"602acb2c-e792-45ed-b8c4-b6b617b330be","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":164,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"14b98eb1-31cb-4326-af95-80c38dbf1fd9","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":164,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"3c30c032-f641-45b2-bc67-bdd54d1531fa","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":164,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"6d2321e6-d09c-4e1e-a4ed-3d2ddc00f39c","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":164,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"3cfcd636-209d-4985-b727-436b0a15409c","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":164,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"46dfbea4-ebf9-4038-95ca-2891fd2fc665","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":164,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"b675d53f-95cd-4fda-b4bf-cc4a67d34d60","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":164,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"c43c8ffa-373c-4264-a75a-e0b7ffaec6fd","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":164,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"c3e7c373-e7f5-49d7-993f-4c253f9eb07e","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":164,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"4eafff3f-24f7-4046-96cb-13c670e26d65","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":164,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"b561f554-c083-480c-8cf6-5f620ac57988","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":164,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"7fc1e7bf-dc7f-4c52-aec1-388a9cf363b3","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":164,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"b95b8033-ca5b-4ef2-86e5-07eaa71bb235","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":164,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"5ed89552-8378-4143-b228-00459050f4b5","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":164,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"61432661-5086-475c-8cfb-1a44d9911a19","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":164,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"59a7f604-8146-401e-bb32-8970f3c61fef","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":164,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"ca474c8d-6594-44db-b37f-9c2e80614f7c","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":164,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"9e3f929a-5bb8-48b0-850e-665b6e0bdf94","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":164,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"22105c07-eef5-410a-bcac-7f82e7523d23","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":164,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"33137c43-95f3-4e2a-a97e-001e95c21028","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":164,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"196abbd3-33a3-4f81-9bfb-1d6d353d3294","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":164,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"0a307709-190b-4092-9f0e-e8157b899649","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":164,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"36d3e8f3-c179-4ea5-8703-c22813033dbd","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":164,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"6fed01c8-947b-44f4-ace8-aa67be7f3f88","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":164,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"cdb81a77-587f-4806-9482-ea262216cba2","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":164,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"17cda15b-b649-48ba-8c44-07899dc8e750","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":164,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"4674ad33-12c8-4b2e-985e-eb12e82ae64c","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":164,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"98c99418-36fb-4948-ba22-7b66594056c7","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":164,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"fc9e7f8a-3619-4bee-8c55-79320c4bf8cc","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":164,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"1b02dc5e-e6de-48d4-9217-6944dadf8dcd","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":164,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"7833bb2f-06cc-4ee6-90fe-76d0d30713fc","block_type":"box","text":"public or private investment company.","page_number":164,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"fd9387fd-46ba-4d8f-9941-a711ca4709a9","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":164,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"c267e2c3-e8e3-46a9-966a-28eb5e161d12","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":164,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"2e5d83f5-b9c5-43b2-a358-70f4f7b6b7a9","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":164,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"211d48c8-8b4f-4204-b00c-80ec30f9bdd0","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":164,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"6fa7f9e7-ec77-41d3-8f62-a1fa131085f5","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":164,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"f3f5315c-987f-43ef-a022-029f9550d3e2","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":164,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"0690aaf0-adfa-40ff-919b-e3543503fe83","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":164,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"ab94af0e-524e-4046-a1aa-81ffdb18a5c1","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":164,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"0320bbc7-1102-4492-9abc-caba25c4d83f","block_type":"box","text":"II-105","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"57fd1cd8-b5e7-4fc7-ae20-0adaf1946016","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":164,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"37acd23f-bfc1-4b73-b423-2040bbbc75cc","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":165,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"8c5c88a7-89b4-4b4d-a84c-ac1f8d54cbde","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":165,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"7149cc21-c262-4601-8897-747244e2d908","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":165,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"f723bec6-d7a0-435a-ad09-cae96ff561ec","block_type":"box","text":"intermediary associated with the account.","page_number":165,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"4cb56e38-7cd6-47a0-83df-1583c3f138f6","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":165,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"d6f6142e-7195-43ec-8540-161fafb2ea0a","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":165,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"405c564e-8ab2-4fa3-93d5-52f8d484194a","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":165,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"ebf659fe-5378-435b-aa40-4e69fc58cc2b","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":165,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"cf312365-02b0-4f36-b0d4-0c4fc2e555a2","block_type":"box","text":"CDSC shares.","page_number":165,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"33d5f306-1bba-452c-8395-4ad2957b3202","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":165,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"01f70627-1228-48b8-a6b2-d60ed900d6d5","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":165,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"34db0ff7-f34f-4e6a-83f0-75306172876d","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":165,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"f517ac41-d142-44a0-8a88-dcc9704080f8","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":165,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"676cda92-e900-41ea-ab9a-0af4f73fc847","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":165,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"5dd29803-2d33-4e42-812d-6adc93515284","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":165,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"c9622159-31e8-4f66-b350-935c804ca61b","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":165,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"ac6fea7d-16da-4564-80c9-397e0bc0ac13","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":165,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"05ac6335-6329-4926-8db3-39c814a6a2a2","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":165,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"c4d0bd1b-bca1-48b5-b0cf-9db24f977551","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":165,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"678a2fa2-de2e-4e84-814a-75612093776f","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":165,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"c2b1d2f3-837e-4fdd-b4be-64e3644d3eb2","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":165,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"43d9c6a9-66ba-4a14-b53d-3a9f20c1cc6d","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":165,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"5c678ba0-7a51-4e5e-b18a-a01220dff082","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":165,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"0cf0db83-f0e3-4e96-9a5c-146fed02d159","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":165,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"e02e6cd0-7603-482e-aafb-db3d0e65e280","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":165,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"968ba07b-85d5-4fa4-9de5-845bf542db30","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":165,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"fdb1f30c-7e59-4074-9970-e79077c1c14a","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":165,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"28d12d05-ec1c-4b52-ae88-83cc6bbc803f","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":165,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"b31e89b3-ce25-4be1-b478-b40cef6b4322","block_type":"box","text":"Investor A Shares.","page_number":165,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"1052c6c1-4e67-4014-ad5f-704cc798805b","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":165,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"42ef12f1-9bcd-444c-8857-b2f8454e9c94","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":165,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"921a9fb8-81eb-413f-a403-6c564c8e8c90","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":165,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"03b65bca-de11-42a1-b59d-d97dcb840eac","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":165,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"26e70925-3de5-45f8-a841-0d5456d53cca","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":165,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"7282b732-05ae-4d99-8956-9c724cbff897","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":165,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"696186be-1e87-4b9f-b733-a6140fda543d","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":165,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"810028c8-73d5-421f-bfea-01b7035afe2f","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":165,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"3f7a3ba3-cd06-4d63-a517-147df0a7dd5e","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":165,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"9b9a4bd7-f77e-4587-be64-4b260d404635","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":165,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"c18a1534-1421-4076-b773-e92ed51c3383","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":165,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"95a3014e-527e-47ea-b864-1e63767117d2","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":165,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"c31d590e-11f3-4630-9f3d-42b3d58020dc","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":165,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"1b27aca8-7085-45b3-95c6-749db8339ff6","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":165,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"041cccdc-5a15-4b4e-bc0b-58389f71a33b","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":165,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"3c1d1bd9-8bab-49fd-9ba7-6fc0770b6df1","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":165,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"3a227efb-9948-47cc-b8d8-40b90c1786f6","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":165,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"dc688c7f-1e93-468a-a1c2-6f3c4d3e9585","block_type":"box","text":"“Investor C Conversions”).","page_number":165,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"add91145-4159-4248-8bf6-e5d3f1b971d0","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":165,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"a47f4d9c-4e91-4dba-8c45-6ba1acb01a7c","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":165,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"3b27fa3b-ffc4-46e4-a261-d7525d5c1542","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":165,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"e39035ee-eade-4245-98ca-f8392efa93b2","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":165,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"3be9eadd-a772-4885-a3f2-148f1910efa5","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":165,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"25841eb1-0baa-43b9-99ef-9b79784b07e5","block_type":"box","text":"II-106","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"88d17e09-65b8-4da2-845d-eb893bc5b9c0","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":165,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"22a2b188-47c4-4b31-b78e-1ad2555c44ce","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":166,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"78a99441-0367-47d7-ab69-898e45c91c63","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":166,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"04048473-fb94-48f5-846f-642dea2cac67","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":166,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"cd0f9bcd-311c-4446-a571-0b761ae17be5","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":166,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"3bac9a55-6ffd-4fbc-a685-47c5ffbba749","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":166,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"c60c76af-12b8-46e7-8e13-5cb28b2b1a55","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":166,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"4ead466f-00bc-46db-9d52-7f07bf5540e3","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":166,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"43f79704-b088-4332-bc85-76e48881bab4","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":166,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"49eeed9d-4494-495a-a0ec-e00552558e6f","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":166,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"e804f01f-9ad6-406c-9343-171a8df34860","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":166,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"5702fe12-4545-4a38-a0a3-16bb46502239","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":166,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"5eca18fd-da2c-4dbf-93b2-78f7c6d1df57","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":166,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"ad0a9048-ff27-4a1e-8bb2-63a74d8f27e0","block_type":"box","text":"redemption.","page_number":166,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"f7ed3ed1-d8af-4f6b-8c32-a76f1165d7fe","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":166,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"b3ffa50d-9d90-4aec-a403-d4113a6fc4ec","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":166,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"58e6ca24-b6df-4c78-9174-f9da7a2eb9a7","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":166,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"29abc12f-1b7d-4fab-a999-5b7bfc576bde","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":166,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"672ed636-585e-4427-8b71-d1b1b9e6ff07","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":166,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"08a1216a-99c8-4fb3-b518-8e9641071358","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":166,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"8d2c1f47-d668-4f60-9ea9-6043eddf50c8","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":166,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"2672d45f-73b1-4dc1-ae66-2ef15ae1384a","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":166,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"40ab8963-259d-4580-bac6-347ec4275d7a","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":166,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"f2c868cf-5795-4a46-bf4b-a0cae0a7900d","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":166,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"84379894-e875-4376-9fad-05175d3fca0b","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":166,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"ff0236bc-b477-4f89-a140-a2c7ada2ec0f","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":166,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"601d3f7b-db96-4a0b-877c-5d692d4ccd26","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":166,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"9b7e079d-604c-48aa-a163-a8768542a569","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":166,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"29d5c502-834d-4cd6-a9be-9e42774ebba3","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":166,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"dc9a4201-8c09-4b78-bd9e-b06e514be8a0","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":166,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"0bbc4298-6400-4ded-b58b-b6f40d2bb3aa","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":166,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"7ab8b3c4-5204-4384-87c5-ccc761a1ecd3","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":166,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"c35c3e39-4033-45e0-a0f0-de3f4c1a8dba","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":166,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"ac4fbb33-3dec-414c-9a30-c3ac767c7845","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":166,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"b8578119-e2f0-47f0-9f9c-c7b423e95e09","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":166,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"eefab22b-b0e2-4c70-9b13-b749e8d7c9c4","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":166,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"4b487ef2-61b9-40be-8eed-90605501fc1f","block_type":"box","text":"Class R Shares","page_number":166,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"64bf777b-643f-4c3b-bb57-c869a9fe8c43","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":166,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"00754f85-b23e-4ac8-966d-08d37351f360","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":166,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"b8d53549-4503-41a3-9acb-02e7d5793cd3","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":166,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"066325a9-3d48-455f-bfae-356f32b9e2c1","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":166,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"fbfaba4e-d4be-47ac-a43f-1a30aa576674","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":166,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"3fe247b9-a220-48b6-a673-5497c93093ca","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":166,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"430b8351-ad8c-4a2c-be15-c261cff72374","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":166,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"dd7777ae-e017-4931-ada5-fb8bca3a3cda","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":166,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"15d90ada-94dc-4d10-a5aa-4ad9425f26ad","block_type":"box","text":"Class K Shares","page_number":166,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"0d1e8a2f-8fd3-42a6-a4cb-d9d4adbbd889","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":166,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"0259a91e-681d-46c1-b09b-1c5d70a06535","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":166,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"9696cbc8-984c-41da-b02e-40d77b560fd4","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":166,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"20f926a5-8f37-4e7b-9fd6-e73d363f2099","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":166,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"f510ecf4-a4db-4039-869d-33bec380374e","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":166,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"5f9efa8b-71b5-42a4-b0f9-1eef2e3600c2","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":166,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"e9bda98a-998b-4a61-b05a-bc5e4c6dcdd9","block_type":"box","text":"II-107","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a71165c0-6c45-4e97-b724-0994f5f788b6","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":166,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"51557f85-ee1d-4ba3-992a-0523ba944cb9","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":167,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"9105544c-fcd0-4139-91ba-755725fd787b","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":167,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"7c7a729f-75fa-4020-8869-5c806279aba5","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":167,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"0eda8d2f-8901-4e33-a46e-c733f611fd88","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":167,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"22a63b19-b8af-400b-901a-f56e82ca70b9","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":167,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"3eb3924b-439a-4363-a36f-061b54f957da","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":167,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"861927a1-6ae0-432b-bc7d-5c2e811fa78f","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":167,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"7f3a485d-1b9b-4599-828a-d66c4e8a41c6","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":167,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"b377495d-813a-4817-bd17-2e4c3a6094da","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":167,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"fad79cc7-6c85-455c-83f6-deea7a83f2da","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":167,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"63ac797f-7baa-412c-94f0-4f7a08f0552b","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":167,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"54c0fcc5-e1d8-4c63-9208-2abe822d876a","block_type":"box","text":"distribution and marketing agreement.","page_number":167,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"98a13cf6-a729-4d2f-b229-7ca706641409","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":167,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"afe6c343-88ca-4bff-b273-dd202743515b","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":167,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"d8d4c630-5381-4269-a627-d0b18e4875e7","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":167,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"a30e9455-1dc0-4b9b-ba6d-b7464fc08fe6","block_type":"box","text":"Class G Shares","page_number":167,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"8a56b023-ec1f-43de-8dab-b5ca3459553f","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":167,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"26c15e27-2995-4533-b907-3d572de0330d","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":167,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"b530901b-8203-4305-bc7e-2262f52d8ac5","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":167,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"a02c82df-179b-4b94-a0de-05a62fbc2a72","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":167,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"e4c63376-d979-4273-9db6-57c8d559abf6","block_type":"box","text":"eligibility requirements.","page_number":167,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"8628f65f-21e6-4014-a975-98ea6aa28033","block_type":"box","text":"Service Shares","page_number":167,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"a3797c3f-f245-47bd-98e8-171ea1bb6b1b","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":167,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"41836ec1-ed20-4ce4-9fb9-cf5f30ddb929","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":167,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"d8b55fc5-9671-4dbf-905b-ef8388622984","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":167,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"8c5f4f06-6009-4858-8f22-a9c323ee476c","block_type":"box","text":"®","page_number":167,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"c1f5348a-2cff-416e-ba27-88fef850e104","block_type":"box","text":"Fund in 1996; and","page_number":167,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"f63fd7e6-6ad6-4575-9391-b5e9c87ee1a2","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":167,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"dc1c2e31-ed10-4c19-a717-658027b69169","block_type":"box","text":"SM","page_number":167,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"b53fa27e-4e4e-4c6e-b530-f623a56a3b28","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":167,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"b682cf0c-e552-4084-8d19-5f0fab60aa09","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":167,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"3d516d26-70c4-4414-b441-00ae47ed0a59","block_type":"box","text":"BlackRock Shares","page_number":167,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"5a51cd5b-1863-4fb9-af65-73850831e390","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":167,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"bd71df09-8da5-452e-845d-2f237bc5d74e","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":167,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"8d85b2e8-906c-4b91-8774-1970e52676db","block_type":"box","text":"fee-based programs.","page_number":167,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"dbb5a05d-aa21-419e-9153-e6c650690c7c","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":167,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"674054b3-d7bc-47f0-8c54-d6a920f60948","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":167,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"d18c6e35-259b-4f74-8a09-1c5e1ef08144","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":167,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"3f4e5e0e-116f-4145-8bc4-129203adf3af","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":167,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"1727901d-4045-42a1-9ef1-951511bf14cd","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":167,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"d0c942ad-cacb-4231-bb8a-05beb62f88ef","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":167,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"84b41157-33f3-4768-8cf2-1ddeac344e42","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":167,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"687d7179-8aeb-4ca9-83f5-862e8faf135e","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":167,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"182ac95d-85ad-4f49-9369-96e1db6db48a","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":167,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"2ce3d2a9-db80-4c9e-8a67-eff17252d468","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":167,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"693bb06c-5230-4f7e-a8f7-484bce2d386a","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":167,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"8831eba8-85dc-4875-b976-cddd6414359c","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":167,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"ba2d7dfa-c05f-4170-86bf-0c78572c4b03","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":167,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"c1b2bc43-6da5-43b2-9184-3cdfaa48c56b","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":167,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"ed327403-f9df-4916-831b-187392376ffd","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":167,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"ae8171a1-ae0b-4250-bb01-6c9ca2ed3108","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":167,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"c05c0ac2-cca4-4f53-8fe4-64ca7f03fe48","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":167,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"5f57deb9-dc22-4d0e-8dbe-1c6c22594a90","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":167,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"d87a3c9d-5569-4dad-b45e-ee1cd9651efc","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":167,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"f51c620c-2dd6-4e58-8b79-a58626f92cc1","block_type":"box","text":"II-108","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"de57d390-e54a-4eb6-a76e-2b0f045c45f3","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":167,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"367ee046-b7c6-45da-99e5-2d88e1631881","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":168,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"04f7651c-da06-427b-80fe-8668265b22cc","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":168,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"f5cf4c85-94ad-4ded-bd9a-ab61294db86e","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":168,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"462ae8aa-8da1-487a-8dd0-f19630b484d6","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":168,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"9f46bcec-f5fa-4cbe-9e96-ccda20579c9d","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":168,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"5a254ecd-87dd-4c23-814a-3e5f1fbbdbb0","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":168,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"21d430b2-0353-4e15-827a-fc1f488b34b1","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":168,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"f01af70a-17b9-4cae-8418-4c74c16668a1","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":168,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"2957d6b1-349e-4c7f-b98e-ec73bf5425eb","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":168,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"dc9b3c60-d9d8-4e47-834d-90a489896fb6","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":168,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"635c1690-512b-467a-9bc0-902011a7e821","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":168,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"3d2834be-bb2c-4942-bfb4-08b66ef92769","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":168,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"f5f7fdcf-e843-4683-8cc3-f6d7ea2a86a0","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":168,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"d692cb40-fbeb-4aeb-8942-f05674c243b5","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":168,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"e56aaf6c-452e-4991-b6a0-cc603e4742ff","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":168,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"2dab8cb5-5797-4558-9ecb-ac16be468ab1","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":168,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"5abd5f81-422d-42c5-a59c-8e2c33c2c1ae","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":168,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"911c7cb8-0385-40ca-8d22-10f2d3f3776e","block_type":"box","text":"compensation for selling different classes of shares.","page_number":168,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"9c3c3531-f570-4d47-8848-01befd6ac230","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":168,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"ca39796e-d806-4058-8305-bf00821031ae","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":168,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"ca4299e9-25ec-4a36-bad5-859ed8dec6cd","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":168,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"aabdae5b-b50a-4321-ba57-5c94a7288b47","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":168,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"aecba7c2-e4af-4253-bd2c-5f251d5844b5","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":168,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"01db8aba-3599-4045-aad9-e106007fc3d1","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":168,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"e68a15fc-34fd-40b0-8241-42f5c14221a1","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":168,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"8d028656-5963-4d54-84b9-e8ecfd9e4c3a","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":168,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"e3f36ce9-50f6-4e36-9ca6-b14e111ed6d3","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":168,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"6fea152e-3eee-41ef-91cd-7a842d0418dd","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":168,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"2a9a107e-7f00-4b1d-b186-7e1d72aa15cc","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":168,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"6fca3328-f3d9-4ab1-b706-01e40bec922a","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":168,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"9203dfd1-f6f0-4397-822a-cb1ae8009ea8","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":168,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"8db54ceb-ca0e-4e97-bbc2-ba5c73016289","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":168,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"2b45c836-16f1-4da7-be43-dfe8336ad81a","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":168,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"9f4212de-40c6-49ac-a91a-5986e065168f","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":168,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"425626b5-1585-4d97-8c4e-233d74b2f1b9","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":168,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"69c6423f-6f41-480d-be45-b8277939d375","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":168,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"0ca7eb86-ca1a-4e65-8b9c-e8b49db7153f","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":168,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"72939f91-717d-4a77-9efa-3ea912a37ed5","block_type":"box","text":"easily accessible place.","page_number":168,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"3ccb732c-57cb-496a-a6f3-d3a8fc3ce2eb","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":168,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"ddb3a2bf-a06f-4df1-970d-fca46afa6304","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":168,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"44eae4cd-5449-4279-abcd-5d5af1715875","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":168,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"9548ed92-3d48-44c6-b58a-1a4b8c31952a","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":168,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"de3ecbc6-4811-4abc-a6f4-d00439db7047","block_type":"box","text":"fiscal year.","page_number":168,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"cd9cb4f4-291b-425f-8d7c-0bd085a47bb2","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":168,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"9528f5dd-a5b4-44b2-8409-19b3ec036bfc","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":168,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"de9e34b3-1a69-49ad-9699-106456043759","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":168,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"d0218bdd-efbb-42f8-a590-1b3661a352e1","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":168,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"7b87afbf-a98e-4523-95ab-59f429b651a1","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":168,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"ab71f6c0-d70a-4db8-9757-211846c7b49e","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":168,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"448e7be2-6b5c-43fe-8304-19a069311e64","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":168,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"b739a73b-f85b-4139-97ef-e64233bc67b4","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":168,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"2c15839d-ef5b-46b1-9c10-84c633049cf7","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":168,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"4a6aacf0-0c1e-4a54-b6f0-69142486c421","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":168,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"f6539a29-0750-43e6-83e0-0be07ba86e24","block_type":"box","text":"II-109","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2c4c2cf0-eb36-47dd-b8cb-a960170262a3","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":168,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"66dc8f8c-2cc0-4df7-989b-8862431ceadb","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":169,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"87011bc9-9279-4507-ac98-8d7ce7840915","block_type":"box","text":"and Class R Shares of your Fund.","page_number":169,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"4a8614c5-32af-4341-83e3-836cae020580","block_type":"box","text":"Other Payments by the Fund","page_number":169,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"1771099d-3608-4e4f-86b2-df87a25f2d8f","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":169,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"4b8d1690-53af-40cf-b898-f3a5a8ea5c1d","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":169,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"f835c334-6325-40e4-9ecc-9a0e9f4f1f4d","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":169,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"6ceea054-7020-4b7f-9955-a8b6d6d51b13","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":169,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"765b9e4d-7c6e-4fea-b8e9-bdd893727cf8","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":169,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"2e037389-2f72-4fee-b981-670e311b9646","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":169,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"882c5ed9-861f-4d50-b909-c21282304565","block_type":"box","text":"of these payments may be substantial.","page_number":169,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"65d7fa71-a0b7-435c-b6c4-ed42af68f370","block_type":"box","text":"Additional Payments by BlackRock","page_number":169,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"fac013fa-f421-4a8a-9c0a-6a7e1c4e9a83","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":169,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"a059aa21-3f61-4edd-a4bc-1b02799cd0fe","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":169,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"e26029e7-0f7c-4c3f-8552-6ff1c9b1ce24","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":169,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"d8481376-77d6-45a7-910e-fd6443ba7de4","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":169,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"616fca6b-e518-455e-a43b-d00f65769f9e","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":169,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"9428eefc-97a2-41d7-8dc9-38669342afb8","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":169,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"4a907c91-4030-44ad-90ff-22420a8d80aa","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":169,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"a10f8325-bf4f-48e7-8b7b-96253394a6e1","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":169,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"88a86ee0-e331-40c9-841c-72eed909096a","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":169,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"6a75fa5b-5117-4ed6-b305-836f9d851adf","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":169,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"543bb5e5-4daf-422f-a28d-753c30d5e33a","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":169,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"768ad0a2-b0de-44b4-b1bc-a22bcb56a052","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":169,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"7d60f2b5-5279-4060-af72-d3dbfb323ca9","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":169,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"880590b9-b041-431e-a410-68ac6dd1b2d1","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":169,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"5223571d-ba8a-4e79-b46c-03ddb342f127","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":169,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"1bb2f199-e526-4a44-942f-60385ba4fae0","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":169,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"d939a9ce-76eb-4c26-8e7e-538631c20e1a","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":169,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"1a910c7f-b47e-460f-b212-65996921969b","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":169,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"e3b53520-00d0-4339-8335-2367accd1944","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":169,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"99246f59-8d19-4474-b5e9-7370ef9da9f6","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":169,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"079acdf2-4b90-4317-a30e-1bc23e60cd5d","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":169,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"0baf5120-32f3-40ed-b8bc-53a7b5f27307","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":169,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"85bf5adc-a1b6-440f-ad43-a8c4d8ed4620","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":169,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"85f0e636-44b3-40c2-9249-47c241a0eab2","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":169,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"e3dd7144-f2ef-4d54-92bd-8aae00ca3b14","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":169,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"0f08eb28-2698-4369-9f25-ac68d82a4abb","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":169,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"f7de5938-5feb-471a-9e78-18724530596c","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":169,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"f50e6420-db9b-40cd-873d-68187ed39a52","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":169,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"4322e646-e061-4430-bc77-17f8255f604d","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":169,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"f2a85271-8890-4c71-816f-8f74fce16b27","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":169,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"253f88de-09d6-45a8-92c3-829199b9c522","block_type":"box","text":"Funds.","page_number":169,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"fcf0be0c-51da-4de7-9978-a44a2062c5fc","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":169,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"a303a5fe-bc71-41b1-80a8-e1edd5249ee5","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":169,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"42563341-9d46-4e57-bbc7-b3c086d9c112","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":169,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"4abd7dbe-b269-4cdc-8ddd-cc6764a10c94","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":169,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"300a65fb-3258-4abc-9b51-d06ce5e8cf8a","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":169,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"732aefb6-2ae2-47a6-adec-e337d701f31c","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":169,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"d0fd640f-15d0-4b87-9fd6-e13d12b9774c","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":169,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"29f3a64e-c9be-443b-8d5b-a2ad5bc07a18","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":169,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"9b0f7aa7-21af-425b-a658-2c8acbdcb7b8","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":169,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"a1fa96fe-707f-40ed-be5b-7325d3f2fa7c","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":169,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"eaee1ea8-7a7a-4e52-b57f-52464268ee45","block_type":"box","text":"II-110","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"da692d7c-cdbe-4e9d-837b-888786a8ba29","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":169,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e457a766-8875-48f8-a0b3-5568e06370de","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":170,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"797c3485-81c5-43c5-bcad-67dd7f1e33bf","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":170,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"bdf760db-dc51-4d1c-a8ae-15916a518311","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":170,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"7926a3cf-53b5-40ee-b463-0cdb803fea4c","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":170,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"95399cce-dbe6-4308-9525-c60108248b26","block_type":"box","text":"B. Shareholder Services","page_number":170,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"1ff902cb-43cb-40cc-aca7-72bd6170ba7c","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":170,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"886ef714-d2e2-43bf-adda-4471859748a9","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":170,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"c6f0fa88-4b21-46fc-b18b-41a1e36e58e2","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":170,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"2378a93f-fc90-4c56-9a9b-cfb9d7eb3fd7","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":170,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"3689b676-3bd3-4886-a774-c02360f42441","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":170,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"743fe37b-206c-4786-b7e7-e8dc0028cbe2","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":170,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"812b3643-ef65-4f3c-be82-765d6179b3c6","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":170,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"4aa12753-80b5-4482-8201-d3b5ed8b8895","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":170,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"8ad1e289-e74e-448a-980d-9349c5c22828","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":170,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"1ce4d16a-904d-462a-acd1-41ed0c4fcc3a","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":170,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"8efebd4b-0e99-4865-805a-2a1cdd0729e1","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":170,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"66cc370a-4927-4cdf-8b3f-5a8e637e1e2f","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":170,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"59ed220b-2cc1-412f-a4b6-be0b603955bb","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":170,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"e4b2dc65-c8f8-4e26-a577-cd6de9f8a704","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":170,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"98ba895f-e5d6-4fa4-b0f7-5206a077211a","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":170,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"a0643b71-28d0-4d7d-8544-8fbf9ba45a5b","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":170,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"6e3f8164-1f06-40aa-9bb9-c23ecde908a2","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":170,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"f79700e2-8bc6-4ac4-8c55-ba28ab329c48","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":170,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"a4d38e0e-6fd8-4b50-ba2e-395d0deac57e","block_type":"box","text":"payments and to obtain further information regarding any such 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The","page_number":174,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"250763f5-4406-4893-bdc0-3e5f61c5b67e","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":174,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"ee62c710-d256-4aaf-a02b-9c8075e529f2","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":174,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"45c83d0c-c488-40af-9c70-effbbe120362","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":174,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"12bfde24-f3bf-4de9-b664-1065bb74ad98","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":174,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"2732007f-264f-46b1-b308-dcee5f1c1742","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":174,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"5ba1cc86-2e8a-4f08-ad3b-09757ea8133e","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":174,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"6bf2df75-b8dc-4326-b838-83f65a6af53b","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":174,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"c475ea15-08ce-4ea2-9b25-71e707faf9a6","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":174,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"5b531baa-2149-4d8e-9145-aec3cceb12f6","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":174,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"c9b38cc5-11b6-4e45-9b78-a777d5cef064","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":174,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"d2e8eca7-8f35-4a6f-b50e-59561f55ae41","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":174,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"595852ea-294b-4477-bd98-c53028e74a90","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":174,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"2647c5ef-d97d-43eb-a8a5-61b6decdf1ec","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":174,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"83b218d2-140f-4c5e-9474-c88990d91be5","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":174,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"f9bf1e33-dbf0-4d99-95f0-f4a95dff5893","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":174,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"1f0c73a1-9b17-4ce9-852b-d35b1c6744bf","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":174,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"c0a108a0-43b6-4d46-a4f5-87fc90fce1d1","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":174,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"4e0aeac8-c2bc-4312-bd9e-5b227acb3408","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":174,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"399aad00-7ba2-4442-84eb-0b978c98067e","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":174,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"0b728532-fc42-4b4b-81ea-5e5aa7a8f6c2","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":174,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"76bee91b-f53a-4d62-91cf-eae32b3d6078","block_type":"box","text":"Redemption","page_number":174,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"de92c54d-3724-4aab-920a-ee606cd5024d","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":174,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"621a9185-3a29-446a-9856-2fd6d7a0a889","block_type":"box","text":"Redeem by Telephone:","page_number":174,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"cba17bb5-7262-4de2-98d6-8dbe008f0f13","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":174,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"240dc8ce-85c2-4b37-8c7b-5ee37d43d424","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":174,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"b8ff2d05-2b9b-4ea4-b26a-9b22f0640e27","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":174,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"ce384eb9-aa18-457a-942f-52abaae0a551","block_type":"box","text":"II-115","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b1976531-c029-47bf-96d0-49b7387c57a7","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":174,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c9e08e22-45a8-41fb-8c31-4613287da6cf","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":175,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"dd707383-8b11-4d28-9dd5-935fb1ec0302","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":175,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"41cafe30-61a0-4b02-a142-fdd8d271f260","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":175,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"7322a333-0e7a-4ff7-b715-af3a6e05f8fc","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":175,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"559da67a-f90b-4ce2-8249-ae9de73674f6","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":175,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"05c65b93-8e7e-4ed5-b3f4-606a481e3dbe","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":175,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"498fbc79-9b85-4efe-aeba-0557b9186c55","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":175,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"28df0ebd-493b-4a27-abe4-d09ac58947e9","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":175,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"58fd1697-e72a-4bd6-a6aa-10b747b16a6a","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":175,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"378d5595-8a48-4bd1-82c7-1368783aa234","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":175,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"16aae51f-8a0f-4151-9506-e2f699186973","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":175,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"49daac9a-2c0b-41b1-846b-1d652fafa966","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":175,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"0cbb9ba2-4ab2-49c9-bbe2-4c45c6426172","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":175,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"e83bef3a-0490-46e2-9082-395874b74b23","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":175,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"66873c9b-da81-43b2-a8f6-8cb0dacebdbb","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":175,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"0d93ee50-0a3c-471c-b00a-705839e837de","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":175,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"7b83b759-aa29-4a47-a1a6-2205c7896a38","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":175,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"a005bca8-29df-4343-be7e-9ca67007a878","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":175,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"b5caa87c-6511-43e2-ab65-f567a5a76524","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":175,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"2070c6a4-2d0a-47aa-a684-a9cbe1aa5380","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":175,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"1adb4722-2a2b-4eab-8be6-6b169105b428","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":175,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"4c463fb9-6d5c-4b2e-9875-ec235cfb598f","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":175,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"2d705f37-2792-4d62-8d8e-6e9d1e73be2f","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":175,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"bbd8ca5f-9907-4367-a345-1d9b0e49837d","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":175,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"c4fd65f4-9c40-4bd4-aa7a-20dfbac063bb","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":175,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"5b275441-7d33-4549-a218-0d8f5cb36080","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":175,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"c09a3818-d13a-4dde-bc84-5c8048fbf63e","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":175,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"c73f55df-d0c7-4d08-9062-12a965eb7831","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":175,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"257274b7-2d92-4e62-8f60-8ea9c14c3a27","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":175,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"554266af-26f2-4344-b5c5-4c43645c914d","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":175,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"6d83ae19-23a5-459f-9b67-6148e26af616","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":175,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"77a3b598-846d-4f6e-9ef8-792e3c558ba2","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":175,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"8690689d-bc37-4143-aa1d-2d82f8497771","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":175,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"4835b97f-cb6e-42a5-9181-a607dd85b7be","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":175,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"6855665e-2cff-4c4f-9dca-cdcc7aa586da","block_type":"box","text":"Redeem by VRU:","page_number":175,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"5a412586-20b6-4c61-9d15-612ed91d1cc5","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":175,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"3b85edf5-02db-44ef-ba74-f56ab9ecbb75","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":175,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"e36be294-f717-4143-ab04-052f47791667","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":175,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"06cc3588-43d0-4feb-86b0-fb74a65ea989","block_type":"box","text":"Redeem by Internet:","page_number":175,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"56f5bba4-f09c-477b-9ba6-34f6c868c89e","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":175,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"f277ca1e-c441-4657-9d08-c430e378c283","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":175,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"968afb3a-e1be-40d4-96c9-dc14476fb678","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":175,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"f0a3765f-e8b4-4a10-abe7-172ef1f4ec88","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":175,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"d600cb75-c601-47c7-bc5c-ca467bda8f20","block_type":"box","text":"institutional investors.","page_number":175,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"40e58e84-0e01-441f-b772-074b030fece4","block_type":"box","text":"Redeem in Writing:","page_number":175,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"54604584-40a8-42c9-a3d7-c89f0c5a3c93","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":175,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"504b338a-fc11-40a2-b990-fe045fa7d529","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":175,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"96c3be54-a9fb-44c2-be48-3e86a124d8e1","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":175,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"c6b0aff1-ad4b-4593-93a8-edab10b1c066","block_type":"box","text":"15262. If you hold share certificates issued by your Fund, the letter must be accompanied by certificates for the","page_number":175,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"5cda126d-7938-4517-b7d6-8dc3436c70ce","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":175,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"c7757d5d-3a68-420d-989a-8f1428b0282e","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":175,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"bbf44cff-4f47-44ee-80fe-3f1a80eca8b7","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":175,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"595cf3bf-9895-4d16-888a-44e3577c8313","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":175,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"f6785a96-a678-4628-b424-5f2a42aa3194","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":175,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"08f4fc18-a414-4b18-847d-78f658b99cd9","block_type":"box","text":"the bank account of record.","page_number":175,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"928d5e35-8be8-4877-b9a3-95e198dbad63","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":175,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"7020f6c2-1e88-43d5-990a-0c5042a62a72","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":175,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"34df4b79-6ed1-4a85-acb0-af41013e71f7","block_type":"box","text":"II-116","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"70c3455b-066f-4440-a663-11ce1c0df75e","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":175,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"337c8098-d18c-460f-9751-ca566f86ba54","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":176,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"e0188755-724c-4f59-8d9f-0886f5e79348","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":176,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"d2152ab1-7f0a-46f7-af12-430433cebcfe","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":176,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"7130d39a-9202-4d39-8bf2-1850be1e1e39","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":176,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"7496f66a-3f78-410d-9ca5-b2b9d0f45368","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":176,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"1d5fccc8-8447-45b3-adca-88f8c400a2ce","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":176,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"41c80be9-b52f-48d3-9bb0-f89240e516a3","block_type":"box","text":"redeemed by the Fund.","page_number":176,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"f8fe02ab-b5bb-409c-8b1c-a4ecb747d978","block_type":"box","text":"Note on Low Balance Accounts.","page_number":176,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"095d4788-1a10-4c6d-abb2-6c51d90b7a3d","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":176,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"5063fecb-6b98-4f0c-8790-e34067e79a4e","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":176,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"96cfa289-12c3-4849-ac91-2e97a9939075","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":176,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"a38658da-5f4c-4505-bc85-3d280e186797","block_type":"box","text":"for any reason, including market fluctuation.","page_number":176,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"19268aaf-ed93-41cb-9a30-eccf58cefdc9","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":176,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"1f2a2551-5ae5-4f16-8f88-02fe10406500","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":176,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"e5d13757-a13b-4d16-a761-b4ec316ad78e","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":176,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"7c6fbbca-560e-47dd-a935-92897e73bfc8","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":176,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"2404d1f2-1ced-42de-8e9a-3d84e9d19d18","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":176,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"55dbc014-492d-4426-897b-a6c164f5aded","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":176,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"a2aef4e6-1c40-41a1-99d9-16ddb8d4a3cc","block_type":"box","text":"Repurchase","page_number":176,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"18db08dd-5e6a-4676-a95a-574f56ca496c","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":176,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"17f339d8-706c-448a-8db7-5d8bf36bf82d","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":176,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"5678bfbd-4239-4ee6-b3fb-a985e6aa44c4","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":176,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"5c50b5b5-6fd0-47c3-887c-b98d6e20511e","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":176,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"e74600b1-db56-4251-90f3-176fed87d351","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":176,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"aced094b-dd3c-4ef7-98a8-82514e7f5a2c","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":176,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"b33b21bc-dc6b-4583-8e3c-b234d4b259a6","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":176,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"d1c92422-47a6-429d-a0ba-af0536867953","block_type":"box","text":"next business day.","page_number":176,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"91d0bdc0-b6e5-4298-b87d-857606410650","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":176,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"b6edcebd-71d0-4f98-9edf-8ee156cf59f6","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":176,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"b9deb4e8-99f6-4742-94c0-2404072aeffd","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":176,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"f7ad699c-8454-42f2-bb80-0e566f8b5b85","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":176,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"c1fd5b5d-b62f-456e-bee5-83009e5158d5","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":176,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"8975461a-159d-453e-bfe6-20409f1ec513","block_type":"box","text":"redeem shares as set out above.","page_number":176,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"a84e2e8b-0aff-4cd9-91be-681905e7a4de","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":176,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"2e610d0b-4cf5-40b9-bd96-4bee6c3a8967","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":176,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"f06beb98-9c62-4e44-b0e9-669cad23b680","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":176,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"370328a0-5a72-4e8f-aaa3-be0bee566d97","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":176,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"4c2441a1-7bce-4b3c-8a0b-34ba1587ff04","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":176,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"0c327bc7-ecf8-461c-bfd7-f9a24d89d8f9","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":176,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"ade7372f-f6be-4147-a18e-69b9801ae608","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":176,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"c934514a-ffdf-49cb-bec8-50e34fa82ac3","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":176,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"4708be83-38ca-4767-8e6e-a6f884c8f971","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":176,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"5a55b9e9-6989-40b9-be37-920b5491c2b3","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":176,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"e3a91f03-089f-4d34-842e-476a776bf81f","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":176,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"d40fcc9e-f9c8-43af-9566-424cd132f0f3","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":176,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"0aafdf50-0329-4bf5-ae97-7f8ad8a04576","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":176,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"a4b04341-49b5-4f5c-ad60-68f6c7635d83","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":176,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"a320ea17-fd38-4124-a5da-45f3507d3e27","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":176,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"3bec3fe6-13b3-4aaa-927d-0858819bb017","block_type":"box","text":"II-117","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6ca60d29-9807-4a7f-8dbd-9988661de5a9","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":176,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"20553eb8-d20e-49bd-a7d8-16afb8906734","block_type":"box","text":"Investment Account","page_number":177,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"12766cfb-4333-461a-bbec-b325a8d7558c","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":177,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"54f0edf3-a9c9-4745-b39d-ab7959b74a19","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":177,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"dfdd10b7-ad1f-432e-b9f5-cc3fca6aa35a","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":177,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"9779860f-fb0e-4d27-ab37-6e87cd1d9528","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":177,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"f98f88ff-3047-4a67-91b0-50429c857637","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":177,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"fa95f0b0-ce2b-4a5b-aaef-506296291b42","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":177,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"32b1dde2-3de5-481d-b436-ff45931634fb","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":177,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"03d4cdb5-807f-40b1-a669-504cc3ef94f3","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":177,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"9623dbe9-4257-4e15-997c-f3738299a52e","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":177,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"bba8cf94-5d87-443c-a9e7-d14320a6395f","block_type":"box","text":"automatically at the Transfer Agent.","page_number":177,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"598e74a6-9682-4385-b32f-7b7c1030f8dd","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":177,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"f38a4b8b-38b9-47eb-88ff-1058126d608a","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":177,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"1a9fb97f-eed5-4632-8342-6fe548c09977","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":177,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"48330870-c7b0-46d7-ba44-c93a793f1e22","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":177,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"3cd79b17-532f-497d-96c1-3b77d04ad942","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":177,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"dae09da1-eb56-4172-8a5e-8167e17574ba","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":177,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"24fe6460-b552-4423-a7b3-1db186c1ab9d","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":177,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"c7250c46-756f-43c6-8bd7-f37b27189610","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":177,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"d8b1ef3f-293e-4c9d-b516-4df7d60612f1","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":177,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"1e54aa49-c34f-49d6-8888-9b40b921be43","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":177,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"2a46d541-108d-4f6b-97f1-23405826b1ae","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":177,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"fe3a56e5-e2a0-4cd1-946c-adaba3447d49","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":177,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"46ad3c47-4177-4473-bb15-b5d24d6f86d4","block_type":"box","text":"issued.","page_number":177,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"13161b61-b5dc-4df4-b6b7-3cab8d917834","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":177,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"21095952-093b-4d47-b7b3-ebd149c401a8","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":177,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"158f5b2d-4d99-4d47-821f-55f283a82852","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":177,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"9af680a4-9b63-49ee-a0a1-87a0e5b30c1d","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":177,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"4bfeb92b-4683-4edd-875d-e35b09203998","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":177,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"af401f5b-1b31-4648-8e3c-de7e63707aa3","block_type":"box","text":"Exchange Privilege","page_number":177,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"69e60e40-586b-411a-b82c-b3e1fc33c740","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":177,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"af0ae7f0-a451-4aea-8e74-17f8c2fec40b","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":177,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"8e56871b-6120-4e60-94f4-5057db591614","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":177,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"e44752b5-52ef-438f-9af7-844e54d530ed","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":177,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"a8ab12d3-399f-4e2a-a651-bbf4f5f61a7a","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":177,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"cb319733-4c92-408f-9f99-b1aa4aef9e42","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":177,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"68a836cf-1efe-434d-a9a3-541369de29cf","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":177,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"5801b882-4a6e-4391-bdf7-a94e5b5720bb","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":177,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"d6bd4814-bcec-4e5b-96c2-288409cab866","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":177,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"c9cca8b7-3099-4159-b8ad-4efc49a7f6f9","block_type":"box","text":"Institutional Shares","page_number":177,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"08529aed-c088-4fa6-8af3-c05048203cbb","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":177,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"5ea98948-7041-4a72-b941-ee88a502eefb","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":177,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"f51c6d26-9ee4-407b-a145-43a955e41fd7","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":177,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"8d4e74d6-6b72-4c0d-b3f4-8c4c2b19116c","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":177,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"0b22ae03-dd07-428c-bf9a-44c7c01f4d56","block_type":"box","text":"for Class G Shares of other Funds.","page_number":177,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"acaf9996-d1a9-40ec-b91c-dab2d476ed24","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":177,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"a34ae271-aea2-4f36-a3db-572fc5770026","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":177,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"ee9581c0-1cf7-4533-8b11-d18d4449d168","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":177,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"b8554dfa-f5e4-41fd-b3a0-683eeb70943f","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":177,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"f2c69e11-4beb-47e2-a92f-95edb3a34e38","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":177,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"52db5c0f-a112-4beb-8095-9d51b357bdaa","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":177,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"b2060a1f-d9e3-4c4a-8c92-e96ca149476d","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":177,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"41149c18-89ca-4c91-9ede-f78975b26914","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":177,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"e4e4905a-7c2d-410b-aac6-c2cdf35af47f","block_type":"box","text":"II-118","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"53a682ff-58e1-44ef-a791-8fe223a20c47","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":177,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"21bff87f-2fbe-4385-b24c-1751f5e780af","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":178,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"111564f0-b88c-4100-8c9e-d8ac7b8768fc","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":178,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"d3b52219-f302-4522-b492-fb251aff1059","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":178,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"b840c170-b342-4bf1-b2e0-19df8f459350","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":178,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"720b3380-bcdc-4070-83f8-0ce922b3a567","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":178,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"0c20d11e-b8d5-45eb-b9fa-15af286401fc","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":178,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"a748623b-22e2-4560-b7f3-499e8f93e20f","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":178,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"07ec3f0b-1f88-487a-8305-3ea727c18230","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":178,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"e4c6d812-af5f-4031-a97a-73e5c2faf58b","block_type":"box","text":"Exchanges of Service Shares.","page_number":178,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"9d2bb6c5-ce6b-4f44-a9dc-23ceea9fe5fd","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":178,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"95b8b732-edc1-4fe1-b0d7-50e4d11dc5fc","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":178,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"a89bdff7-460e-410a-a1d6-9e70ef16ea85","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":178,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"4f76cd31-fba1-464b-87a7-ee470986fe00","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":178,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"e0baaed1-49d3-403a-b96c-20858527af31","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":178,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"da069dc2-88fe-4894-9373-e22976b852f7","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":178,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"3df451fb-6241-4e0b-a71c-5c96812646f8","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":178,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"a78642de-71af-48eb-a338-fcf7692ce254","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":178,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"66bdcbe3-678f-43f4-a8f9-f0ed0b41ec38","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":178,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"49ee4228-4b0b-41df-a661-fce3684ac601","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":178,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"c50beee5-66e9-43a6-9ea9-2349ff1471e0","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":178,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"26b43bb2-37bf-4a99-b245-1882f0e33b41","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":178,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"0630b250-b475-47d2-b8d0-7e4565cc2162","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":178,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"eaed7b0c-c1f2-4504-b9db-0f44ac08fdc5","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":178,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"790206c8-1193-442e-aa63-e8c17975634b","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":178,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"b1dcb457-8fee-446c-86cb-9117d777bfff","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":178,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"32a02612-9190-42b9-8999-d68d5258dcb9","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":178,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"b4af70db-91fb-45ba-8cf1-9fc90ff34fc9","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":178,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"eaf11d66-9cbe-4837-9141-2cc3b8b3b332","block_type":"box","text":"exchange.","page_number":178,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"08e2b684-2621-4a51-b850-1d47ee201bd7","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":178,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"81cb4294-9e94-4cb3-ba83-7b65e551df23","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":178,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"82dcd482-96e1-419c-b089-4a4d9c78c89b","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":178,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"0ec52387-641d-4625-99db-06bd50026d6e","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":178,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"9c12d057-872a-4326-adae-80d363d364a1","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":178,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"dec4b749-1e87-4a06-a352-62b56e29da23","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":178,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"d5c721e2-f508-4a5b-ab78-17c6fa642783","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":178,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"ea32f603-9100-4da8-9185-d676bd8d4bea","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":178,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"29d378e5-5eb6-4773-a2ce-ab1bf05f0a2e","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":178,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"896d6f8f-4f09-4ff1-94d4-d953a3b2841f","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":178,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"fe67fa5f-4cf3-450e-ab49-55ee3204ee94","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":178,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"0bf11804-2e7a-4767-b913-ac97620eacc6","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":178,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"22198840-c5a7-4a6f-a90a-68b0b1de443d","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":178,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"4b569723-b669-41c2-bc52-0e0ef0bcff93","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":178,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"cb23e99f-246d-4064-8508-0549bf4ac342","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":178,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"11785e76-22e6-4eab-b942-b452d679ec2b","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":178,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"12c44f6f-bd41-41e9-b8c9-45e33d9e2335","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":178,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"09c94fde-8626-4367-bc18-67f8e9ab9a98","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":178,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"14c54bf1-c61a-420c-af22-f16b9a24f49c","block_type":"box","text":"Transfer Agent in writing.","page_number":178,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"52a36cac-6b60-449a-bcce-74fbff702e37","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":178,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"54b1d381-e0b2-4c43-a165-fd1aacd0bf1a","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":178,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"0d1b08c2-4920-4052-a10f-fdf0de58e65f","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":178,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"dd19227f-dc47-4e70-b727-2afac13eb03c","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":178,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"0e167bdf-813b-48ae-9f40-231ae84ec6e2","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":178,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"f54f8e89-dac5-41f8-81b8-69575351e58a","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":178,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"91cf58b1-0dba-4cf1-b7ac-20101ea8c6f5","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":178,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"31a9ea0f-1299-45f4-95e4-2b0db8c14a32","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":178,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"fc489edf-da6d-4605-ad2b-a086732e84b8","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":178,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"6e171bea-aa5d-46ad-9a8e-314b62dd091a","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":178,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"90f146ba-18c6-41eb-89d6-c9ffca31dab6","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":178,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"24bd7eed-804b-4c79-9f1a-dd343d6d60c0","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":178,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"f52becab-edf4-46d4-bfc6-99a57ed3f07c","block_type":"box","text":"II-119","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3c1e4c40-b1ab-417e-967a-0eec12075820","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":178,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c8c3950f-489a-4c2f-bbc9-e5cb38bceea6","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":179,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"72be8cb6-a7e9-4f54-a614-63de45eb7d24","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":179,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"9ef36f70-e0a3-4578-ac06-b4c5f9488c46","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":179,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"cd6d63ff-a2b1-42d5-b3a0-13654568c7ff","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":179,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"0a2b9cff-e669-4c5c-86c6-0d0bf37db85d","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":179,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"ad824c13-1489-49c0-843e-38d3f86213d5","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":179,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"029b4364-4269-4b28-bb59-afb51ff29b00","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":179,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"364c53df-9768-4857-bc56-875a19c4d256","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":179,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"a3134b96-c30d-44bf-b434-8d8ab02063fd","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":179,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"16a01963-f3ee-47a3-84ec-22ec8e594c3b","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":179,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"e4cd4e67-de54-4b98-826b-2bf80c170dda","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":179,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"53155479-7d30-47dc-9626-433d62ce86a2","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":179,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"d788d353-90d5-4893-a90b-bf8642b2c9ee","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":179,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"7a4eb86e-44ff-4bf3-a086-fcfcb01a361c","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":179,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"2afb9812-a8e3-4d8a-ae65-a3630947a140","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":179,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"e30b8a26-91be-4d43-9356-d14d2c341dbc","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":179,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"adc2398e-08fa-4c31-9f79-f1a9fc5a08ff","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":179,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"02fe6f70-15b1-479e-bf31-2cd2cb502502","block_type":"box","text":"may be distributed by the Distributor.","page_number":179,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"129c9e2d-2720-4203-ae7f-c12b4e233450","block_type":"box","text":"Participation in Fee-Based Programs","page_number":179,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"12eb9614-bfc6-4bfc-9c47-1d0c129d789e","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":179,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"5a19e334-be84-4edf-97df-afe3d259dc38","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":179,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"d496d634-2710-411f-84ec-fa42e152e35c","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":179,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"89aa636a-8820-4e98-a287-2498b8c1e254","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":179,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"1a716c4b-641f-471b-8f4a-b8e4c0a4c3ed","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":179,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"46c6c844-747a-4d50-9439-bbcc9bfe25e3","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":179,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"fd922c7c-ba86-4f1f-b1b8-1c3525126c7a","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":179,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"606af72f-cb08-497e-bccd-6c92210b0a5c","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":179,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"0ce70ed9-fd77-450b-b17f-c1225aad0a90","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":179,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"6e7c2ea3-9420-4d20-8a7a-dcada0494925","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":179,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"b436792b-ec87-456f-95cc-4d0f01fcfdf0","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":179,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"2007d86c-acfa-4f5e-a20a-a6d2b3c0ef2d","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":179,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"df20751c-8084-4416-aa40-18f60f72f58e","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":179,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"83871c7c-3f63-4707-bd94-43ea44c4ee65","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":179,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"d53b2879-fc89-4398-9bad-c37756d7563c","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":179,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"297e1c50-91bf-48b1-97b1-87193169e52a","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":179,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"304552e6-a58f-4493-8163-9038126b3d35","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":179,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"a1ac4fce-7d5a-44ba-ba97-839296b34bbb","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":179,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"fe6f594b-5059-49f4-abd7-4d939cd29ef1","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":179,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"c15d004f-065b-409b-9196-5a94cd35f650","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":179,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"55c92a32-c184-41c1-86d7-37fdac9d375d","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":179,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"05fb1198-d77a-4b28-b926-b05ca004cd09","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":179,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"ca66154b-d08d-4b87-98f9-da3334a04096","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":179,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"5232b1f7-f79e-4707-ad88-16fe6e4cd3d2","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":179,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"903b61fd-1e07-43a8-9a4a-e7a121f076bb","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":179,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"d38f3992-9a92-4772-973a-878556c86d85","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":179,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"dc22b861-7568-4332-adb2-4ad6c246a603","block_type":"box","text":"information.","page_number":179,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"87635196-4280-49f3-a5ca-c898b590eda8","block_type":"box","text":"Retirement and Education Savings Plans","page_number":179,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"6fdcbcc9-4ab7-442d-bb6c-12618f8edacf","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":179,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"df67d6ca-ae23-4464-ab23-134a77a56fa3","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":179,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"8cf310fe-a4a1-43f5-8f7d-fba5c8a57bcf","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":179,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"14572039-2378-4f56-a72b-d37ff75827da","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":179,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"ed9c2e5f-c56d-4e3b-9756-034dd84fc652","block_type":"box","text":"your financial intermediary.","page_number":179,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"22a6a816-eacb-40ef-b968-80e6eb300b0e","block_type":"box","text":"II-120","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d8841657-238e-4d79-9a66-a889c0ff952e","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":179,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"099926b0-b520-45a9-916f-0579f1f6cbfa","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":180,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"55efeb93-9c98-4ea8-988b-522606cc41f0","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":180,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"ffe949e1-29fa-47f1-b134-571210a9270f","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":180,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"732b09e5-2463-44b0-bc0b-e98fcf166457","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":180,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"107e45ed-4890-451e-b448-79b531b36f25","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":180,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"e1b2da8a-5ce1-41a9-b53e-e6e5c16a4f0e","block_type":"box","text":"Automatic Investment Plans","page_number":180,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"cdf8bc36-2035-40e7-ba2b-8348c0128d92","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":180,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"f447c965-96f4-4947-934f-ca1457db6bfb","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":180,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"5a898375-2420-4283-83a5-027679c04b39","block_type":"box","text":"®","page_number":180,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"fb4e78fa-181e-4561-828d-28affca21023","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":180,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"d6d03fb9-13d5-486e-a4b4-56dbc514ec0c","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":180,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"edfd6254-f52e-4023-97d1-b7851a4cba71","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":180,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"97f83ce0-3295-4e9d-8ef8-c35e33c41d92","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":180,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"eddeebe6-69fb-49b1-83bb-5192d1aa4c52","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":180,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"3ec4305f-e380-4ed6-9157-11f4ede65901","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":180,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"7f760ba1-9188-4b00-b24b-a45b5f3f8efc","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":180,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"f9f0c62e-04ac-4eeb-aa0f-8e8456e13661","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":180,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"437df329-d07c-4f12-a2ea-ec89c9220434","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":180,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"3c055a6c-ad41-49e8-a542-f089ce4864e7","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":180,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"edc6aecf-c74b-4b27-936b-e06a23cf9294","block_type":"box","text":"Systematic Withdrawal Plans","page_number":180,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"6ca42422-8cfa-40c0-bbc5-66eb730ddac9","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":180,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"d07c5d55-ef45-4eae-b5e2-f118d9d2b782","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":180,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"abe8385c-ac6a-4d8c-a8fd-013d24e8b98f","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":180,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"eadd6732-4c76-4e70-83c1-55fdb40923e7","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":180,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"b3f8ec15-3ef3-47d3-8874-b7d4037ebe19","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":180,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"f06da952-cab8-403e-81f4-7625d46daa16","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":180,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"477a477e-2dcb-45a1-8101-5440e363d2ac","block_type":"box","text":"www.blackrock.com.","page_number":180,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"480fea47-aa4b-41ec-bef4-f74dedd75398","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":180,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"c7540b08-083f-4948-8876-f9820c613e62","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":180,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"64e9743e-5535-4eb5-bd0f-b1c9c7bfa191","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":180,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"513d6db4-c106-41c5-b36d-d4f82c7879ee","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":180,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"547bee81-f36b-4dc7-a874-0ad9c846edcb","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":180,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"9e75ec17-ada7-4ba4-b2c7-3bcf479066c4","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":180,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"a5675fac-38f7-49b7-913b-554981e53769","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":180,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"312a20ef-d705-46dc-9025-b1b366d86953","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":180,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"7dbb42c0-0ce8-49e8-8b3b-1a333e7da774","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":180,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"8b2121f7-e723-4259-bca5-f4650bcd7755","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":180,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"3c14fa66-45ea-4e5c-a99e-7a98f6a45270","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":180,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"118131c6-2628-4ab3-a93b-a4330e1db7cd","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":180,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"c9e9b907-b981-44c9-b043-033aec44c852","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":180,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"0599f1e4-f35c-4547-93eb-7c39a0ad67f1","block_type":"box","text":"Dividend Allocation Plan","page_number":180,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"e8e589ca-2462-47ee-a1e1-af4a682e3b29","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":180,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"e840ed23-41c5-4f19-af31-cf9e31bfaf93","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":180,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"901052c4-406f-4956-b454-6482f901567a","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":180,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"256c459a-cb2e-4aaf-82e8-efa67774391b","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":180,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"283a2450-b16d-4bea-a61f-b8b05833ced1","block_type":"box","text":"PRICING OF SHARES","page_number":180,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"1f50f01f-2a36-4726-adb3-00ed19d679f4","block_type":"box","text":"Determination of Net Asset Value","page_number":180,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"720b0d79-3ff9-4752-bda8-85ff74d4a20b","block_type":"box","text":"Valuation of Shares.","page_number":180,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"f473119d-9354-43d7-99e0-57c9ef4dc7f8","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":180,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"94ece6f7-d108-4c0d-9306-e5da1457e0f2","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":180,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"a6b10211-bf0f-4dda-bf8e-a6fbccc93d5e","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":180,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"3dc59c44-fd09-4124-a044-0896dea35109","block_type":"box","text":"II-121","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"aeb738ce-d688-4439-8ab3-b61673a9ef7c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":180,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ab1e095b-96c0-4a7b-af86-1bf45785557a","block_type":"box","text":"Equity Investments.","page_number":181,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"376c2d3a-ffbb-4dd2-9503-73c3221b02d9","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":181,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"b22f4737-1919-43fd-9d8b-29489bdfa7ea","block_type":"box","text":"e.g.","page_number":181,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"bd36239f-a141-4447-a40c-59fc6cdafd50","block_type":"box","text":", NYSE), on separate","page_number":181,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"0caa84ca-dad3-4a5d-8a40-5382f576b634","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":181,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"5c4c8316-6ff1-44d9-aa0d-52c8ff89838f","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":181,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"58db5a94-5f75-4097-b5bb-e6d7b17810eb","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":181,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"fdb77097-056c-4a87-a1cc-b4e6466650bd","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":181,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"75aed0ce-aa2b-4a6f-81e4-959d45be8b44","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":181,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"3217242a-274d-4c17-8ac7-5c10b4bd2458","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":181,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"d3783af9-1de7-4691-94a9-f6b76c6096fc","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":181,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"296c60da-39e4-4859-bd51-6eebb8f557c1","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":181,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"e93b144e-3f42-42fd-88f5-9c3e9690e4fa","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":181,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"1428e258-296c-4d2f-ab74-1bdea1e0f504","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":181,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"22577f2f-8ffc-47ba-bdd0-2f08a15c89c8","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":181,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"b685b44d-1c69-43d4-8692-7f48edc36854","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":181,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"3478aabf-3c98-48cb-aa59-24c2e32b82a6","block_type":"box","text":"defined below).","page_number":181,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"2ca8c213-46d7-424d-ab8a-e6ac51666f4a","block_type":"box","text":"Fixed-Income Investments.","page_number":181,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"352eaa60-58a9-43a4-b0da-fdfc662e4a2e","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":181,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"ace044f9-01e3-49b4-b9f8-3639fe4ddb24","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":181,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"88ddd236-00a3-48f0-bb0b-3ea5bdf4e8e7","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":181,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"680cfaa7-ad8a-4d72-8de3-24a61bda316d","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":181,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"225fb6b7-0961-45cf-b2dc-13488b181f24","block_type":"box","text":"e.g.","page_number":181,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"ee94d5b1-3ae5-402b-b537-8373e9515492","block_type":"box","text":", recent representative bids and offers), credit","page_number":181,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"eb2a3c75-b24f-4e1c-b10d-96b08541c622","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":181,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"2f54b05a-4957-47d1-808a-85c530423c8e","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":181,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"c3a62e6e-427c-4b6b-84c2-262dadea5278","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":181,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"f72f6f9e-19df-435c-a705-0350ac06087f","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":181,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"49342214-cfe0-4cde-afed-7f85f25d746c","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":181,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"42d9e99f-7e3f-4827-a29b-a46e03c0de06","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":181,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"57b8739c-1169-455b-b762-75c8a3eb177f","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":181,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"a9aeaad0-455d-46d0-ae54-42c11d2e22a3","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":181,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"0079437e-461c-4078-99d6-ebed44374522","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":181,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"2f1542b2-6680-455e-86c3-94be75021b3c","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":181,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"a2d82870-59b5-462b-94db-cdb4bdb88ef7","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":181,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"72ac3434-259e-45ae-a911-f1d23f098dd5","block_type":"box","text":"attributes of the tranche.","page_number":181,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"940faf1e-4326-4f45-9c17-6d35834e1103","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":181,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"6825db13-02a0-4c1c-86f6-17c7055e376a","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":181,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"fa860a90-c225-426c-aa1b-b5e8b00f1712","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":181,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"f6fc5a81-c116-488d-975d-5616e6f28aaa","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":181,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"9da6ad1c-13ad-41fc-9fd2-178ebfa879fa","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":181,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"093b1bce-3874-4ba6-bf3f-6a5601bc1abe","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as","page_number":181,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"bc4f5cda-3c54-4c3d-a3cd-a6660112370c","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":181,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"ad406bf3-92dc-4ca7-8791-357d6759fa5c","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":181,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"e81afe52-1d02-43a3-861e-7ff85d175864","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":181,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"6ce6ea3c-3022-4285-b8c7-70386ca1f017","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":181,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"e02f5627-af0f-44a9-ae06-bb2f7a3df7ea","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":181,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"4fd18b4c-6e4e-4f9a-b08b-92faec949f23","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":181,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"66edfd05-0b97-4e26-8195-e9002624bd36","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":181,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"7c410c3e-37ec-4e61-9df4-bf4597f61bc5","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":181,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"2bbbbb4d-e06c-4486-974a-a1faad52a158","block_type":"box","text":"Underlying Funds.","page_number":181,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"bce14eb6-159f-45f8-92d6-5033f7bd917a","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":181,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"7d19f600-e5eb-493e-bc6f-688211551dab","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":181,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"7c2383da-098f-43a6-b1f7-28e41b4c1e2c","block_type":"box","text":"General Valuation Information.","page_number":181,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"fe820bca-00fd-4254-a326-01f4e7377b3e","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":181,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"f6425df5-894a-4ed9-8a63-10b97f0236ec","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":181,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"538c49cd-75b0-4a8a-aef1-c4709b49360e","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":181,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"239ca292-701b-48ca-a8ab-0f16c60bb761","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":181,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"f3c332f0-0cb9-4abe-a551-f50a626898c5","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":181,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"34ad63eb-8f9a-4bf3-b1d5-c136837c5e3f","block_type":"box","text":"the revision.","page_number":181,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"3d4ef6b2-457c-4802-be3e-676dbfa8fd9b","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":181,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"8e333819-f563-4f6f-a849-ff7f0ea76acd","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":181,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"6b27d15e-e5d4-4f95-a359-92835a590738","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":181,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"d90ffe45-e1db-489a-a14a-6432185fd54d","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":181,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"211d1689-0419-4609-9bd8-8d762c5881cd","block_type":"box","text":"II-122","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b8dfbaa3-e38c-4b2f-9ec7-b594f3b738b5","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":181,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0dcfa9df-06a1-441c-a985-b59057f4ec41","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":182,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"f02dfdac-69ca-4c91-9569-3f5f75abb7e8","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":182,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"c3a21491-5fe1-4335-a2ae-3386b86f059d","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":182,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"b3d03ab7-e952-47ba-b7e2-e00e4aab9d5e","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":182,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"74b36c71-060e-490b-839f-41d0ca5fc76b","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":182,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"23602b9f-efdb-41a4-8098-bc6fb96dd28e","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":182,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"37c3b7c7-7be9-44a7-b19d-79d15aeb989a","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":182,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"aeae396a-9c1c-40a9-9d49-d485a7e2741e","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":182,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"8679f638-12e4-46e1-9909-1b08cafb47c1","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":182,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"29013300-00c1-4c57-8872-3c81d706ec84","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":182,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"36ad7329-26ec-481f-b016-dfbd1cc0c731","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":182,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"731b9db6-cb6f-4d2c-a090-027c1dcb9b71","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":182,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"a6cd44bb-7049-4c8c-a901-c3b0027aadd8","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":182,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"e494fb82-d22c-41b7-8af5-87293bc9fb60","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":182,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"c188f3d5-b46c-4dc2-b82c-534388629e9d","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":182,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"7366bead-edef-4ab8-a4ed-0d0a3354dffe","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":182,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"47fa07ed-180b-47b4-a44e-629981311e88","block_type":"box","text":"Fair Value.","page_number":182,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"d9c5884b-91ce-4b4f-9dc2-d5d613839eba","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":182,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"8ebb2197-c482-45c1-a2ba-e9bcf5d29ae4","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":182,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"e3b5fc09-ec1e-4694-a554-519cd54248ca","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":182,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"7c288dde-ec0b-48df-9458-a773ca28e027","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":182,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"82c842e2-63cc-4867-9f7d-c72bf20157bc","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":182,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"1cfad477-d956-4036-bca0-8022ba428d10","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":182,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"e47df594-ed95-4a9b-8baf-9b8a560f6316","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":182,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"21ce647b-e0d6-4b8c-a94b-ac8796e72742","block_type":"box","text":"(","page_number":182,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"34c7bb3d-9f0b-46c9-8132-83ef6ed80529","block_type":"box","text":"e.g.","page_number":182,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"5c44d1f8-fd26-4333-a39c-bd74817b1129","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":182,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"9b612ad4-2c42-4a2c-9422-20b204e639d2","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":182,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"e9fd4b04-f7ae-486d-9f67-55ef819c4c7f","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":182,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"81558aff-943a-460a-a997-39066e6e6778","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":182,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"a3910c87-859a-4417-9604-7e10fb1fedfd","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":182,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"b23f2e0e-f811-4422-b7b3-35b5f12f0c6a","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":182,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"78ec9435-24e3-43ff-85f1-5775a45530db","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":182,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"bb1302ef-c92c-43b8-a999-70b673787d3a","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":182,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"2808e78e-292c-4378-b5aa-69e55f0dc98d","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":182,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"67fba358-5c46-4b57-8648-e8b18bad8540","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":182,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"e9263151-710d-40bf-a119-bf2678916caa","block_type":"box","text":"be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":182,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"20a7cb58-bde1-4a5b-af16-421b598f2db1","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":182,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"d8050a2a-e268-4682-9545-7c24f6ff123f","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":182,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"d0122dea-1509-40dc-bc56-2f87248e75cc","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":182,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"3915985b-fd69-4a13-919b-9170d6aef145","block_type":"box","text":"pricing time.","page_number":182,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"5e7a5ffe-d9d1-491f-9530-b66662f2f9f3","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":182,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"ec4c3ffe-2f18-4e80-832a-32e708f5e8b8","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":182,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"d39811cf-eef5-424a-b13d-50736c6daeed","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":182,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"5f3a4397-545a-4e47-b6d9-e556df237669","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":182,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"afcd4468-c694-4fa6-b41b-754c1a48d87d","block_type":"box","text":"assets and liabilities of the Funds.","page_number":182,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"749ee7e8-70ea-4db4-90a2-994e253f7ed3","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":182,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"15856c0b-c74a-4bf0-a460-a1a15a75d216","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":182,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"11583964-124d-498e-818b-818b69bfedd5","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":182,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"ac825f32-2e9d-4e31-821c-9ba888aab673","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":182,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"4a2f564a-aac3-4ce4-b313-1f0fa870ac19","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":182,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"001dce8a-1253-4333-89ad-04eed3e43b7a","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":182,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"7af9e575-33d0-4e35-a23b-71b5ca4cd80a","block_type":"box","text":"valuation models.","page_number":182,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"0c358465-2dac-46c4-b7be-e33a8ab92f46","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":182,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"81162cb7-2cfe-4735-94fd-fdddbecd3563","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":182,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"e8842a40-5605-4203-9608-bc257894a7f1","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":182,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"854c1987-23d4-41bc-8cde-bdab022b8d9e","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":182,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"a8ccdaa0-7873-4457-ac23-48daaf33807b","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":182,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"c1afaad5-f6b7-4b66-b781-74081aeacca1","block_type":"box","text":"II-123","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0ae216fa-4af4-43e4-9a66-6c92d760de42","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":182,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e8283bcb-0190-4ade-9e9f-72d20a57244b","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":183,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"5f9b1cfb-a1cb-417b-88c5-2ec9660552f6","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":183,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"01c427c8-0fb1-4aff-baa3-d9e08bd3134f","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":183,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"5f486c50-fa7b-4054-a848-dc34be16d3a4","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":183,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"0d552be9-9193-43f6-85ba-adf4c3ef8c96","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":183,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"74f08105-f797-40fd-ac44-d77322002cc7","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":183,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"fd8b788d-a199-406b-899e-1803a380cc6c","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":183,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"85337067-5464-4ebf-bad4-e7b9124a150d","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":183,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"bfed2508-a530-4a7a-9d9b-e1898393ce43","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":183,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"3f210741-364c-411f-b843-c3e9f93c5c46","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":183,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"d15bbcbb-4c96-4cbe-a792-84f85b07f11e","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":183,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"23a06e7b-73e9-4b97-865f-8330616e4d42","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":183,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"b4e6f3c5-d20f-41a2-b518-8d628ade5c87","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":183,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"4cdf3084-3184-4a3f-860d-d556569c0d99","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":183,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"516be66d-df05-4037-ae48-3142190b8d76","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":183,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"63c1800e-ddda-42d6-a265-d821f3cc0e78","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":183,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"30fab45c-dcc8-45f9-9ba2-5285771d0ad2","block_type":"box","text":"party determination of fair market value.","page_number":183,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"6d7e5827-bcb5-4319-81e2-1696d6b9a10d","block_type":"box","text":"Computation of Offering Price Per Share","page_number":183,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"ae9e9760-1068-453a-a66e-f134008b26fd","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":183,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"d4fb320b-c59d-4859-8611-aba7184223c5","block_type":"box","text":"the offering price for shares of your Fund.","page_number":183,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"0703dfe7-415d-479c-9134-225c02e8df1b","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":183,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"81d0a893-5a7a-455b-8fdb-0027efc1a101","block_type":"box","text":"Transactions in Portfolio Securities","page_number":183,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"94b7c845-552d-498e-b174-a61a39220fc2","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":183,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"1f84c4f0-f68f-47b3-8d20-a0a2da2849bd","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":183,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"5d187cff-8e7c-4759-8ae7-e5a974269c89","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":183,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"086500ec-1508-4df2-ae9c-eb9a0d47a935","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":183,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"80efcf1c-e1e5-4b04-89d8-0ee48fde6840","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":183,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"50d0f84c-c11e-40df-936c-188668af36f5","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":183,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"aa00ebf6-853e-4985-b60c-6aebc74bf9dc","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":183,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"13a84f1f-95d0-4760-8e49-9bbf01bd4296","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":183,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"e01cbcb3-3812-4b63-8265-485b61730b39","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":183,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"f9b5403e-f3e7-4b50-ab35-0b25e6ea5d6f","block_type":"box","text":"reasonable in relation to the services provided.","page_number":183,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"edd02d58-85d1-4a22-a5f1-39588c2fe472","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":183,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"66f979e5-c86d-4f8d-a2e7-54785a893efb","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":183,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"66432054-89e0-4158-ae1d-0e4e1330bc5f","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":183,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"065f3ea8-de06-49df-a518-a30cbb26a43d","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":183,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"44045da1-78a1-404a-a074-156ffb2efeb0","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":183,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"38dd1283-6299-4754-8605-b3922acd5102","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":183,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"cb206d5e-e440-4adc-9001-55c2802258e5","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":183,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"ff547b2b-95ad-463b-a1c2-3b4f3e8d5f22","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":183,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"16a30591-b0d3-48ee-a1ca-f5fe9004a3ac","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":183,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"14998ae6-a5d7-479c-85e2-7bffb0d6e113","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":183,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"83097477-2008-438e-ab9b-25f23d2416fc","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":183,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"a99b75f8-8c46-4bc9-825a-8376c5cd0c17","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":183,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"bbbc57b2-30ee-4570-bbf9-af313659e4ab","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":183,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"ed391d38-1d56-4d6d-b2d1-5c0a71ec5721","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":183,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"b9354252-83cd-4285-80f1-7237ccd082d3","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":183,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"0352991e-98cc-421e-8622-8cbd1528fef1","block_type":"box","text":"principal transactions under certain conditions. 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BlackRock believes that access to independent investment research is","page_number":184,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"71f6092c-79b0-4970-bd14-f4d9df7d2038","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":184,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"3e5873a6-fd1b-4acf-b685-b1e9865c94ac","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":184,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"a50551a3-afc8-46e9-8b3c-8dcd152794c3","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":184,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"4b593f71-67c0-4989-bc1f-f1b1b07215ec","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":184,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"5b5f7623-6c6c-49ad-a1ba-a22804ea2293","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":184,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"7faf4123-5c2c-4926-8dd3-8bfe25ccbcfc","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":184,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"9c091fab-059a-4575-a958-eb0304a7d73a","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":184,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"05cac346-07e2-47ed-a455-f3cd9810ce36","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":184,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"4569740f-fa94-46eb-8faa-b3bbb555c32c","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":184,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"f0249bfd-8863-437b-9552-602619f8c199","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":184,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"450b7712-68e7-4f30-94f8-0bbf05a40fed","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":184,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"a15d2f05-db87-4bb6-957b-ccea87b110f0","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":184,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"653e2fb1-9182-47fc-ac82-7c36728b917b","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":184,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"47334962-6b7e-4493-9a1c-4e66bd0f7506","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":184,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"63788cbb-6550-40d6-83cb-39ada5317bfb","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":184,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"b5f35c24-4b64-49be-88f8-9b242f1b19d0","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":184,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"d53b3973-9bd0-4ce6-9278-b6147b90e6e7","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":184,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"5ab57ac4-537a-4a96-aa9a-a9dc021da891","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":184,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"b661d573-dd04-4b0b-b4e8-11bd6325cc4c","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":184,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"b23b850b-61a3-45a5-b3e9-051d00afdbd2","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":184,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"3a1605ed-8dce-40cd-a88a-e9affb987095","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":184,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"33d6320a-4218-4bce-b249-930c8d36af87","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":184,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"44a3ace0-2422-4244-b353-bfb05d33b87d","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":184,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"9b61279d-f01d-4758-a57f-165badb8de62","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":184,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"54f7ceed-32bd-4b00-956d-dfb4c5868670","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":184,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"5aec04b9-f21a-4d83-b21f-ec4cb6581f2c","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":184,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"75a318b0-cbaf-4a6a-b18f-fc0188c8fcd3","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":184,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"ad212f9f-453b-43ca-b9ad-9192553aeeb1","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":184,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"ad677dd7-8259-41e2-884b-9d8d5ca7dacd","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":184,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"66455667-da78-4b80-8d33-a04b7c0ad698","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":184,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"e27d85aa-cd6d-4950-8454-c9c93c8eb569","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":184,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"6c60d4b5-767b-4afa-8ec4-a268524cb3f7","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":184,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"ac6d87ae-f6dc-4609-ab3a-d10fda5ab8f3","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":184,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"963ee667-6f46-498e-b6f0-eb7d39687e5d","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":184,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"da8e1ff0-7282-4b93-aa3b-e139ee6ec08f","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":184,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"7632d1ee-70f7-443d-a3c2-130dceb58333","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":184,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"ad7ec3e0-f966-4c5a-b0c9-5e19d6d849a1","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":184,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"cafa4199-c714-447b-b32b-cb586342bd27","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":184,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"71b286d8-001e-4d0b-85db-e46546c3d8fa","block_type":"box","text":"non-research purposes. 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Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":184,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"45765bec-39fd-4cbc-9948-1292c4d6f381","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":184,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"dafdcbfc-3eb7-4295-9055-d6e50b93563d","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":184,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"371fe726-3a28-47b7-8719-1916cfe22233","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":184,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"75e9a261-d7da-48b8-991e-b5ca0d38ac53","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":184,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"f91c47b3-deb7-4627-aa39-439db00d5a1a","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":184,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"e7e16d82-2138-430d-848a-c9f004e2b335","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":184,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"399c8595-7d55-4e46-abd3-7dc55cdc5de7","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":184,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"86f11c91-82f5-4587-83c0-65e0011582ae","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":184,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"ba3c7766-f841-4da0-969c-395acc3ea4ff","block_type":"box","text":"brokerage.","page_number":184,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"08c3c8f8-68ae-4c52-940c-185917f77953","block_type":"box","text":"II-125","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3dcf09d2-924b-4226-8393-2d95a4f6e040","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":184,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"59d389f9-7834-421d-ac6f-fd0a581303b9","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. 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These arrangements may not fall within the safe harbor of","page_number":185,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"0c21ad37-5d2d-47d2-9773-950d17e50f26","block_type":"box","text":"Section 28(e).","page_number":185,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"5b09c309-1c9b-4826-a0aa-80649b06a025","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":185,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"779babdb-8249-45b4-bea4-26226c961d47","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":185,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"5380a836-6d0f-44e7-8328-14e3a4415a7f","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":185,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"b783a35d-4f7e-41a2-b65b-1483674f8873","block_type":"box","text":"execute transactions for those mutual funds.","page_number":185,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"9464dc7a-9650-4b23-b79b-c45b0ba4eef3","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":185,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"6467fb7e-b7cf-4e3d-8551-d556c07d9466","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":185,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"5abe80d2-e74a-4445-bcc2-9bd53212128f","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":185,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"5e38911f-9128-473d-b5ed-83a6f90e6786","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":185,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"21bf202d-ae77-4c28-8819-f5947b53f06c","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":185,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"d2669561-0300-4d02-8398-7d99092c2f10","block_type":"box","text":"commission rates. 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Under present conditions, it is not believed that these","page_number":185,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"7a8cfde4-21e6-4003-b2ae-f5eec4701731","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":185,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"69c7302b-8dd2-4d78-92ed-e504c96ef296","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":185,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"d794731d-0e96-47e5-964c-4f1fda25e8f8","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":185,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"475b7d86-0e2c-42ee-bea5-366bc5207ffc","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":185,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"d159c405-d5d9-4898-9d6e-4975538709fe","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":185,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"14a3e2d8-85af-4308-9ca7-ebaf5b8ddf3a","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":185,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"ac19fa53-d713-407d-b0e8-b3b2db74a18e","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":185,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"9e90637a-14b9-4e17-b26c-d211180695de","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":185,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"fe09399b-f53f-4f0e-9b4c-4f29cbe13ab7","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":185,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"b0fe827e-0b14-416a-abea-b1369cf98540","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":185,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"41746c7b-1bc7-4ae5-93d7-7f87d6d86bc9","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":185,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"2e4f796e-f045-42db-95c5-de445afebf37","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":185,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"f34228e1-1cd9-4f7a-8d40-a6924a688f2e","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":185,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"e6d7c688-7ac2-4b51-8625-e159ba62ded4","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":185,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"666a9e11-6952-4a68-921d-2de75022f6f2","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":185,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"ea061dd7-19fb-4b00-82ab-8d84e130dbb7","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":185,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"e6b1a580-2ae7-4de9-8e17-fedc8a73d4e0","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":185,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"be45a19b-f14b-4ff7-aca3-142a4587f85d","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":185,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"922dac6c-1fa2-4ab0-8193-cb4ffa535558","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":185,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"2aa66131-6657-4859-82b5-e82fc05fe8d8","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":185,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"94779661-d85c-49d1-8db3-b98726dd6d0a","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":185,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"3ee95953-5aa7-4560-9b4c-b40ba483a1c4","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":185,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"257427fc-61f0-4474-aaf6-d84bded5ec71","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":185,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"9adec438-63b3-4404-82e1-43bdf8b023ed","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":185,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"43dd2569-e7a3-4b7d-bcbf-dd76e9caf700","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":185,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"81494f7a-0d1a-4654-b110-3f624690a68d","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":185,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"b9161756-b030-4a07-9cf9-c85943b1863d","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":185,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"1e8014ba-68e1-4062-b46c-e908c9da01f0","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":185,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"3a06bb46-2691-46df-ba9b-9225c358b88e","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":185,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"52dfeaf2-db22-4cca-abfd-11491a60d057","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":185,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"0a7994bf-565a-42a5-96b3-5e355d2e50db","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":185,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"7e57d36c-75f4-4e32-bb6d-4909eb9bd92f","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":185,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"07aad165-c579-44ea-a157-e8e192912127","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":185,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"01bd4255-3a76-4483-ab3f-8be1cbe652c0","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":185,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"5523ed7b-fbef-4724-bbbe-345fb936dc15","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":185,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"5726394b-0ebd-4475-bc52-cf6f8e689719","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":185,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"03466c08-9422-42d4-8e7b-7120accdfed1","block_type":"box","text":"II-126","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"81382fdd-3fe0-4a11-a921-a8827d21760b","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":185,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9821bb33-3f23-4e3e-a603-4abcb05982dc","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":186,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"c323d82a-640a-410f-9f71-aadb4f1904f1","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":186,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"6c862ba5-3b71-4375-a26e-eb94a1765fef","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":186,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"321e6825-8b00-4ef7-a7c7-6e7345617fed","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":186,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"d0b4a85b-243c-4122-a09d-bd4455870ee0","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":186,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"1eb438e5-18e5-4925-b505-42b5f6aa04d7","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":186,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"2a6a20e3-56f6-4983-825d-b78c2255f0fc","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":186,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"97ceef06-dba3-49a3-a85d-2af8a31167d3","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":186,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"0f10b3e2-840d-41fc-9769-2da7b7906de1","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":186,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"e4f7ccb0-7c6d-4b69-adfc-57501e2df226","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":186,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"0633873f-6857-4f0e-8d35-fd5df4851df6","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":186,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"d956f08c-b2d8-4507-88ac-63c918b92ad2","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":186,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"a8594ba6-f94a-4d1f-8313-eb480b0d0913","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":186,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"e56e6813-c47f-4e99-930a-f00f0ccb37e9","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":186,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"92850063-635b-4dc6-80a6-42ff23cd51cd","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":186,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"3deddaa4-300b-45f3-9219-09a701c6969b","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":186,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"23b35fec-2930-4be8-bf08-c8eadee2d13c","block_type":"box","text":"accounts and compliance constraints.","page_number":186,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"30778f08-a157-4858-ae7c-8b79b7026a1f","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":186,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"18814393-1b98-490a-8934-efd33b653c62","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":186,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"27b770f9-b590-41a9-a59d-8b95fd55dc7f","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":186,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"85e27098-4a4b-4c33-8618-ce5e7a437bc5","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":186,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"7e4612c5-635d-400e-a2dc-71d90c2eed15","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":186,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"f102ed68-cddb-45fe-bf3c-9e170e6068ce","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":186,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"941e3c50-4cbb-49bb-865b-55d6eff9f875","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":186,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"878f0375-d328-4138-820d-bc7855294ea0","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":186,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"443403d7-2be1-4888-9d20-e5fd7dfe5220","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":186,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"f538346b-af2d-45fd-944d-44dc32ed5220","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":186,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"d146338b-edee-4ace-af8e-6517256d00fb","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":186,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"7041ca87-b27e-4825-9970-a0d58e0c4722","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":186,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"1022a426-6335-4941-ad09-0ced4dc26daf","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":186,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"0fd58489-7e3a-4db6-9a16-50c2e2caaced","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":186,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"2d70b088-af65-4d19-a614-b13ab1efa472","block_type":"box","text":"clients may be used as well.","page_number":186,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"83818341-d3dd-42a1-8712-d15fdfb9894d","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":186,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"14640718-ebc2-41b5-bab1-2e5fcc1e9348","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":186,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"23220d8c-e5e2-4390-a322-16d21ebc6de8","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":186,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"0d16603f-ead2-4e26-9bd4-bd38b9d2f7ea","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":186,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"c8648fd5-b90f-4f3f-acd7-1d1884dc0e34","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":186,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"9f68851a-1757-4019-a439-5aa5bc4582b8","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":186,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"ce36f7ec-f5ee-41af-96e2-8bf457e0f936","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":186,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"8d1d80dd-5348-437f-83e2-617b8b59ba19","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":186,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"d5ee8d0c-bd9a-440d-b70e-ac501a47d288","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":186,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"b20f5d46-4214-4827-ba2a-aa0ae9a5ab6d","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":186,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"fb02e2df-e7cc-4643-a8e5-e8ca4540c695","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":186,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"a4c8a7b9-c441-4b81-9fc2-3fdcc598fe42","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":186,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"795415e3-8148-4cde-8d15-1d12407e3c97","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":186,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"a4ba9f11-7f47-449a-96d3-5f7374ad7896","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":186,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"4b7ef2db-86bb-413b-bea8-89acd58d4f13","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":186,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"60916510-df6c-486f-b9bb-f7c826483194","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":186,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"6df8ed10-cdb3-45c1-8e55-87a5ae3a68ea","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":186,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"c75fc1e3-900b-4a2d-b40f-0c4984ae3dbc","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":186,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"769224ab-79d6-4be1-bba2-51ce1d96ad87","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":186,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"bf3ecb0f-de9a-4238-8439-854f4232c452","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":186,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"2afe1a8b-51ab-4bfa-9eb2-18cf13bb6182","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":186,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"3cf839af-a04b-4cc6-9917-571c4c654eff","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":186,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"bb25b125-d597-4afe-8479-372a0f5c2911","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":186,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"f48a4fc5-7929-472c-96ac-92910cdccbcd","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":186,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"94583708-fd89-4e4d-a035-c01bb7453d8a","block_type":"box","text":"II-127","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c34d9980-b3c5-4dce-822b-ca92f8ce6bcd","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":186,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"576cfab3-aa8f-4a1a-b556-c8840879f94f","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":187,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"8f5a6774-9ce1-4cb7-b9ff-f15b5d7f2382","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":187,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"460abcdb-35f7-4a91-b01e-f26be8b75581","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":187,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"9771006a-dfdd-4e5e-9ae3-faf269ce9900","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":187,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"e0de2d7e-4802-4931-b529-9e8bbc9cd642","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":187,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"e96d75f6-3d35-4d28-9e4a-dac0a1051b90","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":187,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"6ea0737f-aa2a-497f-9fe0-e3e4737f2a46","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":187,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"7eb92502-7c79-44bb-a0fb-affd6785bce3","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":187,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"506c3d4e-81fc-4a61-8049-83ae1107a962","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of a Fund and","page_number":187,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"3fbfcd7d-5f51-4c92-8f62-1fadc8c48612","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":187,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"2ab464fc-bfdc-430f-870c-716bd7480913","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":187,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"d723273b-df24-427b-a84a-889cbccc3ab8","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":187,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"650c2d9e-c5ad-407e-b1b5-d152a0531b51","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to participate in volume","page_number":187,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"dce3c238-42b0-4be3-8d6f-7a4bb72d8fbe","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":187,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"0b677398-da1d-4e92-9356-0f09060276bb","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":187,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"5273d32b-c31a-4496-af86-a29e7e17fc6a","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":187,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"63d4839c-2100-469f-9d5e-eec1d68edf6e","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":187,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"7230d741-0e3d-4a67-9440-7fc1cf013c5c","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":187,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"8535d65f-5e2a-4a26-81ba-62b247b89ef0","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":187,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"10a5900e-308f-4b1b-b08d-ac5bfa9293de","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":187,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"18ca964f-e7b6-4b99-a344-a26037c085e5","block_type":"box","text":"Portfolio Turnover","page_number":187,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"fe1a9101-e2ef-49dd-9e8b-86c960f6a969","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of portfolio","page_number":187,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"1f41bb36-5fe1-4c24-b4be-8d5ff6ef46cb","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":187,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"e45d82f6-c996-4150-ba8c-5a41089e0f81","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during","page_number":187,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"b3cf00d0-8216-4cee-88de-43e39f238e24","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":187,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"e57f3e73-f3c1-4e69-82b3-54db94e9b4eb","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":187,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"85ce4019-cfcf-40ad-99f9-7bdfd3062acd","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":187,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"27bd77ea-a921-42a2-b7bc-00db5201526b","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":187,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"e5c12d8b-8cc6-4ae6-b794-ef8d57bcd2a3","block_type":"box","text":"Dividends","page_number":187,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"0cdfc1d9-db5b-4b81-8a5b-2ca5299ab2a9","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":187,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"d70545af-5085-472b-bedf-203bcfbf5b2d","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":187,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"080d780b-e08b-47df-adc9-68824b1997f5","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":187,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"5450a5c2-c2de-43e7-a9d5-07533db27974","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":187,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"fe9e76e6-1ba4-46ab-b9bc-e6f084568656","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":187,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"ce45a42c-b0a5-4cf3-b912-a9a85e168557","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":187,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"f3935c97-3faf-44f1-8adb-b5ca666fc484","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":187,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"b3717193-d125-4a2f-b4ac-17d93dd758e0","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":187,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"df05a461-6440-4f37-ab9f-020f3b04c895","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":187,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"4c971c0a-289c-4146-ae71-91c29a9a0d23","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":187,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"faa9fec4-e715-442e-b009-4551614a0636","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":187,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"70852d1a-6a5a-4b08-b019-df1dd50d5604","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":187,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"a3bd02f6-702c-4819-8a2a-644e6b2c83ca","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":187,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"d4b85f15-8a18-4cb3-b555-1ff3160178e7","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":187,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"077313b8-0de3-438c-8b0c-824518078152","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":187,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"0f309415-6c75-4048-a1be-44284e7d1508","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":187,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"e47590c1-90dd-43de-912e-742b3ec7a298","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":187,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"f5ec41d8-37bf-4b1a-831b-b8e61d38a0f0","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":187,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"39c16437-163c-459b-8e94-b12bad1d5215","block_type":"box","text":"Taxes","page_number":187,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"654be35e-a2d7-48d7-b240-5ef7c7094a51","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":187,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"7447df89-1f50-4250-b5ed-4e9da7832773","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":187,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"df85aefb-87db-43c7-bf25-ee3e93b06804","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":187,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"acdde006-b529-47ed-84af-c4a394ea7efc","block_type":"box","text":"II-128","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"634f9153-40ec-4627-91ec-57d2b57e78c8","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":187,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"de2f76c3-0185-47d4-814e-e71f4e1af3d0","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":188,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"0ccd67d0-7a3b-4123-b616-63b66bfb9060","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":188,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"096076f0-3a46-4d97-ac6b-694f5759c68a","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":188,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"492a1276-5767-4763-8426-6af2ec88447d","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":188,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"b005ea5d-1bea-4a97-b950-ca8d15cecdf5","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":188,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"f015575d-a589-462b-b1bb-5a065713d1dd","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":188,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"6dfb1b54-c95b-4bc0-833a-5b0bbffa4f52","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":188,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"4c898919-d1b6-4118-8453-1b07a9510519","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":188,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"ee7145d6-84ef-448c-b748-b4bff83f25a6","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":188,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"62c23701-0e6a-49e7-9dec-074ecde368a6","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":188,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"c512e1d0-5cdb-4231-9da0-f7400b5a1304","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":188,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"223bd324-e8be-43a0-928d-ee197e688e25","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":188,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"ea2649ac-2c6c-4710-bf8d-71a072f5ba38","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":188,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"e2acad6a-51f3-4ca6-b89c-81917c231135","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":188,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"a68a92ed-59a9-49b5-bd51-6fa43cb760d3","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":188,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"5a495799-2c6c-4df4-958a-598c716061bc","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":188,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"e497fed1-546b-4964-af67-061a25866940","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":188,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"5c121270-8809-4d98-8c2d-5ac59d4a5505","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":188,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"4d898d2e-05ef-4bbf-9e5d-6fd950d4d530","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":188,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"2b3fc8e2-c8f6-441d-a245-592aeaeaebce","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":188,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"62a79f53-e1f2-4a7d-aa6a-e1e18859443e","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":188,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"090ad7a0-eebe-4926-a7fa-6d1570418524","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":188,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"1daf8341-192e-43d8-9a35-95184c3a7aed","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":188,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"797414ef-0f90-4f92-b44d-d1399751e611","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":188,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"733890c7-fd1f-4376-a4d2-37f3bb2336a6","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":188,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"a912bedb-0499-4220-ad98-9a8ade6d00f2","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":188,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"4b7e2f4f-bd50-4a38-a1a5-706cf2c2846d","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":188,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"fb7e1579-ecc1-429d-aea9-3ffd1032f27b","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":188,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"ef3f73dc-0185-457b-9d6d-97c0e4732e6d","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":188,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"905448af-f44c-4d0e-97e2-851987af8939","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":188,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"42bad3fe-5f86-4d6f-9462-b488783f50d8","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":188,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"57238695-a4cc-4e23-887f-a618d0638d9a","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":188,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"a526f725-9e8b-492c-83d3-8a0d00ae5379","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":188,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"bd7920e1-2b98-4889-bc89-fb6999d6ed57","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":188,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"6d24ae55-c7b5-448b-a6ad-c7466e7a0b89","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":188,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"47984af9-3156-45f6-93aa-c9a8d48e9135","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":188,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"230118b8-99a1-4b02-a22f-efe1be00bb11","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":188,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"1ee53a0d-a1cf-4c84-96e1-9bd38babbcc2","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":188,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"eaea2bff-1263-48eb-bbab-fd3433e8c314","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":188,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"9501aa7c-eaa7-49cd-92e5-f9fe07973603","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":188,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"9d8aac7b-0d4c-444f-8f17-bab131e5cb37","block_type":"box","text":"limitation.","page_number":188,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"dc036f6a-5cb3-446b-b913-8db560974a5d","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":188,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"f8ea9c44-7d9f-4c77-ba82-fad0b7edcf56","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":188,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"036f19a7-fac8-4939-abbe-1c53bff1d529","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":188,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"31719c77-e272-40dd-a48f-8f73f9634644","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":188,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"20d04c39-c3bc-4678-a5b8-3684f34520bc","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":188,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"5344ffa8-cf05-4eb3-932c-754864573262","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":188,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"18679f3b-4501-4321-a3c6-3c2f1149dd2b","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":188,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"167b69b5-70b7-49b3-924f-ecb10896d8bd","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":188,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"9f579f3a-4484-4bb1-88ba-0c46180dcc15","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":188,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"32670926-311c-4df7-a58c-933508ddd2a0","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":188,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"18ad8d77-52a4-4d5c-b322-0737da28aabc","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":188,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"e52a8f1b-a22f-439d-b084-a51d24b2e67f","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":188,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"f35dc10e-829b-4da9-8c04-c0180c920c69","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":188,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"bf5fd84d-48d7-4cfa-9c67-9b15e6405965","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":188,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"c16a0d10-4689-4100-b611-56ddef7db670","block_type":"box","text":"II-129","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"02637bcd-2778-4123-b2db-a2cc0fc697ed","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":188,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c6f4ae40-a69f-4e50-9003-66047395913a","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":189,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"067acc79-5e08-4489-b786-858906308adc","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":189,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"bca385e0-8e4c-493a-8890-255d2d3ed1e7","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":189,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"fd4cc83b-16bd-4a4f-a8f6-ea920294fa7c","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":189,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"ea216180-ff57-4419-8508-b40ace262888","block_type":"box","text":"constitute “qualified dividend income.”","page_number":189,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"ff0a60ef-8243-48f6-b668-71f6983e0878","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":189,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"f5f990e4-8a1d-43b0-979b-4351aa5429a2","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":189,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"261e37b5-b872-46d7-ae53-211b214da2d7","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":189,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"23f77b5e-68d2-4dfb-b7b0-6c3ac3f9e17e","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":189,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"b45906dd-4e67-4e85-aba2-176b7b4c5cbe","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":189,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"72dce8d0-4494-4777-b33b-c21ffb412be2","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":189,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"5c6fbcba-b0e9-45c1-a922-8329d4d90b96","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":189,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"d4849e91-85cc-48a6-9da5-bbce0a262f41","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":189,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"3242e294-a6e3-4f57-b277-95623ac643c2","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":189,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"b971335b-c110-4882-ab9b-2972524f67b0","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":189,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"20cb3c84-c176-4b1f-8281-670e2173f2f4","block_type":"box","text":"against their taxes.","page_number":189,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"fc7c4be8-8e11-4389-abe2-a659235a40a0","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":189,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"91887566-ed28-4dfa-adb8-9067e325b4a3","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":189,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"22652986-8226-49c2-9f86-7ffcfd77ffc5","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":189,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"899ba699-3609-4903-9bc9-d7f6fff7a5b1","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":189,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"94334963-2ab3-41b5-b264-31c901824fdc","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. A Fund’s capital loss carryovers, if any, carried","page_number":189,"box":{"x":69,"y":370,"width":807,"height":11}},{"id":"e352a254-c12f-40c4-aaa4-a313186e3fdd","block_type":"box","text":"from taxable years beginning before 2011 do not reduce current earnings and profits even if such carryforwards","page_number":189,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"2178cf2a-8751-4838-9e86-ae0dc1729004","block_type":"box","text":"reduce current year realized gains. In the case of a Fund with a non-calendar taxable year, a Fund’s earnings and","page_number":189,"box":{"x":69,"y":400,"width":803,"height":11}},{"id":"d72c47eb-0100-4d33-82aa-d00cf6426880","block_type":"box","text":"profits are allocated first to distributions made on or before December 31 of the taxable year, and then to","page_number":189,"box":{"x":70,"y":415,"width":752,"height":11}},{"id":"2d86b091-4411-44d7-bbb9-39b8c0ff277d","block_type":"box","text":"distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of Fund shares held","page_number":189,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"e261f6a5-58bd-44e7-90a7-8024825c3d53","block_type":"box","text":"for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received by","page_number":189,"box":{"x":68,"y":445,"width":829,"height":12}},{"id":"f2fd9d2a-589d-4ce4-a0ee-bfdf985ec519","block_type":"box","text":"the shareholder.","page_number":189,"box":{"x":68,"y":461,"width":115,"height":8}},{"id":"198210d5-20be-4758-b520-a12c6229ca9e","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":189,"box":{"x":102,"y":483,"width":792,"height":11}},{"id":"edac8c7a-169e-4a38-bf99-ce95cb6fe2a0","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":189,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"628afad5-6672-429c-be84-3d8449eb9db9","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":189,"box":{"x":68,"y":513,"width":809,"height":11}},{"id":"ec4d0440-097e-4b5d-bf07-9f88d8dd6678","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":189,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"7cfae224-8c5b-4060-82f8-df71597e6246","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":189,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"ee5f1d13-7c82-455d-b270-760a7e2a2a57","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":189,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"5a53fab5-8a18-4d14-9d4a-eb78d6c36a66","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":189,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"3584008e-fdc5-4949-a038-201b0832d39e","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":189,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"b6cf97ad-8a3e-4c28-91e2-7197d3938cf6","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":189,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"eb1dcbb9-6ff4-424e-a3d7-5afc0b910bc2","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":189,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"655bbe82-15ef-4ef9-84aa-076d1ba577d8","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":189,"box":{"x":70,"y":634,"width":772,"height":12}},{"id":"919bd9aa-5b61-4515-b725-14ecfb30ca54","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":189,"box":{"x":70,"y":649,"width":795,"height":12}},{"id":"90669b81-b390-4acd-a620-34d04e28c966","block_type":"box","text":"taxable year.","page_number":189,"box":{"x":68,"y":665,"width":89,"height":11}},{"id":"ff55de88-c64e-4f13-8ee0-96b1f8118f81","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":189,"box":{"x":102,"y":687,"width":733,"height":11}},{"id":"88eafb00-d8e3-4991-9011-3dbc6b4fc61d","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":189,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"0e1dfc0f-eae5-4b51-a683-13ba0155c12f","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":189,"box":{"x":69,"y":717,"width":809,"height":12}},{"id":"a4407e26-3633-4e1a-8242-133073014eb6","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":189,"box":{"x":69,"y":732,"width":362,"height":12}},{"id":"14854a9d-b6b7-4f8e-9eec-e8f885fb6ab8","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":189,"box":{"x":102,"y":755,"width":795,"height":11}},{"id":"7018cc38-85c8-4425-81e7-45f98b56043a","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":189,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"318b6a38-f8e5-46e8-8390-053bac908b7f","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":189,"box":{"x":69,"y":786,"width":797,"height":11}},{"id":"dc03e17b-88ce-436f-9707-e14491bd4223","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":189,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"2a6bf63c-b12c-468c-aedb-9ef8a7aad052","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":189,"box":{"x":70,"y":816,"width":646,"height":11}},{"id":"1de90784-6ab1-454d-9b10-27d266f89e49","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":189,"box":{"x":101,"y":838,"width":807,"height":12}},{"id":"92436086-b647-4daa-8940-520a135f6084","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":189,"box":{"x":69,"y":853,"width":839,"height":12}},{"id":"68077640-976b-43ae-b20c-04874693787c","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":189,"box":{"x":69,"y":869,"width":799,"height":11}},{"id":"f0c5655e-4261-4821-abc5-0532ef75b20c","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":189,"box":{"x":69,"y":884,"width":534,"height":11}},{"id":"aee71ed7-c0a9-40cf-8065-6f8fc7c2d282","block_type":"box","text":"II-130","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b2a5f8be-47d8-4666-88a8-fa5a7061ba4e","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":189,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f8bd4cd2-a260-4621-a96a-49de785cca5a","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":190,"box":{"x":101,"y":45,"width":792,"height":11}},{"id":"31d54e9e-6c21-494a-916c-2eee44c1303b","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":190,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"7b8fb44f-2bc2-4764-b345-9ff2dbf9bb99","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":190,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"50c71227-ce80-4102-aec2-9a017159a78e","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":190,"box":{"x":70,"y":90,"width":824,"height":11}},{"id":"4b455021-ebf5-46c9-8e7c-27a8216594e1","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":190,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"e3339795-e661-48c7-988b-4defeea33767","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":190,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"ee2597ea-f847-493c-8ed5-6ad4fb748249","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":190,"box":{"x":68,"y":135,"width":840,"height":12}},{"id":"9700f0bb-fef6-44b4-af87-47d6236ebb4b","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis reporting","page_number":190,"box":{"x":69,"y":150,"width":822,"height":12}},{"id":"65a115da-50df-41b3-8bd1-4e82b08f9581","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":190,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"41175b29-8b26-4033-9d35-89ff700e3cc5","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":190,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"50396525-51a4-4eb1-bde5-9526cb1f1fea","block_type":"box","text":"redemption of such shares.","page_number":190,"box":{"x":69,"y":196,"width":195,"height":11}},{"id":"793bdd2c-3a0c-4a03-ace7-0ecfbb5f2773","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":190,"box":{"x":102,"y":218,"width":799,"height":12}},{"id":"6c07f338-c586-47c6-8aad-4e98e34f04ae","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":190,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"803af9f3-dccb-4888-a1cc-7607dfbd2eea","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":190,"box":{"x":70,"y":249,"width":826,"height":11}},{"id":"4c79df9c-d9f2-4588-8302-b2191afbc68e","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":190,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"234b3df7-a267-46cd-98a3-056bd3349848","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":190,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"b6ee88a6-ae68-4f6e-9ae9-4cf641c02214","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":190,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"cc1cd585-2a51-45ae-bc7b-f148ca483ddd","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":190,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"9fa96380-2487-45b6-bca8-e3c6618b7598","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":190,"box":{"x":68,"y":324,"width":831,"height":11}},{"id":"b749af96-8850-403c-893c-416b29d1bb34","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":190,"box":{"x":69,"y":339,"width":775,"height":12}},{"id":"84ab6a14-760d-45a4-91dd-d21b47708863","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":190,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"fecb273f-864f-42ec-9efc-d1487da78c94","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":190,"box":{"x":69,"y":370,"width":658,"height":11}},{"id":"0e14bcbc-41d8-45c8-ae1d-347807f8bb86","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":190,"box":{"x":102,"y":392,"width":744,"height":12}},{"id":"770401c2-4d39-414b-aefc-76906ba795b1","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":190,"box":{"x":69,"y":407,"width":751,"height":12}},{"id":"dfa7bfa1-428c-4594-98a2-5533751bc054","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":190,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"806c2066-3a8e-4d76-9f9b-31cdfd564d12","block_type":"box","text":"on a section 1256 contract is short-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":190,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"a367881b-4813-498a-b1eb-7c1bf6f66001","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":190,"box":{"x":70,"y":453,"width":802,"height":11}},{"id":"9d4ce998-ed80-44c6-8ebf-11304c2210ad","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":190,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"31074314-fc2d-497e-a767-8c736c6cc996","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":190,"box":{"x":70,"y":483,"width":839,"height":11}},{"id":"429ae317-a594-40f1-ad88-daceaac9027a","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":190,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"fd8ddc9f-30db-4cfe-add8-f7d864a23af0","block_type":"box","text":"gains.","page_number":190,"box":{"x":68,"y":514,"width":42,"height":11}},{"id":"03f35511-5c1e-4ee1-a375-e80551bbc652","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":190,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"467e4953-0725-4579-a3dc-1738d5516dc3","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":190,"box":{"x":69,"y":551,"width":769,"height":11}},{"id":"a9d6a6df-f561-459b-b875-f3f6f2c424bd","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":190,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"55806733-8659-4108-b815-2f5e1cf431d5","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":190,"box":{"x":70,"y":581,"width":819,"height":12}},{"id":"64c52ec7-d2b7-4597-9841-74dda589c9c2","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":190,"box":{"x":68,"y":597,"width":818,"height":11}},{"id":"6b287b73-f46f-4b10-bba4-b02612356863","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":190,"box":{"x":70,"y":612,"width":830,"height":11}},{"id":"8b242fec-fb59-414b-892b-483c26503d92","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":190,"box":{"x":70,"y":627,"width":792,"height":11}},{"id":"6ca73e7f-8a6a-46fe-9102-835a8b67a8b9","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":190,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"98bc3de8-eee2-493a-871b-655ff003b6a8","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":190,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"e44db8e4-6bf6-41b3-8816-0168a7b98fc9","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":190,"box":{"x":69,"y":672,"width":570,"height":11}},{"id":"74fc50d8-a2b6-4f32-a216-a92367816dd5","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":190,"box":{"x":102,"y":695,"width":795,"height":11}},{"id":"d17f3173-3889-4750-901e-9b1bfe1699cb","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":190,"box":{"x":68,"y":710,"width":816,"height":11}},{"id":"ce4cef4b-2191-4029-85a7-d112fea4ab1b","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":190,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"2e8a6985-4d9c-491c-a980-81ed62b02624","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":190,"box":{"x":68,"y":740,"width":815,"height":11}},{"id":"a25d1d80-a522-498f-9fe4-25457f0727fa","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":190,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"7a5e42de-e173-408b-8de6-a8d31bc75ade","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":190,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"99c7d79e-f4fa-4d29-a908-5ae47d5b1c03","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":190,"box":{"x":69,"y":785,"width":781,"height":12}},{"id":"234d3e16-e4bf-4c66-8056-89a45202c0e1","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":190,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"d99a135d-f261-459e-8488-605201cb20df","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":190,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"f204910f-5567-43d6-9613-93cdefa4af4e","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":190,"box":{"x":68,"y":831,"width":808,"height":11}},{"id":"9840312d-a74c-4f56-aeee-f004328bb2f6","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":190,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"8159d417-ee4a-408b-9d8e-c818ed4bb5a0","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":190,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"3b01cf99-bf16-4a21-837f-8164a66012a5","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":190,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"3b095c29-28d9-41eb-bef1-c0fe404efde2","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":190,"box":{"x":68,"y":891,"width":784,"height":12}},{"id":"b98ff94d-0fb3-4fd9-b9a4-74fb9546592e","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":190,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"486f0ecb-5e08-4dde-a118-95aa588bcf1e","block_type":"box","text":"II-131","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f791aea5-7111-4f15-80f6-77c49e534f0c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":190,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"45a06aa7-557b-4dbb-be00-46ca0a827ae4","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":191,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"4291841e-e16c-42d5-92bd-1d9e57f23d9d","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":191,"box":{"x":70,"y":60,"width":772,"height":11}},{"id":"4978557d-ebb9-40de-9b19-92a0b7e93ec0","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":191,"box":{"x":70,"y":75,"width":791,"height":11}},{"id":"c5d2eb36-95ab-4485-b452-f2209d6738d5","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":191,"box":{"x":70,"y":90,"width":787,"height":11}},{"id":"f2cf5265-4a8a-4d6b-9e52-714d89b11257","block_type":"box","text":"dividends under these rules.","page_number":191,"box":{"x":69,"y":105,"width":201,"height":9}},{"id":"98ca435e-b9b3-437e-a5ad-35f6c2c011ff","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":191,"box":{"x":102,"y":128,"width":747,"height":11}},{"id":"214a4bf5-bea3-482d-8491-5692cf3c8001","block_type":"box","text":"property interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":191,"box":{"x":70,"y":143,"width":838,"height":11}},{"id":"7c02ee26-2bd2-4bdb-8ff2-f7b57766a84b","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":191,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"07b7afcb-86b4-4cad-bb79-fb8508f3ffe7","block_type":"box","text":"real property interests (including shares in certain “U.S. real property holding corporations” such as certain REITs,","page_number":191,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"e52b922d-4188-401e-8670-522803ad2f2d","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":191,"box":{"x":69,"y":188,"width":786,"height":12}},{"id":"861fd76e-0d85-4d0e-9ab3-c709e39396e9","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":191,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"e66f09cd-7a52-45f7-839c-82617f028245","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":191,"box":{"x":70,"y":218,"width":807,"height":12}},{"id":"ee5fa1cf-28d0-41a9-b4a8-9846c8ff98bd","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":191,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"5b2fbe19-7b8a-4ed1-987b-942f7ea03a68","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":191,"box":{"x":68,"y":249,"width":818,"height":11}},{"id":"742eade3-c532-4ade-aefc-95539e8499f7","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":191,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"3751e788-ec09-4248-892a-479216543543","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":191,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"c83b964a-3e61-41df-97ff-44f2d0a1d861","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":191,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"e3655d27-5014-411f-842f-b68f52210c0b","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":191,"box":{"x":69,"y":309,"width":774,"height":11}},{"id":"c860613b-58c9-4df9-8d2d-9c4eb670fef2","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":191,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"97632ebd-e251-478f-a87b-0a2182cfcf71","block_type":"box","text":"sales or redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":191,"box":{"x":69,"y":339,"width":822,"height":12}},{"id":"b7781bf6-8de1-4c1d-a9e2-70716c813d5e","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":191,"box":{"x":70,"y":355,"width":827,"height":11}},{"id":"d71170b9-1156-48f2-a5ae-8a132ab14839","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":191,"box":{"x":69,"y":370,"width":823,"height":11}},{"id":"2b0bcbbe-1b77-450e-8fca-291fc3200529","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":191,"box":{"x":68,"y":385,"width":827,"height":11}},{"id":"32fd66fe-da0a-4ade-917a-ba4be9082236","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":191,"box":{"x":69,"y":400,"width":596,"height":11}},{"id":"b5ca9faa-4fe0-49eb-a0a2-dcdfeb8b1fdb","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":191,"box":{"x":102,"y":423,"width":802,"height":11}},{"id":"fca50ebf-8721-44c0-99d2-c8d5320bcaf7","block_type":"box","text":"distributions made in the form of U.S. real property interests (including shares in certain “U.S. real property holding","page_number":191,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"a1c5a788-4fac-4a5f-86fc-5feadd13a5ba","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":191,"box":{"x":69,"y":453,"width":804,"height":11}},{"id":"82ca9920-8947-4728-9597-075d0fcc0343","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":191,"box":{"x":69,"y":468,"width":824,"height":11}},{"id":"e1384e1a-8e21-41c0-9988-24008b3a5be3","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a portion of any","page_number":191,"box":{"x":68,"y":483,"width":801,"height":11}},{"id":"11e5b08e-c07a-4d10-9844-41cf10378dd7","block_type":"box","text":"unrecognized gain in the U.S. real property interests equal to the product of (i) the excess of fair market value of","page_number":191,"box":{"x":69,"y":498,"width":803,"height":11}},{"id":"4a7daa34-02af-4f66-a857-fec531b89ae5","block_type":"box","text":"such U.S. real property interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":191,"box":{"x":69,"y":513,"width":785,"height":12}},{"id":"72116310-50ca-4889-bb92-cb61237cfde9","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":191,"box":{"x":69,"y":528,"width":676,"height":12}},{"id":"00aae9d9-9fde-44bf-a0bb-9067d2e07984","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the tax filing","page_number":191,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"8d4f0a45-d874-41d7-be8e-256785f037ca","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":191,"box":{"x":69,"y":566,"width":651,"height":11}},{"id":"9d5513f7-58f9-4fae-94ea-67aa5a892fa8","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":191,"box":{"x":102,"y":589,"width":731,"height":11}},{"id":"f019004e-fc25-4f9f-89af-42c0396a5ada","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":191,"box":{"x":69,"y":604,"width":570,"height":11}},{"id":"4596e989-0208-4b28-949b-16715a4e7980","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":191,"box":{"x":102,"y":627,"width":763,"height":11}},{"id":"aff2cf34-2b8a-4083-8196-5dc3b581079a","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":191,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"f53095bd-edd0-4a3a-8d14-0fa635c7b5f3","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":191,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"f8b71ec2-0496-4752-97c1-3f8b8c037fcb","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":191,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"98ee22b0-b52e-4e1d-846c-494451271345","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":191,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"f40d7296-8b5a-429e-b63c-b7a2eedaa4a3","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":191,"box":{"x":68,"y":702,"width":791,"height":12}},{"id":"30da15de-b220-4d6d-b9c8-0db98ae08cd6","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":191,"box":{"x":70,"y":717,"width":822,"height":12}},{"id":"d7c7ec18-599a-41bc-bbbf-8d0122ce903c","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":191,"box":{"x":70,"y":732,"width":739,"height":12}},{"id":"93bfc3d1-1dfc-44ce-8384-b79c23aa7dc7","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":191,"box":{"x":102,"y":755,"width":786,"height":11}},{"id":"48026d27-c156-45cf-b3fb-1708beddc6eb","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":191,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"4a8de5d1-1da3-482b-afbf-3a2a9c18c3f1","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":191,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"d5888e9c-6047-499f-a764-3c7e71bfd3ce","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":191,"box":{"x":70,"y":801,"width":821,"height":11}},{"id":"7aedbdef-0175-4018-b1d5-c65b2d7fcda5","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":191,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"c9adfa87-d205-4651-8a43-bf7630d2383e","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":191,"box":{"x":69,"y":831,"width":826,"height":11}},{"id":"db85c554-9f76-4aec-9f63-6a62f6b84f18","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":191,"box":{"x":69,"y":846,"width":802,"height":11}},{"id":"053b6a1f-b1d1-401a-88b1-49598f635097","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":191,"box":{"x":69,"y":861,"width":364,"height":11}},{"id":"62a9aeb5-1e77-486b-9c80-0483af5ece4a","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":191,"box":{"x":102,"y":883,"width":742,"height":12}},{"id":"ee8e26d2-8c1a-4fe0-9091-faafdc393b06","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":191,"box":{"x":69,"y":898,"width":832,"height":12}},{"id":"96a475eb-dfa8-487c-87d2-1fc3c390a5bd","block_type":"box","text":"II-132","page_number":191,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"03a5be3e-b938-4d21-9f31-3becae83d889","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":191,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"85d09ac7-46ba-4b33-9459-1cd99f6363c9","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":192,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"29d67251-8e8f-423f-a0cb-2cfb4f97a570","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":192,"box":{"x":70,"y":60,"width":781,"height":11}},{"id":"fcc1071b-489e-41de-9527-7e175d0d6f85","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":192,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"0b41a61c-7733-41a8-935f-1d8868bbda2a","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":192,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"e23982cb-a0d8-480c-a74b-71e0624353c6","block_type":"box","text":"individual circumstances.","page_number":192,"box":{"x":70,"y":105,"width":177,"height":9}},{"id":"85c6f5db-949c-4576-abed-3df2bce39529","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":192,"box":{"x":102,"y":128,"width":758,"height":11}},{"id":"bf20d7a5-5b07-4ed6-9b81-71bd94134a4c","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":192,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"8ec0291d-f54c-4a8e-94d1-84c5232960a2","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":192,"box":{"x":70,"y":158,"width":783,"height":11}},{"id":"959577e0-67dc-4164-82c1-0f06f7132532","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":192,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"0dadd5aa-20f0-48fb-b984-643f07d1f1e8","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":192,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"e27f91d0-c726-43ae-ab20-b998592cf192","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":192,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"fca8dd83-9d63-426e-9505-64cc7061185e","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":192,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"eb987aba-6b58-40c5-8340-d9d6c780b46d","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":192,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"c3252222-4465-4ba8-8526-acdf93903d3c","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":192,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"810efa20-ac2a-4eeb-98df-5219cd277553","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":192,"box":{"x":70,"y":264,"width":770,"height":11}},{"id":"82b17ef6-c681-41ac-ab34-df0435efa61e","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":192,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"7e71f71e-7d88-4578-8580-9be3cc5d7d25","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":192,"box":{"x":70,"y":294,"width":796,"height":11}},{"id":"965faaae-aaad-4970-9b8f-1e8fa34b3c41","block_type":"box","text":"investment opportunities.","page_number":192,"box":{"x":70,"y":309,"width":180,"height":11}},{"id":"68d07316-64d3-4639-ad11-f18c9a05bd82","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":192,"box":{"x":102,"y":332,"width":801,"height":11}},{"id":"6a89a5c5-8333-4d89-ae54-b9af570c7a2c","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":192,"box":{"x":70,"y":347,"width":839,"height":11}},{"id":"a2cff81c-e91c-48f2-9127-7c5effad6ad4","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":192,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"2e1913f4-d627-4cb3-b539-fa062676b992","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":192,"box":{"x":68,"y":377,"width":837,"height":12}},{"id":"127de7db-2aa1-45b9-b0a3-c750c0dc00d9","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":192,"box":{"x":70,"y":392,"width":774,"height":11}},{"id":"c3c510fc-e942-4fb9-86e6-5295f02ee49b","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":192,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"994d3ea5-6436-43cd-a8fd-664962b6d907","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":192,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"f3ec3c1f-0a89-4134-8422-f4a54cb1f3ea","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":192,"box":{"x":69,"y":438,"width":755,"height":11}},{"id":"eed5fecb-c1c2-4b14-84fa-0a4f3c3731e5","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":192,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"4abcb045-bb64-4c78-af3d-153bac10d764","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":192,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"56a341ae-7469-4c3a-8b1c-95ed4591f412","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":192,"box":{"x":68,"y":483,"width":812,"height":11}},{"id":"b13ce84e-a24a-43d2-b9d6-c40ce58dfa4e","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":192,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"a85632a2-3aa9-46eb-994f-b2aefccdd610","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":192,"box":{"x":68,"y":513,"width":827,"height":12}},{"id":"a4b646b7-a02a-40ea-b5a3-3dbbb5eb450b","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":192,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"f3646a8b-328c-43e3-92b3-a16f2dbfd486","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":192,"box":{"x":68,"y":544,"width":825,"height":11}},{"id":"43a9d8cc-9b3d-4f8b-969d-697edf8a21c6","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":192,"box":{"x":69,"y":559,"width":788,"height":11}},{"id":"51ce6290-ce60-49be-80b9-c3cc6d019b28","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":192,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"dcd880ec-2f91-426f-b0cc-331fc0b507d4","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":192,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"43026686-2f7b-407a-af36-b2263dbabba6","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":192,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"1b80e17c-1bf0-4168-8422-8f0a173cbf04","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":192,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"5c84a56e-97b2-415b-94e6-cdc5566231fb","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":192,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"4b4749c9-b55e-4c5b-be84-4a60d93d19b9","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":192,"box":{"x":68,"y":649,"width":527,"height":12}},{"id":"31a70759-4fe1-438b-83d5-ed587446c341","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":192,"box":{"x":102,"y":672,"width":768,"height":11}},{"id":"ee2b791a-c031-48b4-86d3-fc758c800a50","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":192,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"0e6d47a5-f3b0-41c4-b080-93e39c2cb062","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":192,"box":{"x":69,"y":702,"width":797,"height":12}},{"id":"d6840c25-eb5d-47b0-886b-297ba0292f05","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":192,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"b2dd5191-ac07-4eaa-b708-62ba7f9c2fcb","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":192,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"21dc74b9-baf7-4dfd-a1ee-d08b87191775","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":192,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"38d41f35-05e6-4d3c-bddb-cbb1eb4ced4c","block_type":"box","text":"positions in its portfolio (","page_number":192,"box":{"x":70,"y":763,"width":177,"height":11}},{"id":"3cbae442-5407-427a-a936-25b1a4d45f1f","block_type":"box","text":"i.e.","page_number":192,"box":{"x":249,"y":763,"width":20,"height":9}},{"id":"e3c80c0a-8543-4d4b-b157-d30eb38bdb9d","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":192,"box":{"x":272,"y":763,"width":636,"height":11}},{"id":"f07aaeff-d81c-49ff-b47f-683bbde6243a","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":192,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"becca799-5ea1-4528-b74f-5c1e617dcf39","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":192,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"d95180ef-1666-4b44-ae20-d13d7474dc19","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":192,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"164b0488-4942-4a8f-84f1-87ae6a97bf47","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":192,"box":{"x":69,"y":823,"width":415,"height":12}},{"id":"f6f38c80-8d28-4f67-9890-ee1333105fdd","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":192,"box":{"x":102,"y":846,"width":787,"height":11}},{"id":"59d8ef9d-847e-4c28-ac57-1e880e8df216","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":192,"box":{"x":70,"y":861,"width":836,"height":11}},{"id":"fc59d9f9-7369-4433-9b6b-badd2f522996","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":192,"box":{"x":69,"y":876,"width":812,"height":11}},{"id":"7d0c9db4-88ad-4060-bc57-075333c6105f","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":192,"box":{"x":69,"y":891,"width":805,"height":12}},{"id":"0fa9e938-2f60-4208-9895-363bbe2c55c9","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":192,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"c47a6a6d-7abd-4257-9705-3a97dcb7e427","block_type":"box","text":"II-133","page_number":192,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eb893552-501a-4369-95c0-02fb582c5a27","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":192,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"03e11c94-3147-4b40-a0fd-74a299edb3ce","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":193,"box":{"x":70,"y":45,"width":803,"height":11}},{"id":"57273429-50ed-4407-babf-b7f81bb73cf3","block_type":"box","text":"Fund were to invest otherwise.","page_number":193,"box":{"x":70,"y":60,"width":216,"height":9}},{"id":"a3f54fd4-2923-4021-81b8-1fcfc21607cd","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":193,"box":{"x":101,"y":82,"width":721,"height":12}},{"id":"8e6132fd-4dd1-4762-b9bd-a47cc9191742","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":193,"box":{"x":70,"y":98,"width":787,"height":11}},{"id":"7f481050-12af-44cc-9dd3-5bcaed7bbed3","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":193,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"8e5fd5bd-2287-4426-9b40-b6f48146e844","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":193,"box":{"x":68,"y":128,"width":823,"height":11}},{"id":"858639a9-5d20-452b-90b6-bdaaafbb7c1d","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":193,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"6a40900c-b6f6-4b0c-99b2-7d5cbae95a0a","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":193,"box":{"x":68,"y":158,"width":838,"height":11}},{"id":"f9646183-5f84-4ec4-b11b-13bf3ba46b81","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":193,"box":{"x":68,"y":173,"width":830,"height":11}},{"id":"96b304bc-8ffa-4907-a8db-51e45ba73384","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":193,"box":{"x":69,"y":188,"width":515,"height":11}},{"id":"3a792373-3e79-429a-8a56-91361e7ea866","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":193,"box":{"x":102,"y":211,"width":798,"height":11}},{"id":"6694138f-bffa-42d7-a918-7443d67eebb4","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":193,"box":{"x":68,"y":226,"width":835,"height":11}},{"id":"24c7fba9-ddce-4a39-ad38-75956e59a044","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":193,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"8bc03726-9218-442f-9c5b-4d11b1129179","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":193,"box":{"x":68,"y":256,"width":830,"height":12}},{"id":"d6d21930-7d97-4867-b511-d1d844d508f6","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":193,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"480f48b1-a6ff-4eb2-87a2-c843a39ad6ff","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":193,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"5bf97d0b-f995-49d1-ba68-02b75a26dc45","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":193,"box":{"x":70,"y":302,"width":797,"height":11}},{"id":"60e551a9-6483-4ba6-a5e2-366774082058","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":193,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"e6a909d7-7b76-4a83-96fb-8a34e47c0534","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":193,"box":{"x":69,"y":332,"width":818,"height":11}},{"id":"ac0aed0e-958a-47eb-b0e1-39a46a36ea0b","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":193,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"3c47f614-45bd-42e2-bc01-4e04facad19a","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":193,"box":{"x":69,"y":362,"width":824,"height":11}},{"id":"9e2fd60f-cf2a-4c86-8efa-5620395ada8c","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":193,"box":{"x":68,"y":377,"width":804,"height":12}},{"id":"7600edc6-a4fd-4e45-8b64-789bb057009c","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":193,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"549f1fd6-516c-411b-9918-8179d2f7b8d6","block_type":"box","text":"PFICs.","page_number":193,"box":{"x":69,"y":408,"width":42,"height":8}},{"id":"f267c8ea-192d-4dc8-bf41-50f6ca551070","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":193,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"5542b570-91ba-4edd-9a96-704f86232549","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":193,"box":{"x":69,"y":445,"width":816,"height":12}},{"id":"d61370c8-c442-41fa-8b1d-1af7ac66fdac","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":193,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"a270b15b-b94c-49e6-8df3-8d8974d5bedc","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":193,"box":{"x":68,"y":476,"width":840,"height":11}},{"id":"80f422bd-6158-433f-b20f-53804ff4223c","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":193,"box":{"x":68,"y":491,"width":804,"height":11}},{"id":"eaf77ada-ad25-4f2a-8319-4b2719b0e4e2","block_type":"box","text":"difficult or impossible to obtain.","page_number":193,"box":{"x":69,"y":506,"width":225,"height":11}},{"id":"7cc476c4-09a0-4ecb-a4c2-fe15922e7cc8","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":193,"box":{"x":102,"y":528,"width":796,"height":12}},{"id":"4363e347-46d4-48da-8023-176632bd0971","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":193,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"70bc0767-bf59-49ba-bc97-b1bf7d7e549a","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":193,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"21e1cb66-f57f-4f12-9521-3faeb7c39a53","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":193,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"7b20ca28-b8e8-4d65-8078-6e8856ef3964","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":193,"box":{"x":68,"y":589,"width":824,"height":11}},{"id":"445b7af3-c426-44be-a4b4-5624b57d7afb","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":193,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"7f2a19c6-6838-4c4f-82cb-b02f95c20c35","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":193,"box":{"x":69,"y":619,"width":511,"height":11}},{"id":"b2076713-a963-4f9f-942a-d1756e805c30","block_type":"box","text":"Municipal Funds","page_number":193,"box":{"x":102,"y":642,"width":115,"height":11}},{"id":"83d18410-d834-4cba-8d0c-dbc13709cef9","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":193,"box":{"x":102,"y":664,"width":798,"height":12}},{"id":"4b0708bc-e799-431c-b4b9-4e494bd92411","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":193,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"5aa81967-93ef-42bf-8565-7d82f069e5d6","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":193,"box":{"x":70,"y":695,"width":803,"height":11}},{"id":"8d2eff2b-22b5-4e04-91b2-d0fabdbb2d86","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":193,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"14913074-5e3b-4694-b258-5979eff43e13","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":193,"box":{"x":69,"y":725,"width":752,"height":11}},{"id":"b9e2ad47-4f89-4db1-9173-a35ad340425b","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":193,"box":{"x":70,"y":740,"width":817,"height":11}},{"id":"f03cbe8e-687f-46dc-a4fe-07239fad9960","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":193,"box":{"x":70,"y":755,"width":780,"height":11}},{"id":"d6c9eb05-e2d5-493f-970e-a3c4b3d34deb","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":193,"box":{"x":70,"y":770,"width":815,"height":12}},{"id":"2818b25f-7aec-44d2-b616-a27c41604521","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":193,"box":{"x":69,"y":786,"width":839,"height":11}},{"id":"4665b0fa-02a8-46f0-9477-7b079859602e","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":193,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"4dacb4bf-a99f-4ee0-a31a-8d62ba98f6d6","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":193,"box":{"x":68,"y":816,"width":730,"height":11}},{"id":"20f9f962-590c-49ff-a7e6-65e5e3920563","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":193,"box":{"x":102,"y":838,"width":763,"height":12}},{"id":"b019b353-e731-4349-840d-450431b2ed6e","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":193,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"2f2d257d-f6f0-4b06-80ad-663a29be1e5a","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":193,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"84288419-6c0c-4b0e-affb-97eea4e202d5","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":193,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"59756146-2b8a-4b23-8a2a-e67f14927b8a","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":193,"box":{"x":68,"y":899,"width":800,"height":11}},{"id":"239b6352-b12f-4688-8850-51cc70c24575","block_type":"box","text":"II-134","page_number":193,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"27fac646-671c-4534-8bde-7bc4aa5c70be","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":193,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d8bf9b0e-3d03-4737-8f28-8af93e293520","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":194,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"744b2616-cf08-4850-85da-be180716e48b","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":194,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"ca8978a4-9531-4e53-86b7-46104ab4a308","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":194,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"9d7b9771-cb8f-48c8-b7be-72d4feab5855","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":194,"box":{"x":69,"y":90,"width":217,"height":11}},{"id":"bafb9a4a-bd18-47ce-8223-c484f2633199","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":194,"box":{"x":102,"y":113,"width":788,"height":11}},{"id":"d065bc7d-4f35-4c45-8dc4-49c38323cb98","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":194,"box":{"x":70,"y":128,"width":790,"height":11}},{"id":"6b30d75b-b651-4015-a2bf-36efeb3190c4","block_type":"box","text":"constitute exempt-interest dividends.","page_number":194,"box":{"x":69,"y":143,"width":261,"height":11}},{"id":"e2071a1d-1e8f-4c06-9c3b-d8bd01a2ba80","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":194,"box":{"x":102,"y":166,"width":765,"height":11}},{"id":"cc16f776-ed66-4b7e-b8f9-b4f68b05c9e3","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":194,"box":{"x":69,"y":181,"width":819,"height":11}},{"id":"ebc4e084-b4a5-4f0d-b8c9-fc568f820ade","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":194,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"25721a86-95a4-4c92-ab68-441aed7a4562","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":194,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"c21c1db9-b4b7-4bd0-acf9-0d6beb6dc363","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":194,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"a21ee3ef-4547-4e4b-bff1-e35cdf24435a","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":194,"box":{"x":69,"y":241,"width":388,"height":11}},{"id":"ddd023a4-bbeb-4bf7-9e66-798a94ad6355","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":194,"box":{"x":101,"y":264,"width":787,"height":11}},{"id":"8b60b12c-7d3a-43be-8134-516960cff770","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":194,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"4fd71e1b-8dfe-4da4-8ab3-022c4e1b66bb","block_type":"box","text":"income dividends received by shareholders.","page_number":194,"box":{"x":70,"y":294,"width":309,"height":11}},{"id":"4e5a085f-9738-4451-b338-5a71aa1310e9","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":194,"box":{"x":101,"y":317,"width":766,"height":11}},{"id":"daa8e7e7-ad7e-4c21-a69e-421b65e54397","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":194,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"8b87918b-fe8d-4575-bcf3-d3111c756041","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":194,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"551b190c-6456-44aa-a26b-970536ecadcd","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":194,"box":{"x":70,"y":362,"width":815,"height":11}},{"id":"0e5209ff-3a3b-4a46-910f-090ca8f63c69","block_type":"box","text":"the accrued market discount.","page_number":194,"box":{"x":68,"y":377,"width":208,"height":9}},{"id":"42352233-42f5-407a-acf1-a37a9a03f8e9","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":194,"box":{"x":101,"y":400,"width":801,"height":11}},{"id":"d81afcca-ce91-4158-8cd7-8cb0238ac61c","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":194,"box":{"x":68,"y":415,"width":818,"height":11}},{"id":"1a43f8da-30cc-46af-81db-72fd599e67ae","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":194,"box":{"x":69,"y":430,"width":816,"height":11}},{"id":"32294adb-45fd-4327-9752-9f09bdae4b8e","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":194,"box":{"x":69,"y":445,"width":351,"height":12}},{"id":"b4d86bfb-886c-4590-ba46-cd0a03afd323","block_type":"box","text":"e.g.","page_number":194,"box":{"x":422,"y":447,"width":24,"height":10}},{"id":"2f829647-30d9-48ba-86e6-8739c850e277","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":194,"box":{"x":449,"y":445,"width":441,"height":12}},{"id":"80694d05-6ecd-4577-bf68-05cd14f6ab8c","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":194,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"7bbbd17c-0f12-41d6-a376-f76257f1e5b2","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":194,"box":{"x":69,"y":475,"width":786,"height":12}},{"id":"372cda8b-d78b-49fa-a5b9-f595d8b561b6","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year-end the portion of the Fund’s dividends","page_number":194,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"b3b2810f-d0f0-4917-b888-e4822ae8f3d1","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":194,"box":{"x":69,"y":506,"width":740,"height":11}},{"id":"1c2b6fbd-e6fd-4ae6-8a20-3f636591daeb","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":194,"box":{"x":102,"y":528,"width":802,"height":12}},{"id":"9bbc4b1d-f1c7-40e8-9b6f-c19e5cec50bd","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":194,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"1773930e-b396-465b-b46b-08f902b068fc","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":194,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"7ef14c83-bdf5-46c3-aaa1-fccdc04107f4","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":194,"box":{"x":70,"y":574,"width":776,"height":11}},{"id":"93ea9399-2622-4615-aa06-dbce6cce3cea","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":194,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"9ab81856-426d-4da6-8057-1228052c9677","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":194,"box":{"x":69,"y":604,"width":436,"height":11}},{"id":"27c8c394-e516-4eaf-8f4f-7214256392c8","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":194,"box":{"x":102,"y":627,"width":771,"height":11}},{"id":"f7233dbb-dd85-454d-9f0f-9c2bf3bd763e","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":194,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"4d89b122-e312-4f74-abc9-ac56574d5144","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":194,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"21778cb6-cdcc-4548-8116-c984ecf67e0e","block_type":"box","text":"within each applicable state.","page_number":194,"box":{"x":68,"y":672,"width":203,"height":11}},{"id":"b0ac6fd3-ef51-49a2-b42d-5448a9193f02","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":194,"box":{"x":102,"y":695,"width":774,"height":11}},{"id":"c2e01f64-ad95-416c-95d9-46e21a047309","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":194,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"14fb2578-b4ec-4c0c-8fad-e7adae70a396","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":194,"box":{"x":70,"y":725,"width":816,"height":11}},{"id":"fd9e6c24-69c1-42c6-868a-296f031dc2bc","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":194,"box":{"x":69,"y":740,"width":830,"height":11}},{"id":"bfb5407c-4893-49d5-acac-84420b724188","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":194,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"9529ec3e-2aaa-4850-88c2-4d9a6c05b8c9","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":194,"box":{"x":70,"y":770,"width":783,"height":11}},{"id":"1f8005d3-be29-4f20-8093-32f704936740","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":194,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"5070ca9d-f113-464b-b2f5-558b3c2107ea","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":194,"box":{"x":68,"y":801,"width":710,"height":11}},{"id":"080366e0-2bad-4c29-90bb-03cd80796a13","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":194,"box":{"x":102,"y":823,"width":796,"height":12}},{"id":"442c244a-df6e-4a1f-b3b8-58015357fe5f","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":194,"box":{"x":68,"y":838,"width":828,"height":12}},{"id":"299a8844-ac6c-491e-8f4a-0df1d6b44048","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":194,"box":{"x":68,"y":854,"width":841,"height":11}},{"id":"b8da2551-5c8d-4143-bbb6-8901883d1f3f","block_type":"box","text":"exempt from state income tax.","page_number":194,"box":{"x":69,"y":869,"width":216,"height":11}},{"id":"71c29da0-e8c8-4897-b943-91b5a9bc7862","block_type":"box","text":"II-135","page_number":194,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9826287f-8137-4f15-9394-cb44081b8775","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":194,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b4e27026-0567-43f8-a32b-dd4d1ee5ce6e","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":195,"box":{"x":102,"y":45,"width":771,"height":11}},{"id":"75f4acba-3b78-4045-b2c0-820e42ba8e5c","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":195,"box":{"x":68,"y":60,"width":823,"height":11}},{"id":"b7d02c00-d5bd-4fba-bcb1-2d0ec06e5dc5","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":195,"box":{"x":68,"y":75,"width":309,"height":9}},{"id":"473a9712-e73a-47dc-a3c2-0cf61c1590af","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":195,"box":{"x":101,"y":98,"width":749,"height":11}},{"id":"a6658ad5-d0e7-404c-acfe-1fc4bbad9c76","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":195,"box":{"x":69,"y":113,"width":803,"height":11}},{"id":"9cfd598a-c763-4782-89fe-b88ad264806f","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":195,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"361bbaa0-cd57-4e63-ab3b-141308821dcd","block_type":"box","text":"decisions may have a retroactive effect.","page_number":195,"box":{"x":69,"y":143,"width":283,"height":11}},{"id":"61ddfd02-c09a-43a1-88ef-79a0917f34b5","block_type":"box","text":"PERFORMANCE DATA","page_number":195,"box":{"x":403,"y":172,"width":173,"height":10}},{"id":"d32a580a-d1e8-42aa-a9f3-7c94a44dad99","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":195,"box":{"x":102,"y":195,"width":738,"height":11}},{"id":"6f0eef9f-802e-408d-a9ca-2f5f2d4a41ce","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":195,"box":{"x":69,"y":210,"width":779,"height":11}},{"id":"174721ae-4cce-4110-9465-f4f85a28d4ea","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":195,"box":{"x":69,"y":225,"width":833,"height":12}},{"id":"521977c5-b8d6-4e79-ba41-9e6b6ab26c5e","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":195,"box":{"x":70,"y":241,"width":792,"height":11}},{"id":"ef9e008d-0b57-49f6-9bc4-408c3ef9d98b","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":195,"box":{"x":69,"y":256,"width":473,"height":11}},{"id":"c8580b32-ddef-465f-a9c0-c3f2fd4b2414","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":195,"box":{"x":102,"y":278,"width":761,"height":12}},{"id":"8144f5c6-cd58-4afa-bb90-6c8ddf7fa606","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":195,"box":{"x":69,"y":293,"width":836,"height":12}},{"id":"91efd288-b5ae-493d-9c47-7df84ea7e0f7","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":195,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"c6f65da3-6e1b-405f-8768-fbdbe88b7631","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":195,"box":{"x":69,"y":324,"width":765,"height":11}},{"id":"23edf052-976a-496e-8697-035c2c29505a","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":195,"box":{"x":69,"y":339,"width":808,"height":11}},{"id":"e1ed90fc-e3f8-4805-b329-e3b9fa1dc5e1","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":195,"box":{"x":69,"y":354,"width":813,"height":11}},{"id":"119c95d9-3ef4-44d0-af0d-eb2eeaee77aa","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":195,"box":{"x":69,"y":369,"width":839,"height":11}},{"id":"eab9e769-23de-47c8-bf20-88cb2fcadd3c","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":195,"box":{"x":69,"y":384,"width":546,"height":11}},{"id":"6afa6d3e-e77b-4d26-8d77-48c0cf26fa95","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":195,"box":{"x":102,"y":407,"width":781,"height":11}},{"id":"4e88c69c-d8a4-4ddc-80f1-360128d81f08","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":195,"box":{"x":68,"y":422,"width":819,"height":11}},{"id":"439674f9-bd75-4062-a426-8bdc44291c00","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":195,"box":{"x":68,"y":437,"width":810,"height":11}},{"id":"6122513d-6e64-472a-986c-db0a2b2f5d5c","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":195,"box":{"x":70,"y":452,"width":823,"height":11}},{"id":"7f9520b4-d96d-460e-8ff9-a65478d8b039","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":195,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"3b889507-c242-4420-ac09-7a245f0af68f","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":195,"box":{"x":70,"y":482,"width":825,"height":12}},{"id":"253fb680-7365-496e-afc1-9c6d8c5800ec","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":195,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"d01f4d73-0df0-4afe-a341-b4144ce52601","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":195,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"3e8829c8-6e97-4d2e-ba20-8151fc143fb1","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":195,"box":{"x":70,"y":528,"width":833,"height":11}},{"id":"866eca7a-d2d9-4855-9816-c45437e5ce80","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":195,"box":{"x":69,"y":543,"width":797,"height":11}},{"id":"7f13ad9d-d5be-4c09-9777-893ef0f1638c","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":195,"box":{"x":68,"y":558,"width":824,"height":11}},{"id":"58a47c08-d55e-40a5-9e7e-738d9267fdeb","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":195,"box":{"x":69,"y":573,"width":837,"height":11}},{"id":"09dc3ead-40de-48a0-bfa1-925c79c183a8","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":195,"box":{"x":69,"y":588,"width":814,"height":12}},{"id":"cd002b25-b13c-40a2-9f19-ee5382e07d13","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":195,"box":{"x":69,"y":603,"width":830,"height":12}},{"id":"11d988b6-633e-4083-ad3e-50d3cb7161fe","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":195,"box":{"x":69,"y":618,"width":774,"height":11}},{"id":"86acf974-ae1d-46e9-af91-fee2a026f235","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":195,"box":{"x":102,"y":641,"width":752,"height":11}},{"id":"20ee7f0b-c1e3-42b7-acc6-5b51345d6691","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":195,"box":{"x":70,"y":656,"width":835,"height":12}},{"id":"caf48b37-231d-4ad0-aa37-e6ac0d219ecd","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":195,"box":{"x":70,"y":671,"width":820,"height":12}},{"id":"daba687a-7fc4-4435-a2d5-6f10be706e83","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":195,"box":{"x":69,"y":686,"width":756,"height":12}},{"id":"64d5a3de-46e9-4de9-860d-e88691a066a4","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":195,"box":{"x":69,"y":702,"width":772,"height":11}},{"id":"fef346fd-c9f8-4aa4-b5a5-e7f820d2c340","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":195,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"ac01694b-f0ab-493e-8ed3-dc328f342ad0","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":195,"box":{"x":69,"y":732,"width":825,"height":11}},{"id":"23f148a9-56ce-4eb3-a48c-34a22a193e1b","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":195,"box":{"x":70,"y":747,"width":812,"height":11}},{"id":"87df794d-235c-4770-92a9-c604f75e75e0","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":195,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"33da6b2d-f237-428a-aa07-21e164e9bfe4","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":195,"box":{"x":69,"y":777,"width":768,"height":12}},{"id":"4894792c-3fc8-4e89-adb0-621772c4b032","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":195,"box":{"x":69,"y":792,"width":810,"height":12}},{"id":"94308359-562d-47d9-948d-c29550319036","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":195,"box":{"x":69,"y":807,"width":802,"height":12}},{"id":"ecf76dcf-e134-41f6-962e-019eed42fe05","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":195,"box":{"x":70,"y":823,"width":825,"height":11}},{"id":"fde615ef-b539-4810-9b79-e9154ccce635","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":195,"box":{"x":68,"y":838,"width":823,"height":11}},{"id":"e7014a76-1e15-427e-9dd5-e3845d3199e4","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":195,"box":{"x":69,"y":853,"width":743,"height":11}},{"id":"b03a8372-446e-4ae1-be17-c51dcb9913c3","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":195,"box":{"x":69,"y":868,"width":814,"height":11}},{"id":"f6afd2a9-a949-4ae6-9e97-add5bc831be2","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":195,"box":{"x":68,"y":883,"width":422,"height":11}},{"id":"bf43680b-4c3d-44da-ac3c-973d7df56785","block_type":"box","text":"II-136","page_number":195,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5ebde2e8-a3f9-4eac-bf58-fc81ba96fe29","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":195,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f728c6b9-8ec8-40c7-b285-122c4922dc3d","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":196,"box":{"x":101,"y":45,"width":720,"height":11}},{"id":"91345985-5b55-446d-bd46-19563ad41e14","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":196,"box":{"x":70,"y":59,"width":813,"height":12}},{"id":"ab90afec-333c-4364-8968-e6202ba3b2bb","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":196,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"932513f1-1016-48c0-9d39-367105ef7c3d","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":196,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"8e71135e-44c5-4e35-8ee3-9624ad1bbd41","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":196,"box":{"x":69,"y":105,"width":817,"height":11}},{"id":"f01e5ff8-f416-4d3d-9109-bb4aaada7c19","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":196,"box":{"x":68,"y":120,"width":815,"height":11}},{"id":"85bc5e89-e768-4a9b-ab8e-2b07ef68a63a","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":196,"box":{"x":70,"y":135,"width":801,"height":12}},{"id":"b07c33cd-7e51-4f40-bacd-fb2ee2a9ace8","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":196,"box":{"x":69,"y":150,"width":819,"height":12}},{"id":"6af0be78-5089-4e22-b090-5f16096c3d6f","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":196,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"63ad0adb-49d9-4953-b064-2eff12f25356","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":196,"box":{"x":69,"y":181,"width":686,"height":11}},{"id":"f4f34b96-18b4-46d7-b15b-b10ddf0a8916","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":196,"box":{"x":101,"y":203,"width":796,"height":12}},{"id":"fbb4a24e-886c-4aaf-bd6a-469379c3150f","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":196,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"016b2881-bde9-4d09-8f60-85fb11c887b7","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":196,"box":{"x":68,"y":234,"width":817,"height":11}},{"id":"64b28f4b-44d7-484c-aa64-56f9114281ae","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":196,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"b3174144-b40a-4321-ae4c-bf27fdf183c8","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":196,"box":{"x":69,"y":264,"width":759,"height":11}},{"id":"570d3c7b-fc99-46ce-8cc3-4643d0b14b55","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":196,"box":{"x":101,"y":286,"width":779,"height":12}},{"id":"9b78c854-1305-4fc3-a467-554fe07cd542","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":196,"box":{"x":70,"y":302,"width":819,"height":11}},{"id":"543b3656-862a-4f4d-b93a-1dfcb2869771","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":196,"box":{"x":68,"y":317,"width":830,"height":11}},{"id":"8bc3ae82-f139-419f-8ada-867a7e9f2541","block_type":"box","text":"less than their original cost.","page_number":196,"box":{"x":70,"y":332,"width":196,"height":11}},{"id":"da7f2d6b-c3b3-4703-8275-16f61b3fb425","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":196,"box":{"x":102,"y":355,"width":782,"height":11}},{"id":"2647f806-5a2f-4791-9c94-db821a207be9","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":196,"box":{"x":68,"y":370,"width":836,"height":11}},{"id":"e334431e-8988-4712-a230-b97035d98b0e","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":196,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"206f50cd-9904-4001-9160-b3d95ef6ee72","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":196,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"da7cd14b-188a-40b9-97a1-59afc05b25e3","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":196,"box":{"x":68,"y":415,"width":824,"height":11}},{"id":"f224a345-838f-42aa-8bb3-334266fb48ed","block_type":"box","text":"lower amount of expenses is deducted.","page_number":196,"box":{"x":70,"y":430,"width":278,"height":11}},{"id":"1a4487e6-f921-4ee4-98aa-580fe17174a2","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":196,"box":{"x":102,"y":453,"width":741,"height":11}},{"id":"e656f69b-6f58-40e7-9178-a9ead187c8a3","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":196,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"e462dbdb-9dc0-4527-90c9-c0f010540f01","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":196,"box":{"x":70,"y":483,"width":646,"height":11}},{"id":"b967666c-2e18-45e3-af97-b80d795336ae","block_type":"box","text":"Money Magazine, U.S.","page_number":196,"box":{"x":724,"y":483,"width":156,"height":11}},{"id":"86b1fc31-42ae-4f04-88a6-73b799541c5d","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":196,"box":{"x":70,"y":498,"width":533,"height":11}},{"id":"bccf146c-d853-4e40-ab29-3d98b9cc4169","block_type":"box","text":"or other industry publications. When","page_number":196,"box":{"x":608,"y":498,"width":257,"height":11}},{"id":"64f75699-b8fe-4e13-88aa-7dee6466becd","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":196,"box":{"x":69,"y":513,"width":797,"height":12}},{"id":"eba13943-76e9-4b46-8ef1-a1f1262ee7ca","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":196,"box":{"x":69,"y":528,"width":803,"height":11}},{"id":"fff39f3d-24e9-4f83-9a40-fa61f0cc346d","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":196,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"559fde21-41eb-4dad-801b-c5820cbdf022","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":196,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"7f2be973-c7f8-42f4-a037-921ad61516b5","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":196,"box":{"x":69,"y":574,"width":793,"height":11}},{"id":"c1349740-80db-4a87-b2bc-3e00f062e4a7","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":196,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"5ac5229e-3290-4cb1-98b0-c8c3ea05d3a3","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":196,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"5e180a37-3d3b-4f8e-876d-92eaa050a1d5","block_type":"box","text":"developed by Fund management.","page_number":196,"box":{"x":69,"y":619,"width":233,"height":11}},{"id":"dd1d9968-5e8f-4daa-9d31-8beba1de66f7","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":196,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"83fe3ec0-2c2b-4b56-96a5-aa5a63cc1702","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":196,"box":{"x":70,"y":657,"width":810,"height":11}},{"id":"627abfe7-19fa-462f-82ae-d6ab652c3381","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":196,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"f090d186-562f-4686-b509-301efc14f05c","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":196,"box":{"x":69,"y":687,"width":792,"height":11}},{"id":"92da9d78-dcc5-464c-99df-f4b7691cd32a","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":196,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"cf201bf9-e60c-4494-8955-226d4bac4409","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":196,"box":{"x":70,"y":717,"width":835,"height":12}},{"id":"dd412480-19a3-46e0-9789-a92fdd075288","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":196,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"257b9714-a691-4ba4-a021-1cb90d5757e3","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":196,"box":{"x":68,"y":748,"width":461,"height":11}},{"id":"b2789815-c71a-4e1a-bca9-705155355469","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":196,"box":{"x":308,"y":777,"width":362,"height":10}},{"id":"94fb3072-50b7-446e-8240-339341b85bab","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":196,"box":{"x":101,"y":800,"width":802,"height":11}},{"id":"0bd75550-1476-48b9-a821-fe8955542643","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":196,"box":{"x":70,"y":815,"width":809,"height":11}},{"id":"30f0fb03-4a17-4e75-b64f-aa774bb9fe05","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":196,"box":{"x":69,"y":830,"width":833,"height":11}},{"id":"b0a55b2e-0c64-4f0c-9598-0c54a397c285","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":196,"box":{"x":70,"y":845,"width":755,"height":11}},{"id":"da6a4ca4-d502-469d-90ba-9cdf0edac52e","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":196,"box":{"x":101,"y":868,"width":785,"height":11}},{"id":"a8901ea1-16c3-46eb-b5f7-c40c54e3a915","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":196,"box":{"x":68,"y":883,"width":822,"height":11}},{"id":"5d486ed8-7ca0-46ca-a4f0-bbb92ec9831a","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":196,"box":{"x":70,"y":898,"width":824,"height":11}},{"id":"ce9e33dc-dc26-49b2-b890-61ba1b935772","block_type":"box","text":"II-137","page_number":196,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eecd745e-2246-4507-b4b0-9b0c134978dd","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":196,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"556b8245-b161-4dfa-92ff-523c5e510d2c","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":197,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"33b69d4a-f1d7-4bbb-81e8-2194e6481cbc","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":197,"box":{"x":69,"y":60,"width":392,"height":11}},{"id":"1c457cd7-fb29-42cb-a18e-e6caed2567fa","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":197,"box":{"x":101,"y":83,"width":749,"height":11}},{"id":"9c2eab8f-059c-45ef-b223-f9d4ed1ae553","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":197,"box":{"x":70,"y":98,"width":759,"height":11}},{"id":"d7711106-7cbf-4a48-9f1d-d59fb8cba941","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":197,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"46f817f2-64aa-4028-8c18-5dbbae890213","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":197,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"43c550a5-60e2-4e83-a8ca-1f5c378b79c9","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":197,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"fe70e831-7bd5-4282-ac38-69ca26f16273","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":197,"box":{"x":69,"y":158,"width":392,"height":11}},{"id":"86291ae1-dd16-4808-bfb5-8faade1f62df","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":197,"box":{"x":102,"y":181,"width":767,"height":11}},{"id":"abf892f5-f6c5-40d1-a207-5bc26e43c28a","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":197,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"004f5418-bcfc-4a05-90cf-be539259ad91","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":197,"box":{"x":69,"y":211,"width":819,"height":11}},{"id":"3fca8bd8-f1cc-4f6e-887f-5a4e2d94132d","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":197,"box":{"x":69,"y":226,"width":684,"height":11}},{"id":"8e0adf64-7655-4025-a30c-a17f45224bad","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":197,"box":{"x":102,"y":249,"width":766,"height":11}},{"id":"3a766b58-08eb-4228-ab0a-a1623fdf16db","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":197,"box":{"x":69,"y":264,"width":784,"height":11}},{"id":"516ecafd-95b6-47fb-9de9-429a00488cd6","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":197,"box":{"x":69,"y":279,"width":805,"height":11}},{"id":"8b3564d7-ae56-4e04-b197-9e98ea28bbd7","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":197,"box":{"x":68,"y":294,"width":790,"height":11}},{"id":"4176fcab-e136-4f6a-8cc8-e8c0255119c4","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":197,"box":{"x":70,"y":309,"width":810,"height":11}},{"id":"d815b30a-d1da-4b06-9521-9a16c8b9113f","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":197,"box":{"x":69,"y":324,"width":788,"height":12}},{"id":"db9fe080-8f6a-4ee0-8ab4-892092ca26a7","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":197,"box":{"x":69,"y":340,"width":327,"height":11}},{"id":"e8b2fc31-89a9-418c-9e21-e3029b60e3b2","block_type":"box","text":"GENERAL INFORMATION","page_number":197,"box":{"x":391,"y":369,"width":195,"height":10}},{"id":"16a3970b-6d37-4b2d-a7e5-71a009e90756","block_type":"box","text":"Description of Shares","page_number":197,"box":{"x":69,"y":399,"width":156,"height":11}},{"id":"30bb3f47-8724-4bba-b2d4-0223bb98594f","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":197,"box":{"x":102,"y":422,"width":800,"height":9}},{"id":"873a8606-d00a-4076-ac38-10bf724110b5","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":197,"box":{"x":69,"y":437,"width":811,"height":11}},{"id":"718f85d0-29f3-4415-8fd3-dd3a6136c922","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":197,"box":{"x":69,"y":452,"width":825,"height":11}},{"id":"0c27fc06-ef63-48fe-9147-f4c387f0c2cf","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":197,"box":{"x":69,"y":467,"width":838,"height":12}},{"id":"33fc25fa-337f-445c-af32-470794fa742c","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":197,"box":{"x":69,"y":482,"width":835,"height":12}},{"id":"132dab67-3765-4849-b5d3-f7449e4596dc","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":197,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"ef634153-6288-4de6-be5b-c079e98217ec","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":197,"box":{"x":102,"y":520,"width":801,"height":12}},{"id":"a85d5a67-9fb0-4bd9-af14-e8d260434060","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":197,"box":{"x":69,"y":535,"width":760,"height":12}},{"id":"827928d5-7f2a-4344-8c21-6e3cc899a3fd","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":197,"box":{"x":69,"y":550,"width":810,"height":12}},{"id":"a9e5b7f4-6d44-4837-b980-2b280fd6f431","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":197,"box":{"x":69,"y":566,"width":790,"height":11}},{"id":"ffaa6ed9-23c6-4fb6-a513-8d20abf95091","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":197,"box":{"x":69,"y":581,"width":787,"height":11}},{"id":"ff16ff6d-d565-4ed3-a8b6-0e116e37acff","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":197,"box":{"x":69,"y":596,"width":797,"height":11}},{"id":"10b1f14c-4543-4449-ba75-c489abbe878b","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":197,"box":{"x":69,"y":611,"width":658,"height":11}},{"id":"0f74a3f9-f41d-43eb-8eaf-90567aae77c2","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":197,"box":{"x":102,"y":634,"width":741,"height":11}},{"id":"0a877e35-8c1d-4195-aa91-8684db20f917","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":197,"box":{"x":69,"y":649,"width":790,"height":11}},{"id":"f3af7cfd-b35f-4dcd-bfe7-c109afbfc7b0","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":197,"box":{"x":69,"y":664,"width":546,"height":11}},{"id":"72b9c1ec-cffd-4427-8103-64a96470d786","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":197,"box":{"x":102,"y":686,"width":712,"height":12}},{"id":"87285156-19cd-4db8-941f-a3f5a4075fcc","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":197,"box":{"x":69,"y":702,"width":765,"height":11}},{"id":"247d5326-d270-473c-9816-9f51e7166dc9","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":197,"box":{"x":69,"y":717,"width":834,"height":11}},{"id":"d845ab14-72fa-4c85-ad31-6fe1e20bc980","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":197,"box":{"x":68,"y":732,"width":729,"height":11}},{"id":"42176233-1c10-4a89-88ba-c12c85af567b","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":197,"box":{"x":69,"y":747,"width":815,"height":11}},{"id":"9758bb98-cc84-4930-9226-ae093e89e6e1","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":197,"box":{"x":68,"y":762,"width":761,"height":11}},{"id":"f3eab083-1404-48e2-86e8-279ed2fa3777","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":197,"box":{"x":69,"y":777,"width":824,"height":12}},{"id":"b37da268-140c-4005-9f89-ca58d5baa234","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":197,"box":{"x":69,"y":792,"width":839,"height":12}},{"id":"30b9f748-0549-47f2-a933-c3d0d3aa50f6","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":197,"box":{"x":69,"y":807,"width":813,"height":12}},{"id":"ffa64c4e-132d-4b87-af2a-d13f0bf3438d","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":197,"box":{"x":68,"y":823,"width":827,"height":11}},{"id":"656a6cf3-6b3d-4c6d-ac81-a2aed9234ae8","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":197,"box":{"x":70,"y":838,"width":699,"height":11}},{"id":"e6252bdb-1a81-4d21-bba5-3ebc5dba3409","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":197,"box":{"x":102,"y":860,"width":413,"height":12}},{"id":"d72c336f-44fc-4ab4-9e90-12fb8af7b77c","block_type":"box","text":"II-138","page_number":197,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4f1ffb32-9221-4604-8d66-00ed236db68d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":197,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"af5e6bf6-cd84-4b2b-8d01-a2fddcb043a4","block_type":"box","text":"Additional Information","page_number":198,"box":{"x":68,"y":45,"width":161,"height":9}},{"id":"4ade17cb-fd9d-4ecd-9775-79a1fd65b0ed","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":198,"box":{"x":102,"y":68,"width":789,"height":11}},{"id":"f55b4e02-bfa9-4eb0-a0e8-baebad9d215d","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":198,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"3052e647-0b4a-4762-81ab-4b4624ca3762","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":198,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"6f4891c1-64a7-4fe4-91c0-097457b20b7e","block_type":"box","text":"such name to any other company.","page_number":198,"box":{"x":69,"y":113,"width":238,"height":11}},{"id":"82c7cc4e-b1dc-4c8b-a441-2d5a05f624aa","block_type":"box","text":"II-139","page_number":198,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"309edea0-0923-47d3-a922-48365dfa0588","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":198,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"13cd5bbb-12ac-47a8-9a7f-1407f54f74f5","block_type":"box","text":"APPENDIX A","page_number":199,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"c8e29d59-54b2-415d-b932-6eacaf6ac2ae","block_type":"box","text":"Description of Bond Ratings","page_number":199,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"1f0fb44b-2e53-44d2-95f4-a3bb321959ae","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":199,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"09ccb344-f44a-4a1f-86ee-6051a943c47c","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":199,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"4dbc3b58-c5ff-4d44-b558-be92bbbfb807","block_type":"box","text":"time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at","page_number":199,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"d7a5a5fc-962e-4cfa-9ede-384de582392e","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":199,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"f257d2f2-96ed-44f7-8298-7ad51fe7e5e7","block_type":"box","text":"date.","page_number":199,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"77d0dc0c-823f-4c24-89d1-374bb3f41b66","block_type":"box","text":"NRSROs may rate specific investments (","page_number":199,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"cc6eb71e-3474-40da-a92c-8779567b05d9","block_type":"box","text":"e.g.","page_number":199,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"6f639fa3-9b73-4949-a88a-546706627b42","block_type":"box","text":", bonds), issuers (","page_number":199,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"50bd3239-bdd5-4f02-914c-b3a57671d465","block_type":"box","text":"e.g.","page_number":199,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"fda1cd5a-ae7d-49ae-b3a7-51020d2aeb81","block_type":"box","text":", corporations, governments and financial","page_number":199,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"25f6fa70-82d7-43f2-ad76-ca57997b3561","block_type":"box","text":"institutions) and/or programs (","page_number":199,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"a6eca841-f3a9-48e0-9ab8-63159d35c30a","block_type":"box","text":"e.g.","page_number":199,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"597edcbf-4d6e-4e51-be84-c4e16ea319d6","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":199,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"f9334900-5c27-4f69-a128-2f50b494ef1f","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":199,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"36eb1d9b-1f83-409f-ac20-40c126fd23bc","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":199,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"83981724-ff34-4620-b49e-1e065a33f87a","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":199,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"d98c71e1-d8c3-47ae-80c8-57d58dbccbf3","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":199,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"3b3b8d9d-6476-4f86-8bf8-e935efbceced","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":199,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"9f79a3d6-b016-4eee-acf3-0f2a14cc99ab","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":199,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"2c217821-df82-4154-a75c-1afe37606eec","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":199,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"2023120f-da49-48af-8cdf-ef6dd7c8de8b","block_type":"box","text":"security (","page_number":199,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"21c3381b-c96d-4071-9a11-8b31f94849e6","block_type":"box","text":"e.g.","page_number":199,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"35f2b896-ff17-48d8-9b9f-489c18758987","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":199,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"9c8b6f22-cdb1-4436-9781-468187ea1e4e","block_type":"box","text":"highest of the multiple ratings.","page_number":199,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"f778ae92-47de-4f49-8f3b-d910487932be","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":199,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"6f1f1360-e992-4384-9fc1-4e0ac336ceda","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":199,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"1dc95ff4-dd14-4387-ba0e-8388586f3f49","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":199,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"bb8f5e2a-781e-49da-8c4c-b3bb3ebb74fc","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":199,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"fe803662-d892-425d-87c0-0c17fbab1753","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set forth in the preliminary","page_number":199,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"0079e0ab-3f4a-46d5-b61f-13c4ace68f54","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in the","page_number":199,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"951cdb22-6751-4bcc-a332-88130eb2d4c3","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":199,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"76e0a738-b235-4a44-973b-6ccc8b6d6426","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":199,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"ab85d474-fc37-4e77-bc57-3253998d7ed0","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":199,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"8698e926-a070-4d15-a874-91fe67c195d7","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":199,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"5e08d4da-f653-43a7-8cd3-76850fcfc68d","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":199,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"40316505-c781-4626-8f49-816e0ad735d3","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":199,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"11e6b923-df64-4ac3-97f1-3a0115c70de4","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":199,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"3e35c614-87f1-4e46-9f99-39987cf0f0c4","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":199,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"96ee1a89-8137-413e-96fb-834b2431808a","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":199,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"818bf12d-99c3-4fdc-9e7e-97c29db40f1f","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":199,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"1f3c24ad-26d6-4bfb-b297-7cc0995f874a","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":199,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"adc72802-5729-4c97-be43-9e25381c0a63","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":199,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"542047fd-7edb-4e09-9143-fa6d9069ca7a","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":199,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"2172fc71-060f-4bee-b204-6e41a1690ca6","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":199,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"84a4a0ae-c862-4b7b-bd40-786e99eb2a68","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":199,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"23a0b987-927f-471b-8bbb-874e820f2caa","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":199,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"9d608552-b24e-4c04-b2e8-823c57bbbb8a","block_type":"box","text":"Fitch.","page_number":199,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"b0b36f48-0736-4029-8afa-9ef6e9f74874","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":199,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"9044374a-93e0-4b26-b88f-3cc33a96fb34","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":199,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"1baa5a37-1979-4109-a4e3-14db26d9cde3","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the","page_number":199,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"e771a293-51e2-4348-b4b5-070dc268f80e","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":199,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"9bf663ea-c9a8-4dd4-a9d5-4e5db6c6e19c","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":199,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"0be606e4-666d-4123-bdfd-db132d1ae48a","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":199,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"6552a0ee-eed4-49eb-8aa7-f491e67893a9","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":199,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"2ecc6925-b796-4871-b846-fa7821636887","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":199,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"867e0169-6b79-424a-9218-682a4cb4c496","block_type":"box","text":"sources of variation (","page_number":199,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"7bf623a8-9a67-4983-b8a1-54d478debe37","block_type":"box","text":"e.g.","page_number":199,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"86398d8d-5a18-496e-b19c-2e9e3fe83342","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":199,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"4983a352-f65e-47a6-ab83-9563eebef73b","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":199,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"8c63cfce-44c6-4519-92bb-c7f369608e0c","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":199,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"2ca0974d-85e7-4db4-b7b0-0bc40e36f69d","block_type":"box","text":"e.g.","page_number":199,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"d266ed6a-c412-4125-b84b-0a89b29b130b","block_type":"box","text":", equity indexed), absent an express","page_number":199,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"bf865098-0a6a-4484-8c8b-42bb8e4f26e6","block_type":"box","text":"A-1","page_number":199,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"9a909c2f-dc06-40de-9fa1-4059d933ff33","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":199,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6b2272cb-6d1e-4959-a0c0-f3fe02224344","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":200,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"b3319024-b740-4b56-84c7-de26500d9bd8","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":200,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"66db2b3d-7bfa-47b4-a0d2-842e8f745d01","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":200,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"2d6df343-e6ff-4b63-984a-bcc1a08dd4ba","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":200,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"4932f6cd-c60b-4f9c-9e0d-6c40e6327af7","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":200,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"38ce06ea-071c-4c10-a6eb-34c55259cc7d","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":200,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"7213fe8f-5174-432d-be1a-f94d8e23641d","block_type":"box","text":"instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available","page_number":200,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"9d7647cd-4574-4cf4-8565-6dd0e187d4f7","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":200,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"2e70d95d-3dc2-418c-b669-ee744787f92f","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":200,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"aa46c41d-9505-4ca6-aa02-7205f5f687ea","block_type":"box","text":"i.e.","page_number":200,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"ac4d06fb-b771-4896-8151-66d8f929cc1b","block_type":"box","text":", ratings on nonfinancial","page_number":200,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"dd37381d-33f6-4fcd-b898-ce07cc3f5f09","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":200,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"05a203d4-23e5-4d0b-bbd9-bda5b8a5344d","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":200,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"c1de370d-9fb8-4962-9b11-73cfa4a8d818","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":200,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"9ec2293a-96af-4f2b-bb58-5bad857b1c32","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":200,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"1e69417d-0c62-475a-8484-f83d32c0669c","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":200,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"a137bc3a-a5f9-4a65-94bf-6e138f424639","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":200,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"e44f79ec-d7cc-40f6-9374-f1069ac61e9f","block_type":"box","text":"of time.","page_number":200,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"2da8fb70-7189-4520-b93a-3e4fb66fd0c4","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":200,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"6c1ad9b1-c65f-411d-ab9f-5f01b452f6b5","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":200,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"e283f571-7f24-431c-beff-d088d7778ec0","block_type":"box","text":"risk.","page_number":200,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"f89179f5-dc4a-40c9-ac3f-8b7855b2db52","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":200,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"e54cc5a0-1833-4d88-abf0-677a17a55b00","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":200,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"06a7df86-2c4e-42ab-bf3e-9cae7e96bdf6","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":200,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"aaadcabb-21a5-4769-9eb3-44b93a0fdd84","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":200,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"6b1b74d9-c409-438f-b798-3be15fe4f93d","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":200,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"d7aa273b-2c42-4a63-9736-bbf7af60e151","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":200,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"a9d0b79b-e727-4334-b863-8078ab3c6b0a","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":200,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"3624e1c0-cdfc-401a-8eaa-1d37dd0983ac","block_type":"box","text":"credit risk.","page_number":200,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"c988dc96-1e4c-4416-9349-45c963f184ca","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":200,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"3bde1cba-abd7-45f7-a925-03ce6e7a3718","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":200,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"4c552f6f-b076-4536-abc8-81ec218380d5","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":200,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"72577809-ebc9-4cfd-bd21-27d79904cc40","block_type":"box","text":"of principal or interest.","page_number":200,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"211cc98b-653a-49fd-be35-231e8944841b","block_type":"box","text":"Note:","page_number":200,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"38241cfe-5cc2-4c96-98e2-24e34dc39dba","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":200,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"f2e57199-ec6f-4405-9e6d-ad3ddc1600fb","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":200,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"771106ae-6974-41ad-baae-b22147b0d6a4","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":200,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"09f6d9f3-c16f-4732-90fd-7a71e14c7462","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":200,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"7c536201-cef2-4e86-be46-20e28d10e077","block_type":"box","text":"companies, and securities firms.","page_number":200,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"1b8e2884-fa43-4449-b7ba-53b627012935","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":200,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"5cc5f47d-7bc8-428e-8edd-acf3c3fc2e29","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":200,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"927d43de-f0f0-4d2b-a44a-bb923e1f968b","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":200,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"38b9e942-9d7c-4bd0-8c77-97a91c62ad64","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":200,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"933a4efd-9e01-400a-bf57-c668d9aa5994","block_type":"box","text":"that security.","page_number":200,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"ace509ca-c35e-4731-8520-171e9e35b419","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":200,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"23ddf088-31e9-43f4-bca2-813c904183f1","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":200,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"3631979b-734f-40fb-9d8d-d38b273856e0","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":200,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"6ee5503e-4d18-4bef-9903-da106d860dd6","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":200,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"f6b7f8e7-d3dd-4b7b-b83d-e297f0ae8f49","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":200,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"4145d011-2fcb-43d0-8d20-53ea7c673e5e","block_type":"box","text":"categories.","page_number":200,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"2971fa11-b25f-42d1-9700-2c8250ca8a84","block_type":"box","text":"A-2","page_number":200,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"d3aed81c-1a1c-497d-9cb4-016b7959a007","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":200,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"880e2730-cb55-4fd9-a0b0-758582618dab","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":201,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"a81e4485-2b17-49b6-98c1-98926ca91c99","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":201,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"274b1785-8350-487b-bc73-3adf409d2e25","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":201,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"e4d872ef-d4cf-4309-b86c-fd586e4f4132","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":201,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"6393238f-e2ca-4911-bb98-6dabab8359e6","block_type":"box","text":"an issuer’s self-liquidity.","page_number":201,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"87d36962-8df9-423a-9560-54cfeffa9a0c","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":201,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"c1def769-1d09-4e45-b845-0b9d7c9ce05d","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":201,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"29f69cab-4676-4e4c-83b0-020d76824595","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":201,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"94b621b7-42b4-4f9c-9a8b-5ac3e69b3ed5","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":201,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"c31a2b75-07ba-4968-a6ef-125f73418a5e","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":201,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"1a7eddbe-6de5-4378-8420-c27f1fb85a39","block_type":"box","text":"MIG Scale","page_number":201,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"c963920f-3f73-44d7-b37b-04cb56447264","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":201,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"5760f57c-20b0-4f56-a612-030c53525c92","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":201,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"ec56b910-c370-43bf-8f1a-8695ef889e0b","block_type":"box","text":"refinancing.","page_number":201,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"74ae3cc5-7127-4875-8cff-a42aced71461","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":201,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"e971fdb9-d431-409d-858d-e7bbf6bf1d93","block_type":"box","text":"large as in the preceding group.","page_number":201,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"b808901d-20bf-44cf-a4d0-79a32aa6fb81","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":201,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"7b2e7fed-42f1-4a09-80f9-126228406f7a","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":201,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"91a11690-0df1-4ead-a265-7bd7a0055964","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":201,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"229b6b93-2bf1-4e43-af21-d366a57ed89f","block_type":"box","text":"lack sufficient margins of protection.","page_number":201,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"cb78b39e-6930-4189-aa3b-ca761a202cd1","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":201,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"2a52baca-32a8-4bdd-86d4-9082e4e6d7e9","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":201,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"990c4f2e-0d4f-46b6-8e4e-612da11dd29d","block_type":"box","text":"are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":201,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"290c5202-d613-419f-9317-db3a7fda76eb","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":201,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"f79566fe-07e4-4ac5-bd5d-9668c5fabb72","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":201,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"99257ba3-deb2-4648-87f0-cf4da5971ef5","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":201,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"9323785d-527f-4212-a979-a4ce4ca05550","block_type":"box","text":"liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long","page_number":201,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"bd7c6ae5-7c0c-4e2e-ae13-11306c15be15","block_type":"box","text":"term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of","page_number":201,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"32764829-9672-4b21-9a0a-5db3a8be3348","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":201,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"38b006af-2d39-4d9e-91c5-a9ac96a76e46","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":201,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"7b7a75ab-cbb6-40a1-9934-198ea07cf7ca","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":201,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"9696cc08-6454-40c9-aca7-e3ebd3c97d76","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":201,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"a9b466bb-3da0-470b-85dc-6a683c257670","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":201,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"3fc47727-9293-4f3b-a91e-69bb8814a9a1","block_type":"box","text":"VMIG Scale","page_number":201,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"121f1f30-7ff4-4838-b004-2adb075beb7b","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":201,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"0cbda962-7714-45cb-86bf-4e40d5380a12","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":201,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"477e7ad8-f98d-4093-b86d-6c9411d987e7","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":201,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"829f354d-974e-47f0-9e27-02970ae7e662","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":201,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"f33ecd01-87ef-4bab-b3e4-0d94eb96d6fa","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":201,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"6e537d57-0105-45ee-a713-992d81cd23fd","block_type":"box","text":"payment of purchase price upon demand.","page_number":201,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"88f286d9-c29a-4521-816e-ec90e96c702e","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":201,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"0100358c-e626-4719-84c2-6f9e828490b5","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":201,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"964d7c3a-8568-4b11-89ba-03be0ac9a62f","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":201,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"d0fc3e52-69f4-4b20-84ce-9e5db53f5aea","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":201,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"584f3dc6-10e1-481e-9d52-edf6517a8eea","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":201,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"c264cb03-e182-4328-9778-470f05c12718","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":201,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"a8235f09-c3bd-4df4-9fea-20c487f511b7","block_type":"box","text":"price upon demand.","page_number":201,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"4a6473b8-3847-4892-99db-0b2eb9a985ea","block_type":"box","text":"A-3","page_number":201,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"1de03dcb-d31a-42b5-8b14-43878d7472f7","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":201,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7d7ea89a-391d-4c07-9ff3-4e0e30adc1f3","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":202,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"c36c869f-57f0-44ac-b00c-bc798b6727b7","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":202,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"6a147126-9b7d-44e9-8655-ecd52104645c","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":202,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"eda2fe1f-8e32-4f67-b294-9d70b7905a5e","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":202,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"cdde750c-9f6e-4ab0-ab10-a1e38995579f","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":202,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"a3ce36e9-dd37-4013-92d3-0fa97ce45964","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":202,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"106d9f08-4876-430c-9205-d936eb95c449","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":202,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"eff31814-37ec-4351-b8f4-06cb10ff546d","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":202,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"7387b686-a04c-4e22-a937-28c442fb9d1e","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":202,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"5fcf88bd-e927-4a02-a7f1-41118c64cf8a","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":202,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"03a28eef-aec8-44d3-9870-78cf59afebcd","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":202,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"370dce13-7ea7-435d-8359-074a91914942","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":202,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"e6eff06e-c6ef-42db-a176-89f32dc89f56","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":202,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"2fb127d4-2247-43ea-a51b-114b8b175995","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":202,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"1132ec0c-cfec-45cf-87aa-d95d246ee6ae","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":202,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"23983acf-d967-43fd-a92e-88d146ab0123","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"5a438af0-a664-4a97-b548-223de4386fcd","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":202,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"2ff6952a-9fb7-4b79-89db-791cfe8fca9f","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":202,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"8f522901-b7b5-4159-a2d0-d61cc4ab9a79","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"ff381afc-f8b5-4d3a-a4ac-137872cbdea3","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":202,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"793963c7-dea1-42a3-b1dd-011e5c96305b","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"8e0c0695-889b-4ed4-8eb5-1f8c6f770763","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":202,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"e3ac93b5-e635-4164-9d98-ed7a708fd670","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":202,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"4069108f-f7e4-4da5-b7c7-6e3b9b04e267","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":202,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"f7f07e24-c9de-4ab6-a4a7-a80ee7b96b23","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":202,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"bd809fa6-971f-4308-8e7d-7f632b6a3e1f","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":202,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"ce9dd842-bcef-4b25-8708-1de34fe66e22","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":202,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"9285870a-4a80-406d-9c1e-f04c6a2e494b","block_type":"box","text":"obligations.)","page_number":202,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"fe0136d7-cf66-4c93-85af-3b00b66ff72c","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":202,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"c9eb5abe-7220-49c3-87d5-ed67ab15aa85","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":202,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"617ae02f-b306-4858-87ea-ad3f06a52a33","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":202,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"f74f6cca-8631-4958-9c2f-74b9624bcf0e","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":202,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"b6cb01c2-126b-409f-8b50-008c8b66bfbb","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":202,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"1d57508d-2b6a-43d1-b24b-819c22fc4eae","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":202,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"14a083e4-d348-4f02-807d-e664ecfcb05c","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":202,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"a5743abf-2d3a-468c-8eba-6a379f06a81e","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":202,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"d89a7271-ae11-4bac-9cc2-538b4474bcad","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":202,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"6d5a6bdf-dfc7-4d57-818a-f9d22dc5146a","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":202,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"e80f3045-0e25-4e9c-938a-00a833bebbe8","block_type":"box","text":"financial commitments on the obligation.","page_number":202,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"354e7c2e-89d3-494a-9043-3329fa58cc86","block_type":"box","text":"BB,","page_number":202,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"1faed56a-4c44-438e-bf09-b73474373f6f","block_type":"box","text":"B,","page_number":202,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"475097f1-a4bf-4a11-a2e0-7e81aaab23db","block_type":"box","text":"CCC,","page_number":202,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"fa1ef4e3-f6b7-425e-93d9-009729f8b9c2","block_type":"box","text":"CC,","page_number":202,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"d0689d01-3d8e-4265-be77-6d77790eb916","block_type":"box","text":"and C","page_number":202,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"4ca87b11-23e0-48c8-b81d-0916ac1bd7f1","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":202,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"19a18d6e-7f1e-4266-ba5f-f30cf3037252","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":202,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"7857bc10-3c34-42f1-957e-ba10f85e7e3b","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":202,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"f67d63a6-bd9f-4858-9c3f-f73fa5deea43","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":202,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"4302d8f5-024b-44f7-8d3f-4a97fe6c8b7b","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":202,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"a6fe28dd-8cea-4f41-9125-39a84710af9e","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":202,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"b69c5031-02b8-4d2c-9c6a-37e9149b2a5e","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":202,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"14f7b770-206f-4e75-9f55-96f07eaea688","block_type":"box","text":"on the obligation.","page_number":202,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"a3c68ce2-4785-4dd4-a1b8-974146250aed","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":202,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"fcf6097b-45da-45af-b1e7-0f59d674fade","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":202,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"671c5339-a041-4940-a5c9-43c1c3e2d630","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":202,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"f408a361-f04f-4efe-b38f-9177ee2d588a","block_type":"box","text":"financial commitments on the obligation.","page_number":202,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"f683e281-e50d-4f7d-b1c4-9fde35d911ec","block_type":"box","text":"A-4","page_number":202,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"d337f170-5d6b-4806-8180-1868a0fc6c48","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":202,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6039e389-fc71-45cc-b779-19c2247d7799","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":203,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"8419a49f-325b-4048-84d4-c78cd5cc58c5","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":203,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"2e7d1264-3750-4f82-8c21-9c3487c96d53","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":203,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"d2a22425-0125-49dd-b8cd-c85942cd5275","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":203,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"0dc83789-bb29-42b4-867f-03ca900924d1","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":203,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"b04e257a-4520-457e-86d3-dab276ce5ea5","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":203,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"b250ea3b-fce2-495e-9fc6-224d7e5fe5b3","block_type":"box","text":"anticipated time to default.","page_number":203,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"b32be43e-651d-4193-be88-0eb2f05cbd81","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":203,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"783be4a3-c21d-4d49-a28a-63f628637c06","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":203,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"ea41c3a9-351b-4eda-a0f9-dbab1cb5deb3","block_type":"box","text":"higher.","page_number":203,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"31b4ac25-3631-4c26-9475-29f46fdf5e4a","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":203,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"f3f1e37e-0afd-4cf5-aaff-4bb5a7f6709a","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":203,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"8049dc91-2c26-471a-a69c-78c8b4774edd","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":203,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"583b85a3-9b49-4bcf-a602-d19d9a696cb4","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":203,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"5ae049a3-45b2-4951-aa6d-cb8b5b124468","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":203,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"748f175b-f868-4f5e-b226-b2a278e5372e","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":203,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"cae397b8-2cb4-47be-8f6e-f4286e76d377","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":203,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"d493ea74-1004-4bef-bee7-9637f0797965","block_type":"box","text":"restructuring.","page_number":203,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"be4616b7-54ea-4040-8e68-c13e03cc1716","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":203,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"6f8895cc-59e0-42fc-a37f-ff50e3fa1fde","block_type":"box","text":"standing within the rating categories.","page_number":203,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"df595821-821f-48f6-a919-087ea4cfb96c","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":203,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"0a5386c8-e4d2-41de-830e-84c0ba7d0418","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":203,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"c46d0b68-a89b-4ac4-a2a4-9ece769ab548","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":203,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"6be85d2d-d853-4e56-aa9c-a36d78b195c0","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":203,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"6bd20618-5400-461a-9615-730e42c167b4","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":203,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"6e17d2f5-8532-42b1-82ca-5f3af1d53fd1","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":203,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"6c5f98dc-dbfb-4ab9-bb64-f70a39e717aa","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":203,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"2d051607-00fb-4def-869c-55e50933f420","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":203,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"29f610e4-fa35-4e98-9758-c1def45c611c","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":203,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"91345c53-8f8e-4abe-bd22-118e58c39601","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":203,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"2c6e3ffb-980a-482b-b9c2-4a1847dd53fd","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":203,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"b938c4ec-44a2-4544-8b9a-1f5b75966648","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":203,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"48de26ea-4ecb-437b-a550-d608aed2a3b8","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":203,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"999df696-c76b-419f-8dc3-a913a19f9af8","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":203,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"e4b23656-735b-433a-b39a-b73d7805cf38","block_type":"box","text":"financial commitments.","page_number":203,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"5ec638e2-ae01-44f6-aa37-c55768097e98","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":203,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"d6c05123-45f7-4be1-a7cc-e5cd073ccc8c","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":203,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"2072154c-6713-43e1-8fb2-039aa6880a2a","block_type":"box","text":"commitments on the obligation.","page_number":203,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"be0472b8-ca5d-44bd-8ffd-7a294f958bf6","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":203,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"8d7a9b4c-73d3-46b4-a5ce-e45e0dd84da2","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":203,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"278d18ee-c44a-45c6-a14e-8fd279445fe7","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":203,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"99110690-203e-4035-9054-7eed6deef68e","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":203,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"8713254b-879c-4daf-ac3d-8c1ce57a7507","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":203,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"3516be5e-9f78-4b93-8f2b-31874eed0fb6","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":203,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"6cb3a9f4-b5fe-4964-b36e-c8d9eb5e3df5","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":203,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"589eafec-c5f7-479b-a097-efb693714aeb","block_type":"box","text":"debt restructuring.","page_number":203,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"7655f093-8e1b-47f7-a8ec-6eda8cacbe77","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":203,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"8dac906a-b491-4ce3-bbdf-46b812c55a6d","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":203,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"f87b38db-c14a-41cb-bab0-79c1a09d8f66","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":203,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"943e7940-d3ec-4aa6-a3e2-3a16e9a23eda","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":203,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"4120c728-811a-4bb0-91a7-1dea7cd78fa3","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":203,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"885f40ed-ae0d-4ea1-8136-7e4e349f0bf6","block_type":"box","text":"A-5","page_number":203,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a4b67e06-9703-4018-9cda-8f7d99481f9f","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":203,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9e0530ea-40ae-4d9e-8af4-e708a734f027","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"aae0241f-484f-43b0-b861-8a6a620e7b05","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":204,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"14342044-baa3-4933-be53-f485a5cbdbd2","block_type":"box","text":"as a note; and","page_number":204,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"52b05b88-7526-4f18-a680-1a52f840895f","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"bef00772-3c7f-459a-862b-b182df765f3d","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":204,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"6e1dcfe6-7b56-4714-b27d-517b69cde047","block_type":"box","text":"treated as a note.","page_number":204,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"aab56a9f-fa58-4648-bf26-30bbd171816d","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":204,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"064508e6-590b-417d-a084-0dd4e2db6593","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":204,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"df5b8c4c-4587-4675-a85a-2e32d5a53629","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":204,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"ae8f88cc-7fbb-460f-a87f-dee42eef2928","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":204,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"7bf21744-0988-4ea9-b96a-3f8a7d97f645","block_type":"box","text":"economic changes over the term of the notes.","page_number":204,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"02158fe0-5966-472a-bb08-07bbf58afe6a","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":204,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"50bd6fb5-cf16-4843-9d11-64bccf228ee1","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":204,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"07f12304-8fec-449c-bb5d-56b5595a5303","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":204,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"a30e93b3-47e3-4c98-8cfe-b0ca8dc357f3","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":204,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"05481844-c5e3-44fc-a52b-bb5ee5ec5483","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":204,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"91b232ba-378c-47bb-8c91-2cbb5a723d2e","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":204,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"a9147109-5ae2-4e17-8849-dbb0b8da0186","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":204,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"a185e332-8303-4949-8179-6f42ca046430","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":204,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"e50b0539-57f0-41a0-a17d-9fc9464b3ff1","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":204,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"3ffd8abc-2233-4ce7-bb2a-f0faee43c17c","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":204,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"3c4d8bc9-4ce7-4cfb-bf5f-637da2486e77","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":204,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"c662817c-d5f5-4ba5-a22d-56912bba2480","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":204,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"227d828e-6997-4663-8df3-b6cd9a83b55e","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":204,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"55b160bc-3832-45cf-8fae-8aa5d57b6ee2","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":204,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"6c577d63-3460-4108-8006-2d14fc5e0f8c","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":204,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"0619642e-bc0e-4a03-85c4-cb28e4f87c25","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":204,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"b794eb6c-2489-47fb-9683-0b50c81ea49f","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":204,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"67a53264-a7f8-41fe-94b8-2a913b6db77a","block_type":"box","text":"receivables or other financial assets.","page_number":204,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"087f1fd0-9672-42af-a422-7d7acb67e3f1","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":204,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"02d5ab35-f9ea-4e6e-9b4c-fa38deef8d5d","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":204,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"c34748c3-272a-48ee-9bac-4e06750380eb","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":204,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"1b9bc412-66b2-4b32-93dd-efb95c0d5ee8","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":204,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"856ae111-4c29-43cf-ac6b-7092a274924d","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":204,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"363d449c-b831-4ab7-8a29-ea0e0c5669d8","block_type":"box","text":"occurred.","page_number":204,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"8779c698-eed1-43ef-ad62-bd12af3c9bfa","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":204,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"5cb35237-dde1-4fca-b200-018dc9626a5f","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":204,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"3ab62d63-ec38-44fa-b24b-7075fc6cd360","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":204,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"6675481e-8355-436c-917e-cf81a2d661a3","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":204,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"6685d240-1688-4908-8c8a-46b3506bdc2e","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":204,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"be0605dc-8cf5-48a9-801e-2f65108b232b","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":204,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"c0ccc7c7-01f0-4abd-9552-f529e3a93d9c","block_type":"box","text":"rates.","page_number":204,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"880ccf9e-df60-471b-b7cd-afd5e422ea15","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":204,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"9c9c2272-fc9d-4455-826a-e82b40a55021","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":204,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"a0ee64f4-e63c-4eff-ade4-bd64d104fc13","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":204,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"71500b65-d251-4235-be27-ae08418fed99","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":204,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"a4448c90-48d8-43d9-b40c-9f2f963ff9c2","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":204,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"30cc5391-c32c-4af9-8808-899221740114","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":204,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"5e72abcf-9ec0-4b8d-b4ba-ac638868cde2","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":204,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"5ae92523-5cb8-43b6-ae6f-68b150743cee","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":204,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"98479039-9353-458e-8627-0ea795a757ae","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":204,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"377879b6-9fce-4a07-92d0-2b062b9cac4d","block_type":"box","text":"i.e.","page_number":204,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"6737cba8-db18-4260-999d-3aeeec93b5fa","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":204,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"6b3acb83-c86c-43e0-b02e-465775d392b2","block_type":"box","text":"the obligation’s documentation).","page_number":204,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"dbf8b760-eeaa-471c-a31d-348a6574652f","block_type":"box","text":"A-6","page_number":204,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"ea21f278-ff5a-4fa8-9ba3-53481e249a8d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":204,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bbc0f7c2-e520-41f2-b6f3-bcc29f4b8a79","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":205,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"cb6d15d5-4f2d-4797-8131-a1c3d56bdfc2","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":205,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"1c23c66f-4dfa-402d-b5ed-f40f56cb1ef0","block_type":"box","text":"agents in the form of a rating letter.","page_number":205,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"603a8e03-6ac0-45b7-8c64-dc5ed2d2f7c1","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":205,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"f20f2480-cc08-44db-9430-14408a7aa805","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":205,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"b16c2199-5288-4e32-bad7-3237e97ab857","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":205,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"55e2df62-fe3b-4fab-82ad-f9a3d3f0f5e1","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":205,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"9e2899b4-6263-4ee4-969a-4dae0e7dd4bb","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":205,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"736f04b2-b8f5-4e65-94ce-6f5c6d739187","block_type":"box","text":"e.g.","page_number":205,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"f464329d-c4cf-47be-a525-53caaa5935a4","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":205,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"f6b47a59-5a51-4ea0-b171-1e791b108747","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":205,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"89184ed3-be28-4b62-a4a0-dc3f2e619b93","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":205,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"d7e29a85-7000-43cf-ac8a-501034a3dde5","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":205,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"240dfa5e-3e7b-4210-aa88-91fc48388384","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":205,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"10f3eead-eb2d-4273-8310-e3f6509c217a","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":205,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"1f862584-566a-4f83-af12-93fd3467e317","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":205,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"4d821bed-b534-4095-bc05-d391e2c72a15","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":205,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"b12b689c-aa4c-4424-b8b3-451c20c09077","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":205,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"b4e21768-93b1-44bc-b063-37a49346a41a","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":205,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"2e90cb21-b551-48a8-a3e4-09caec93141e","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":205,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"24a20389-0b6a-46ed-8d1c-2c9e00df8c29","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":205,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"22816962-88fd-4c3d-9f38-6c87612ea939","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":205,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"a99aefb2-01b5-459e-a847-a7db756c2284","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":205,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"030e6e86-9528-4c94-81c8-08ef21c27232","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":205,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"1c654f55-d663-45de-baec-6ea76849fa75","block_type":"box","text":"Ratings.","page_number":205,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"0bd94bba-ec2a-4d90-b2a7-9f829c5658f3","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":205,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"768098cc-390e-4db6-b63c-874a8bc58695","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":205,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"fbc27210-1713-4b72-afe6-d3aca52eed68","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":205,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"ba948a54-b623-4573-a62c-8c8d9b26b0ee","block_type":"box","text":"obligation ratings.","page_number":205,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"53d2fc39-e304-4fc6-be2c-2ad630250c8d","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":205,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"c3f74f63-4e8c-4d0b-816e-a661c0ee703d","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":205,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"1c079e72-8877-4f30-931f-3911269f04e9","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":205,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"51be7263-3443-40f1-9ee6-888447b16d78","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":205,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"b245a4cc-74b8-49a8-8a0d-5416069feab0","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":205,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"acae9bd8-bd27-428f-8b2a-0055190083e4","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":205,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"5c401d7c-bcd0-4ebc-8bce-aad82289f219","block_type":"box","text":"to foreseeable events.","page_number":205,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"98e8ca12-9778-4a1a-b377-a987979216c2","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":205,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"64aee8db-3cbd-4401-adeb-60c5a4516d7c","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":205,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"1873a714-10d9-4ef1-99bc-34f3df439589","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":205,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"99afebaf-1d54-4b2a-9e42-a924400a3c94","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":205,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"b1760427-a530-4a72-b0f8-fa8775917f49","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":205,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"bca6775e-1de2-47db-8797-7b3832725c2b","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":205,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"02078d3d-f35d-4533-9d8f-38abcc41fac6","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":205,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"416bf663-8092-4f75-bfe9-0b96027ea203","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":205,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"640866d5-424d-4bf5-824b-9a9f06028d08","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":205,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"b8ba79e5-e1d4-439e-abdf-a63ebe727638","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":205,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"aac32213-0b4d-4984-880b-66576e6978ab","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":205,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"453f6492-dfb0-4b26-9f0d-d7d74d5b6e07","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":205,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"a15f9de2-2157-4fff-bcbc-1865c24526d5","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":205,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"a83bbc2a-95d8-4b2e-860e-a6b76d354928","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":205,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"93195d7e-abe9-4bbc-b032-b104e71d68ee","block_type":"box","text":"relative status within major rating categories.","page_number":205,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"2753180f-1282-4d91-afdb-fa3158365070","block_type":"box","text":"A-7","page_number":205,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"fa3dfbb7-5096-4d35-b0d4-a3a56b3a591a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":205,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f85ba84d-440d-4f82-94c0-25f5a127cb21","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":206,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"43a89ce7-3a76-4c00-a35c-fa2e7efd6ed6","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":206,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"8320d3bf-4c9b-4873-8989-63bad43c2f44","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":206,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"8cc3fbff-aec1-4b4a-ab7d-ab1c70a39f8d","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":206,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"e2c2b350-328c-48de-9a65-fb91cefc6dee","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":206,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"13d2c224-1cdb-4261-bb2c-801f8f3cdc34","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":206,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"733f6260-89bb-4a95-88ab-c272f2078fbf","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":206,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"53473908-a959-4145-b594-c9a367b60064","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":206,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"14ef8847-829a-41a3-a772-428ca21791e1","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":206,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"176e5e95-1ea9-46b7-94e1-ed5709ef5e47","block_type":"box","text":"finance markets.","page_number":206,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"31cbc6c4-f58d-4564-95f6-16761a13b1ab","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":206,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"018fe7b6-8986-466e-a0e8-5f05ff6ee659","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":206,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"dee6c6c2-a395-4764-8122-881694637ada","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":206,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"1ecd051b-66e3-4faa-bc73-125c0aaac942","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":206,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"9e0571c9-bc98-49b6-8ebc-e20739e86548","block_type":"box","text":"commitments.","page_number":206,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"1fe6054d-afb9-4059-9459-a3ed90ec3135","block_type":"box","text":"F3 Fair Short-Term Credit Quality. 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Minimal capacity for timely payment of financial","page_number":206,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"0c4997b3-c2d1-4856-8996-e9abc04b3c9a","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":206,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"bb23da17-1034-4b2b-8b4d-d0ab45e9f998","block_type":"box","text":"economic conditions.","page_number":206,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"942c7415-e8f8-42d9-b8c2-de3b98908ca6","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":206,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"da6d265c-2976-4e07-a2c1-7a4ab4352bcf","block_type":"box","text":"RD Restricted Default. 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Statements","page_number":207,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"7b8b1317-d003-4a36-9926-53925398a23c","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":207,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"968593f2-f49d-45b3-a47f-fd7b303bb42b","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":207,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"8f65474e-1573-49e4-90ff-f38009023475","block_type":"box","text":"voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of","page_number":207,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"869d1d49-905e-4248-acfd-efe27d30e575","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":207,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"8f3eb077-5a26-490e-a6d1-867390c8600b","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":207,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"c55a5414-03d0-443b-bb4a-328aca736462","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":207,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"55e73f93-2849-43d9-b576-cc8db16b7f80","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":207,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"c310322c-928f-4bd0-86c8-e62734729ac2","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":207,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"adb3264d-bfbb-428c-9c66-faa405334b1b","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":207,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"8f83132f-40d9-40f1-932f-6df1a917e52a","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":207,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"4395577f-5be6-4874-8b09-8bfbb00fdfd2","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":207,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"a3ff89f2-972c-4f5e-a338-8378fd170a3b","block_type":"box","text":"Conflicts Management","page_number":207,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"d382fb3e-0664-4488-956d-ee2810ca9f10","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":207,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"f75ae98f-06c9-47c3-bdc4-7abb109278db","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":207,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"ac708717-bb2d-4683-af80-a0b8485de583","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":207,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"7b50fff5-1f59-4975-a8e2-5fdedc3af1e4","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":207,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"e002f74b-8829-4e01-bb26-f1b0c4f07108","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":207,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"cf8db0b7-77b4-4f4a-a65f-8d2d83c3c2f1","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":207,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"ab9de1e7-39af-4445-aa8c-9750f2cb979c","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":207,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"c340220f-75c0-471e-9932-ef469e17e3cf","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":207,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"3cd09c46-d8e6-429f-a029-50a7a9075b82","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":207,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"4127abe4-795c-4a64-899d-71940725a18d","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":207,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"2e76011f-27e2-4be9-917d-bd43a1cd6279","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":207,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"5c863d40-240d-475f-900a-f15dc8a3020c","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":207,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"d52ed183-99f4-4677-a3ae-e79361e881f8","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":207,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"1ce06713-31bf-4c2e-8d4a-23e53c7327e7","block_type":"box","text":"connection with proxy voting.","page_number":207,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"ac45f6c4-1546-42b2-b366-218a3417e424","block_type":"box","text":"Reports to the Board","page_number":207,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"e235ca94-38d0-4f24-94a7-ad03bf639d81","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":207,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"2f0c70e7-7478-4067-8a4f-07125aa1463f","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":207,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"704556b0-de9a-4c4e-ac14-74213507377a","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":207,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"2813a744-9de4-4fbf-83cb-719113a274cd","block_type":"box","text":"changes to conflicts management practices, that have not previously been reported.","page_number":207,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"0279c1be-2650-4e92-87de-219f0726c258","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":207,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"4f87acda-5036-4efd-bbf6-75ccce666046","block_type":"box","text":"BlackRock","page_number":207,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"2445702d-bd12-4021-a829-1fbdfe1924f3","block_type":"box","text":"Public Page 1 of 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BLACKROCK","page_number":210,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"9a763ae7-4250-4b56-8eba-ec16168f969d","block_type":"box","text":".................................................................... 4","page_number":210,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"67e807e0-5f71-47d2-bdd5-f58c37cfdf2e","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":210,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"620f743f-3fcb-4c83-ae4e-a150a555d752","block_type":"box","text":"............................................. 4","page_number":210,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"4a82b208-3643-42c0-82ca-38325c63e466","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":210,"box":{"x":74,"y":134,"width":451,"height":10}},{"id":"6b081354-ecb4-46d1-a817-4279fecaefc0","block_type":"box","text":".......................................... 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The guidance informs the voting recommendations BAIS","page_number":211,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"868f7a66-8221-49e7-92dc-452c540e26a8","block_type":"box","text":"makes to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":211,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"3cc93911-696a-4ddf-a7d3-93099c4f356b","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. 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The benchmark policy also may apply to","page_number":211,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"3f33db68-a6c4-4ec5-bbc7-fd886910d406","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":211,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"b15e2c34-8e1d-4172-9475-782155570902","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":211,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"83802792-a1bb-4365-84c0-7026171c45d1","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":211,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"617c58a6-b184-4330-a826-080817f5d1cd","block_type":"box","text":"2","page_number":211,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"94bee384-159b-49cd-9b66-072d02627ce3","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part","page_number":211,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"07f7dae1-6f58-45f5-aa37-9307e4f3debe","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. 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The money BlackRock manages is not its own — it","page_number":212,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"adc81637-f214-4414-9f73-3735bc76399e","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio construction decisions.","page_number":212,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"a425198b-b841-4ddd-b60b-7eb35c0e0aa6","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":212,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"d336776c-4019-4c77-9fd1-8ad7dee261ab","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":212,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"0aca1f13-9cb7-4db5-9a12-b01f17fe71a1","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":212,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"bce2f4e7-7dc8-448c-b16e-3fa0c6dad377","block_type":"box","text":"this work with research, data and analytics.","page_number":212,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"4e569017-a0aa-46a9-8c8d-634a50b5441d","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":212,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"415b8dd5-0228-4edc-85fe-800e5baddc72","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":212,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"46461710-548c-4289-8b41-41b1afbc18a8","block_type":"box","text":"practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time.","page_number":212,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"17b432c4-ba05-4376-8785-4981e1f53781","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":212,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"96038464-f0ba-48e3-940b-38dd3a2d567f","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":212,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"744b0efd-232a-4bcf-b92b-41ab190c47d5","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":212,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"47ce1389-0e32-4211-96a6-20929bc12eb2","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":212,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"3a6e75af-8f94-4575-8acb-d68eb4616cc3","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":212,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"557c7c5f-5667-47fb-8298-909d11661c48","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":212,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"42ada238-2e63-44b5-9a5d-4c048b49c6f9","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":212,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"ddab704b-7f11-4365-b386-a3206035332b","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":212,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"23241550-5ea4-4bdf-b463-eb8423ae5a7f","block_type":"box","text":"shareholder meetings.","page_number":212,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"44b8a207-a1a2-4508-9052-b61e53809612","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":212,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"49ccb06c-f7d3-4224-9686-c533cc632d2d","block_type":"box","text":"investing.","page_number":212,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"60572d83-224a-4c76-9b4c-746fd3a132c4","block_type":"box","text":"3","page_number":212,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"9d79c69f-8468-44ef-9eb3-bf47fb8116b1","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":212,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"a97adc27-7b60-4749-9d3a-7ea6c09efc42","block_type":"box","text":"manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and","page_number":212,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"5d5550e2-a2c0-4ab0-acaa-d6816dbe65af","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":212,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"ca1d20e9-de3f-46f3-89e3-3dfafff35c2c","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":212,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"a7f5ff3b-9d0c-43f3-92ef-b3ff3b51461f","block_type":"box","text":"corporate strategy, capital structure and financial performance, operations and material sustainability-related risks,","page_number":212,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"d8f6135b-c61d-4a97-9b98-a75b5e0f193b","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":212,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"dc0c0298-1462-4523-aa84-e185e17797c9","block_type":"box","text":"supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":212,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"675765dc-b511-41b3-8163-5c1d52db587a","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":212,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"184aac1f-c44e-42bf-82c4-67b24f6931bc","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":212,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"f9347a36-3d8a-431b-9b41-7f446b8ed382","block_type":"box","text":"each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":212,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"b25dfe86-6feb-4b3d-9c9d-8e2619bf791a","block_type":"box","text":"vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting","page_number":212,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"bb43fb72-fd56-4141-837b-cec73b057813","block_type":"box","text":"recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each","page_number":212,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"c19dd4f5-d124-44fd-8b94-2de854559431","block_type":"box","text":"portfolio’s investment objectives and strategy.","page_number":212,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"c5fdae32-4f57-4f3e-b39e-6fc3a32a0ecd","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":212,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"e5b95ce7-ce00-4a4c-8b15-49c0e113b9f9","block_type":"box","text":"management teams and board directors","page_number":212,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"b05e73f2-f22a-41b7-b1f4-d1859e52a53f","block_type":"box","text":"4","page_number":212,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"133d977d-7beb-4b32-b1c8-59c51d8afdd5","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":212,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"cc9c80ea-1d88-43f0-96c0-52421a7fcc50","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":212,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"ebb851af-bb6f-4fa5-b72c-13e7da5fd3b1","block_type":"box","text":"applicable elements of governance that support a company’s ability to manage material risks and opportunities and","page_number":212,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"30246a2b-23e0-4010-aa87-da598324068d","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":212,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"fdc97d27-a0d8-4c8f-8f57-69b74b7680df","block_type":"box","text":"norms within their local markets or, particularly in markets without well-established norms, aspire to widely","page_number":212,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"f5c2e0c1-a5f8-4ed8-9710-236ddac53cfc","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":212,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"c4c835a1-8ded-4225-9957-f4ac469a05e4","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":212,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"65121f72-d7a4-47aa-9ae7-e2f26dfac98a","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":212,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"003a7438-7f96-45b5-b931-456276f2fd9b","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":212,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"f027738b-d130-45ce-b2e5-f69a7bebb2ed","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":212,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"e2b5ab34-785a-4cd7-bff0-d1c2482fe0f4","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an important mechanism for investors to express","page_number":212,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"5ec1c835-fa03-44de-962d-7c8c66f98bb1","block_type":"box","text":"support for, or concern about, a company’s performance. As a fiduciary, BlackRock is legally required to make proxy","page_number":212,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"b6bb573a-b065-4d40-bb3f-afc200f9fa47","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":212,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"ae8e48bc-4154-453e-a3ef-7129f2952b59","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":212,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"e2524039-66e5-42d3-a66e-7094209750aa","block_type":"box","text":"3","page_number":212,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"d7ab8bd4-b5ca-47cd-ac46-1578e1c96598","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":212,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"cc191a5e-95b0-4c80-887a-17c8d6650212","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":212,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"7d99fc3b-679e-43ac-a325-254b7ad42955","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":212,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"8887b329-921d-46b2-96b2-615c95344df0","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":212,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"20b1d952-e76f-4097-af56-58a7afa1118a","block_type":"box","text":"4","page_number":212,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"38af3100-5897-48b4-be26-059087ac5db1","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":212,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"42d1f9a3-ada4-4f4c-99b4-750b9e101e78","block_type":"box","text":"boards and their members, where relevant.","page_number":212,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"da79d1c1-0764-49e1-96c0-66702af93d54","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d5f5d5db-3c5f-4562-ac11-a557357cbb42","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":212,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1b20099c-3144-4b7d-9988-cbaa8a4789c6","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":212,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"46558e5d-178b-4a4f-a00b-2ba43c5796b8","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":213,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"5f870724-60fe-4659-b8ff-78b3e09cbe6b","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":213,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"bd898a17-fcc8-43e0-aee9-735b73ccf197","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":213,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"14771251-3cfe-4cf6-a5fb-d4f0e9f330f2","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":213,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"e6c4c9ee-7fbc-4452-985a-b13dbd4b978b","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":213,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"8f1bcaa7-1742-40ce-bdeb-10245cb37851","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":213,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"3b31ed22-b06e-463e-9da5-be2320feec25","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":213,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"5c4b7cf5-8860-48d8-8a1e-05e0cf54aa6f","block_type":"box","text":"5","page_number":213,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"2c116467-4881-4c68-9764-4f391c99025e","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":213,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"ce07392b-b319-42c9-af50-6f3e69fe154e","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":213,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"a0dcc0b3-3035-4819-9fa5-09bf2732004e","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in","page_number":213,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"084200d0-c997-4172-8d9a-ef1524174f33","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":213,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"6440479f-7210-4dcc-bbfa-335da5922d49","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":213,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"eba6e013-c407-41d7-b163-70c07417c4bf","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":213,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"61913a08-463d-414b-8a50-e94a6b1e6a88","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":213,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"263feffc-3bdf-4d12-a76c-fcf4eb1bdd32","block_type":"box","text":"5","page_number":213,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"ec62e42a-7007-4665-b3a9-4a1abc2f57de","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":213,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"d17d950b-33a1-47e8-b2a0-1cc8589689bb","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":213,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"e3e918a6-8325-4dfc-a80c-215ec6dd0b3b","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":213,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"8e0ac561-a022-4fc2-9e54-97c4e4ba978c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b19b55fe-6629-44b4-bfc9-6f3332d256c0","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":213,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"b5cb9616-4135-4b13-9f5d-be39546e45bc","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":213,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"937cba26-1c01-4cfa-a9fc-336b4791ecfe","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":214,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"8842bc64-d345-43b7-8e69-f24f1935cd31","block_type":"box","text":"Roles and responsibilities","page_number":214,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"b4850555-b3f4-47ed-815c-19fd202e19a1","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":214,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"016c4325-ce86-457c-889e-f5b6c23e1775","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":214,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"1f3cf894-53fe-4257-a37e-85adcfb112eb","block_type":"box","text":"6","page_number":214,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"6328feef-82ea-45fc-8fd3-82baded84abd","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":214,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"a3bca906-c64b-425c-a66e-698ce39f676a","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":214,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"8bf6a36f-bb0b-4c95-99a1-2ae2f04b3eae","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":214,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"0d67fbcc-f989-4852-b72d-eee79466e505","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":214,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"d801441c-1686-4949-8d0c-659632165055","block_type":"box","text":"performance over time.","page_number":214,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"a9f27829-2902-402f-8500-16ddf18ceaed","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":214,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"5902be3a-0fa5-4f15-9664-6100da08b97a","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":214,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"5c556d6a-c11d-4e66-bec1-c6269ecd576e","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":214,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"8fddde8f-2c27-4f03-8913-823929fc27a7","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the performance of the CEO","page_number":214,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"7a9dd832-01f3-4621-8f2e-941a47b8639c","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":214,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"4ff44ab3-cdab-47c3-8dc1-805b9de0e533","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":214,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"00803a53-cecb-4a2e-ac15-b0c4c7e9f491","block_type":"box","text":"Composition and effectiveness","page_number":214,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"b9644e3f-749a-416c-ace0-d1792594aae2","block_type":"box","text":"Appointment process","page_number":214,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"dbe4c2b4-d36b-4ba2-8658-cde434505287","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":214,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"8dd43a56-56f6-4d8f-bc27-be9ae5b33d73","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":214,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"090702dd-66da-4897-9534-e561b8b496b3","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":214,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"b7205b4c-4860-478f-b1e1-55711086a84e","block_type":"box","text":"e.g.","page_number":214,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"605647b4-1f6f-4c2e-9794-5d9eb3f9a4a0","block_type":"box","text":", sector, maturity, geographic","page_number":214,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"1014c323-5890-4c16-97b9-5d7bcd281c7e","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":214,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"5c751ec4-20ff-4e42-a9a9-b862f9607d60","block_type":"box","text":"e.g.","page_number":214,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"f0141699-5a88-47ff-96c0-121b2d279d27","block_type":"box","text":", financial expertise, industry track record). To","page_number":214,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"48f69f47-9089-4fd5-8df0-ace8321ea8e7","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":214,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"21663846-610d-4fd9-94f9-8063455fedbb","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":214,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"fd9f59bc-fe42-4d77-981c-841cc34e653c","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":214,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"8ce6982c-6cac-4a2b-ad6f-bacea204132e","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":214,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"e4b730de-37f7-4987-8372-9fa26c76abd7","block_type":"box","text":"and local market requirements.","page_number":214,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"b9e4391e-2693-462a-9efc-44bcfd58307c","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board","page_number":214,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"9372ec58-de5a-47a9-9c23-18bdd269523b","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":214,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"22109357-52f7-451e-ab93-279869044e00","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":214,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"5f18114d-c08a-4df5-84f3-1ad3fbbb591e","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":214,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"075abccb-0105-4d79-9d1f-25ade7ee1e72","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to support strong financial","page_number":214,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"b665def7-6f01-46d4-b368-8a246b60b1c5","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":214,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"9a8094e7-e23c-4ae6-922a-7bcdb9239e4c","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":214,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"d6c749ff-bf41-42d5-b54d-8d1115da392e","block_type":"box","text":"Independence","page_number":214,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"8af885f4-1104-42c1-a40a-65376c611053","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":214,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"bc06672f-1dba-4577-a074-a14fb380f809","block_type":"box","text":"e.g.","page_number":214,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"42cc8b34-2f60-4282-9a4c-41e4c49a469f","block_type":"box","text":", government or","page_number":214,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"e38dc8f8-69e4-4299-8580-797785ea7700","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":214,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"40dfd8e4-567a-4460-8c32-00dddea7fdba","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":214,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"3d2d3c97-8082-4ec4-86f7-9e59ac738a95","block_type":"box","text":"conflicts of interest or undue influence.","page_number":214,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"7545eac4-6843-4f4e-9e5d-b75f7f0c8282","block_type":"box","text":"7","page_number":214,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"21c747eb-969c-4ac5-b119-4cda6e4b48d9","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":214,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"acb5585d-4d38-4fde-93ed-3c7726c6eb67","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":214,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"3af9f68b-c3d6-4258-9865-276d25e6fe8b","block_type":"box","text":"independence should meet those local requirements.","page_number":214,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"373273ef-379a-448c-ad20-bd2f99a30829","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":214,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"984a1e44-10c7-44fe-9c45-30c47b02b65c","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":214,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"9d46d4b5-e4dc-4119-b735-714d75d8e09b","block_type":"box","text":"composition if this is a perennial issue.","page_number":214,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"36792e42-9cc7-4a7d-afcc-b6a376d9681c","block_type":"box","text":"6","page_number":214,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"917f3874-6caf-4e21-9afd-9e459a2edc14","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":214,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"a61dce37-da7c-4546-8035-db34630c6adc","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":214,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"851951f3-9480-4c57-8ad5-f9458138d9d8","block_type":"box","text":"7","page_number":214,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"bbb7048b-0dbe-4b84-a089-eff8d1ef9b4b","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":214,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"8cf8ce0c-3a62-4c4d-928d-5f76610c43ac","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":214,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"a6aa15b2-0953-433a-b342-0680b4acdd63","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":214,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"0249d737-2e99-4062-a659-973ac3cc95c4","block_type":"box","text":"could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests","page_number":214,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"9e6ca69e-bd01-4c3b-82ec-ea1e1ede8f43","block_type":"box","text":"of the company and shareholders.","page_number":214,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"4d899600-8c07-4c77-abba-f51929ad9c5b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"28d4da31-8448-4b18-8280-f95e016d41e6","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":214,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"028c9a63-fceb-4c29-bce4-12baab976040","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":214,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1e1c1f69-7682-454e-ad57-1c26a7dcee04","block_type":"box","text":"Independent board leadership","page_number":215,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"2931a8ef-50ef-43a7-bafc-c4870014fc27","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":215,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"f7c92ba7-b61b-48f7-8e05-e7797e9de144","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":215,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"595afc58-ed7a-41af-bdac-bab604953ded","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":215,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"6e627929-5496-4813-9e68-c1de12e544aa","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":215,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"ed497f51-c43a-476c-806c-6aa3a6b2dcc2","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":215,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"d32e0140-ecd2-4f13-92d7-1be020e732b5","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":215,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"fc003c19-693a-4a52-9d0a-24d8debb082c","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":215,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"c1ccdb18-0579-47e6-b284-03b4fdbbb201","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board leadership model and","page_number":215,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"b6a6accf-4de6-4149-b29b-6b25850b251a","block_type":"box","text":"how it serves the interests of shareholders.","page_number":215,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"e814fa0f-33eb-47de-8776-a55996ee59d2","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":215,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"6028a9ce-ef29-46c4-ad82-98be2d4dcf36","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":215,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"298855c1-b8f5-4a7f-af43-3790afbb80d3","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":215,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"45cca009-5f6a-4a27-b8ed-ea4e89da439c","block_type":"box","text":"Tenure and succession","page_number":215,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"9467412f-5e7f-4554-914c-ea187470af3b","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":215,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"cae2e622-2f27-4acb-ab5a-a793efbc51a3","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":215,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"ae3477ec-2955-458e-94ba-bdd3eebef654","block_type":"box","text":"director tenure particularly around the contributions of directors who have served for longer periods than typically","page_number":215,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"45db8be8-12d5-4456-9c10-8c96b77c37ca","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":215,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"940d3999-e784-4c7b-b4db-820bea531b77","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":215,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"13a276ab-314e-4dbd-ac16-8c9b25b380c8","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":215,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"9feed098-6014-45af-b2c2-3d299dd0474a","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":215,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"711200f0-42ff-45c4-b273-5fd07b0b1c32","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":215,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"f4611eec-7f5c-4c07-97d1-f81e5f319e89","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":215,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"612fbc8b-4656-4a8c-b533-77ff6eff293a","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":215,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"d717170e-5833-422c-8b25-7610fb58bea1","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":215,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"9d3bd9ff-5c92-4d23-99cc-44583e23376c","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":215,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"df36e3ae-96c8-4028-9359-e89ae132b6a9","block_type":"box","text":"for their continued service is not evident.","page_number":215,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"611474f7-cd00-40ee-ae34-91d69c813fea","block_type":"box","text":"Capacity","page_number":215,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"edf91335-5229-4068-9409-8fca24c2edc9","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":215,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"5305c5ba-d891-406b-8b90-64e55f7b4481","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":215,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"633ec750-a89b-4843-93e9-66668d8db832","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":215,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"c88f580e-70a3-4df6-82ee-38c11b6ee2cc","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":215,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"38fa1123-ae5a-4ca0-b36a-cf8006658225","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":215,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"282efd63-67f9-41dd-af37-a9086e137677","block_type":"box","text":"determinations across markets.","page_number":215,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"24d084f2-bc5f-4d9c-acbf-9d73ed5f51fe","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":215,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"2f5fa4ca-6baf-4699-a375-e9488b9b87a1","block_type":"box","text":"their duties to the board and company.","page_number":215,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"a5817199-5e7b-4f6b-a83c-a62aa842a936","block_type":"box","text":"Director elections","page_number":215,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"cf77a876-99e2-4e19-8393-743e735bc6a6","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board","page_number":215,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"c3d0c648-5415-47ef-9339-d361ee28e478","block_type":"box","text":"structure","page_number":215,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"f432baa7-e88c-4558-8e43-18fdae9acae5","block_type":"box","text":"8","page_number":215,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"8d642079-0c38-44c4-9bb0-45b3bdda04b9","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":215,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"a091c27d-24d7-46b5-9850-473895dc58d4","block_type":"box","text":"basis of its business model (","page_number":215,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"c509924c-11d6-4cfb-80a0-43b1c4e46b50","block_type":"box","text":"e.g.","page_number":215,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"ecd3e2d1-a964-4350-a344-5528a5ccc9ae","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":215,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"35c21fc5-e69c-4e2c-bdc6-e8b5c50cf6ee","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":215,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"c615fbb3-de66-4430-a087-1be2db02f8dc","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":215,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"dbcf8542-a69a-4710-aca3-bb3ae2a6bf9d","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not support the election of directors","page_number":215,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"424446df-9cd6-4632-badb-87106c1cca0f","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":215,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"cd5014b2-cabd-4ad0-bbbb-60c2b2558257","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":215,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"88d4d2a8-f59d-493a-9410-64528a6f53b1","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":215,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"e8e0f058-3d98-4396-89d0-85651afc70c9","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":215,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"f9cd5713-ba9d-47f9-b753-4a5b12e07b27","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":215,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"bc1c08c6-d296-4f2c-8ae7-b743147d614b","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":215,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"26b2f94c-c407-4ff2-9333-120fd33a9995","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":215,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"ce44b07d-2070-449f-a787-a53208fe2cae","block_type":"box","text":"8","page_number":215,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"f521b0d2-44d3-4d1e-9b02-492c8004713b","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":215,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"a6812dd6-c106-4ed8-9397-43624908aff8","block_type":"box","text":"directors stands for election in any one year.","page_number":215,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"a1df543d-2df2-4429-9318-5151b0828671","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4a0818fb-08de-4c23-88f1-ca19f16840ca","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":215,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5ff60cad-912e-4d7d-a390-ac9a1dd5abf0","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":215,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ebbcff79-b684-44ef-9790-0f872b59bf54","block_type":"box","text":"Committees","page_number":216,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"c6844a7b-6765-46c6-9557-207413825bb6","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":216,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"a39e60e0-5d97-413e-b9b1-38e9f0ec8bc6","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":216,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"522ec35c-e788-42d6-afff-d2ef3ba0315b","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":216,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"aeb4bc5f-e33a-4227-945d-82ac9abd29f4","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":216,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"f068551f-fd47-4304-a739-44d3cccc396d","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":216,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"414ba864-139b-4edd-8376-d4868648a1a8","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":216,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"75f781b2-6b47-4edc-a50a-8a0d6ab0ebbd","block_type":"box","text":"the board discloses the structure, membership, proportion of independent directors, and responsibilities of each","page_number":216,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"5766ce78-1940-4077-aa84-f8d500eb1dad","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":216,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"ce4a05c2-b96b-48d7-8998-f99ab2b3850d","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"44dd6500-1e43-4b49-b3f3-040f2dafbdcd","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":216,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"1d50376a-f4e9-4f52-843e-5af023593776","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":216,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"50bf334e-139e-4387-a905-c1ebf2fa3f78","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":216,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"e9804cfe-ef8e-47ac-8eae-1b9df78151fd","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"38d5927c-9de4-4442-acc7-5291752bf891","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":216,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"274743fe-46b9-4d35-b2b1-587c7a85ad08","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":216,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"bce8b493-4de3-4ab9-9f3e-d7e27f70b2fd","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":216,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"f0a6b828-74da-4496-9659-1f49e6b50704","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":216,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"f5ab482c-abd1-4f1c-9eeb-a92d674a4a91","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"b602b885-fabf-4129-b9aa-5e34a26f2d16","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":216,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"f5a85049-83b2-4fec-aebd-1bb4b40d68df","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":216,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"0a760e4a-b752-43b9-a85b-390ecfed5408","block_type":"box","text":"firm-wide compensation policies.","page_number":216,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"f659823e-385c-4565-bc0b-061e8ae2d60b","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":216,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"28a52e76-e29a-4d5d-a6a5-b8f334eac9f4","block_type":"box","text":"to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of","page_number":216,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"38f34cd8-98c5-4fea-bd17-da8b4579d33b","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":216,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"9de930a4-0421-45f8-87c8-65b958f68098","block_type":"box","text":"Board and director evaluation","page_number":216,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"902c06af-0157-4dfd-bae4-d7f0b0bce207","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":216,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"952b8402-dfed-4101-a687-14c9cf056b1a","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":216,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"37955d60-1d9d-4460-92bb-22c7413491a8","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":216,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"22d2d557-eb97-424d-99a6-1317340156c7","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":216,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"d4471096-1c9b-466a-a4a5-cb5d3ccdd4f6","block_type":"box","text":"a result.","page_number":216,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"b9c638a5-7be3-488d-95df-0d210d92a8c0","block_type":"box","text":"Access to independent advice","page_number":216,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"c5ede976-cda9-4c5c-8a94-cc471243e785","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":216,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"b7772a4e-e9cf-420e-bbef-776fd52556b5","block_type":"box","text":"access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third","page_number":216,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"3f7ace71-9c47-4e13-a481-3695ba77cc3d","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":216,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"cb0c0857-1127-4fc3-b256-df9853a4559a","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":216,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"67b1356e-65db-4497-8ea3-bb75e92aa45d","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":216,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"97bce2d4-ea17-480f-a95d-cc3ca9f77311","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":216,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"ed473805-b1e3-4422-a59e-814e3c787576","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":216,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"e51633f6-6399-4b24-8980-d4400d5fe932","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit,","page_number":216,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"0e8df6ef-ab1f-4340-84a4-9f1589653a54","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":216,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"cee7dbcb-9356-42d4-aad2-6df3a0ba260f","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":216,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"606bbeb8-cd77-4b79-93a6-3c04c7d17079","block_type":"box","text":"performance.","page_number":216,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"e6f62d5d-ffdb-45ae-8cca-b3da4693b9f6","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":216,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"6bc935a2-e375-48cb-9e86-c69e1015a7e3","block_type":"box","text":"performance against short-term metrics, incentives – most often share-based that reward performance against long","page_number":216,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"02d2436a-df82-41da-a8cc-8909d89813f0","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":216,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"1ba17dec-8bc7-4a80-b582-caaaf6c7d439","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":216,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"050cab50-ee2e-4db0-a050-a4656a8f527b","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":216,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"146c9b0b-6fee-410c-8253-bd9e9fe5f2f1","block_type":"box","text":"recruit and motivate.","page_number":216,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"d1365604-df4e-494d-85ba-50af639d0eb8","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":216,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"fb5b4e27-564b-44e1-bd5f-a418140af1ca","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":216,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"59aaf77a-1cb5-457f-820b-88622e1e383b","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":216,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"70829bb1-5c77-4188-893f-73f8229d40c9","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":216,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"5240a578-c72a-4e3b-a752-1dff426be51d","block_type":"box","text":"arrangements include:","page_number":216,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"539ef1da-c812-49c6-b17c-497133536da9","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"7f44b746-1354-42e9-8aa8-2f8c1e43572c","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":216,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"5cbe09c1-bdd6-4260-a26d-6a4fc53ad8b0","block_type":"box","text":"the company’s size, sector and market.","page_number":216,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"30d01fac-5701-41d1-83ce-8dc23f0ab025","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4df18f47-ee59-4fe5-84a4-8ee0c8f1384f","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":216,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"dbc4d301-f4fd-40d6-aa48-bd56a83a8686","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":216,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0dd14acb-7632-4758-a454-c0cfb6fec09b","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"e87e85d5-7db7-463a-beed-3e6183be70e6","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":217,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"129f7a7d-bab2-4eb9-83e7-b392eb171f74","block_type":"box","text":"strategic objectives.","page_number":217,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"2c5b4c7e-38dd-49fc-88f1-7bbed5cf9ef5","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"d0e171fd-b538-4c25-a8ab-1823d23daa61","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":217,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"dc548a0f-125a-40f5-a32b-11ef3ee3fb6a","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"cab3f864-af13-404f-a6e6-491414b45bf0","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":217,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"c39bb43b-538c-48df-93a3-10915ef0096a","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":217,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"5d18677d-f83f-45d0-b374-4ab60d33af09","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"67a8e9e5-2929-4104-bdd2-65f9f656e70e","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":217,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"052124c4-ec2e-4ae5-b125-796d3b9c770f","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"24c13b6f-b5d8-4423-885e-269a93c57c3d","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":217,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"e41d0a67-4d0b-4faa-a1c3-ab2fc6903b16","block_type":"box","text":"transparently.","page_number":217,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"ffada192-3b10-4325-9023-9a9892518a7f","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"201aa7d6-9fbf-452c-90a9-16f444b9721b","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":217,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"031ce1ff-e3dc-4397-ad1d-92d8e16dfec7","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":217,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"29ac1a6e-f115-44e8-abc2-b5565b854fc5","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"6a123276-83f6-45ed-8fcb-1f24ba169107","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":217,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"c0b11615-21ec-4035-b395-a48755d1c4be","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"bf8049c5-c66f-44ea-a923-6be091389c4c","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":217,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"cc1a61b8-f401-470e-abc4-f6b10d044a07","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":217,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"b532293e-a5e2-4053-a8bd-4ec9f866f6a4","block_type":"box","text":"misconduct.","page_number":217,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"4a317d08-0436-4f82-bd97-dc8e07bf8db8","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"a6a48aa2-8acf-4d87-8d74-eed611e2620d","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":217,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"8f11fbf5-81ac-43bc-aba9-fb3a10866df4","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":217,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"4a22abc0-7020-4d58-b21d-5faf9072ca2f","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":217,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"a644ab3d-7c8e-4cd2-a3d4-8826cee4e0d8","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":217,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"59762f89-cf25-42e7-a5db-70a14848db8d","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":217,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"6a4758f2-8387-4cd2-bc21-f9eb4b857e0e","block_type":"box","text":"committee, or the most senior independent director.","page_number":217,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"ff96cc21-cd40-4d10-be4d-0855e16142a4","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":217,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"736f44d6-ae01-409b-86a9-53caf87e6054","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":217,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"13ee3e75-f9aa-4651-91f5-f25c073f5603","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":217,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"7707f8fa-307b-4c60-a551-067b32a9f1fe","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":217,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"ca015ee5-7764-47bc-bb6b-ac6042465064","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":217,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"a094c19a-ecda-44b8-ad98-f832f7a02afe","block_type":"box","text":"CAPITAL STRUCTURE","page_number":217,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"b2b9955f-0c51-4054-adde-2b5d7863c65a","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":217,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"243fc56b-5b75-4006-804e-ebaab8b860d7","block_type":"box","text":"appropriate capital allocation in support of long-term financial resilience.","page_number":217,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"650be7e1-46e6-43e6-8557-13319689e449","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":217,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"da957ec3-9e11-4494-b73d-3ac21364eec9","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":217,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"76678e3c-a73f-45bf-8897-c6d10b255e9f","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":217,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"66a7343d-bfbb-47fa-b94c-1bdcf9a25849","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":217,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"df5bd6fc-eaf6-4c0a-bd50-0c350a50e423","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":217,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"a6d48a8e-23f3-4bb8-8841-1d9421333603","block_type":"box","text":"Share issuance","page_number":217,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"b1540dc7-2ef1-43c4-92f9-eafa45e57de7","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":217,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"f97f63c2-1624-47b9-90ee-eaeb5735fbd3","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":217,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"8789f23b-12fb-4e1e-91e2-c1fda4315d20","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":217,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"ce6a9c45-0017-4d0b-a6dd-3f571d2bf181","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":217,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"ac875fe7-56bf-4c22-a76e-3358cf1ed517","block_type":"box","text":"market environment.","page_number":217,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"863cf3e8-5247-4586-8864-a560b556cc2a","block_type":"box","text":"Share buybacks","page_number":217,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"b03b4bba-2beb-4245-9e99-ee8ce2a4dfca","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":217,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"69f3c79d-8319-4f46-8120-ee17843dfa54","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":217,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"e1736570-37dc-4587-80c6-030a6ede5ea8","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":217,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"bb635130-eab1-42d4-887f-afdc66aff412","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":217,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"06daf159-797c-43f5-83e7-611976086797","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":217,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"babce63f-e339-4f93-8e77-f32754d1aea9","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":217,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"cdf032a5-b809-44b9-bdc0-5b24c5453b33","block_type":"box","text":"of the company and the market environment.","page_number":217,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"7589a0ee-3d3a-4905-aa94-1f6f27082259","block_type":"box","text":"Dividends","page_number":217,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"667944ea-82ef-4d7c-8e17-17724a844634","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":217,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"6976b88a-748d-4af5-9258-2656282163aa","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":217,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"e39d4af9-3fe9-40a6-ac57-8c3f07545cc3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"51ebc19f-136e-44b3-85b1-810678e93480","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":217,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"395eb8c3-0930-435a-a063-64fe33bcd2b0","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":217,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"961d6138-875f-43a1-a7b3-1fcc8a4ae04a","block_type":"box","text":"Differentiated voting rights","page_number":218,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"f03f8e11-90e3-4c79-83f7-e419c0daba49","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":218,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"4fd8bb5e-451e-4fa1-860e-e7f616e2c816","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":218,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"dbdc9ef8-f066-4aee-a73e-f097b1dab004","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":218,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"69fab879-e67a-42e4-86fe-52c9bb66a6ad","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":218,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"dbf6f6ee-84a1-45f9-8afa-ec475a5b331d","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":218,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"c9ed8b17-8677-4c73-9fb0-ab00ce5aaffb","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":218,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"95ee3f98-9c0e-4aa6-917f-f10620cd92e8","block_type":"box","text":"analyses of proposals.","page_number":218,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"9a97952b-499a-4321-8f52-2c8046402728","block_type":"box","text":"Mergers and acquisitions","page_number":218,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"16f02b4c-759c-4e2d-a43b-23f3c4e4a5d7","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":218,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"9a1e4b19-378f-4748-8d10-6b071424e83f","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":218,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"9dd66af8-33b8-4c19-a5a5-62c26357999f","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":218,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"979fbe99-2329-4344-94ae-72155c099376","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":218,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"48d14ba3-7f45-4e4c-9978-7375b25d2935","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":218,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"55cfaf55-0669-484c-bd90-be2035d9162e","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":218,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"706f85f6-c97c-4d81-a7e5-9914980c2687","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":218,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"845a845b-d7e1-44cd-a132-911599f9f86e","block_type":"box","text":"Anti-takeover defenses","page_number":218,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"0ea9c5c6-529f-4888-bd7f-620d88d42f9e","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":218,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"d5359fc8-a6cb-4871-8bcf-69fb86676fc2","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":218,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"921b16b3-bb56-489a-b1e6-88a0e511a4c3","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":218,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"0c3024dd-6f91-4044-b3ff-766cef3d4c14","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":218,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"0ce3060f-06a1-428e-888d-e7c272b1c353","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":218,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"4d50b7f6-170c-46d5-a88b-03338165fb4a","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":218,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"81c4b670-ca0a-4bcb-8f4b-e2918106ed7c","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":218,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"da3b69ea-0fb2-4774-8b6c-c0e522506439","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":218,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"91da6668-1f7c-44a1-a2a9-533bbca76dc7","block_type":"box","text":"Shareholder activism","page_number":218,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"c2da56f1-630d-468b-9f8a-97264dbdcff3","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":218,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"88805289-c517-46bf-be78-c27183358f0f","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":218,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"f25849ef-bc70-419a-953e-8e36e2c1d9b8","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":218,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"c4384adc-5f06-4763-a773-ed3eaed998db","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":218,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"2590f966-f52f-4663-8b4f-82809158e5f2","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each party’s candidates. We evaluate","page_number":218,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"a03fe917-7e8f-4083-a294-f286c67fae8f","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":218,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"b0c6fe07-90fc-4f62-bd9e-8a41186ede09","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":218,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"9290882f-03af-40de-9627-24f11e2a10c0","block_type":"box","text":"the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":218,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"479f5b9b-4867-44fb-8d02-fd71d18d5091","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of","page_number":218,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"f781c092-cc7e-468b-bb33-49f486fb986f","block_type":"box","text":"protecting shareholders’ interests.","page_number":218,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"c155eaa1-6998-457c-bc3a-5e50bd5b328c","block_type":"box","text":"Significant shareholders and related party transactions","page_number":218,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"0f7318ba-4326-48a9-92c9-f4cc6ab3f1c7","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":218,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"90126666-110e-4b5e-a7ef-09432165387f","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":218,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"1417ed07-fb03-4b98-862b-344fdac53102","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies","page_number":218,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"f6cc9079-3c52-4ebd-8432-2ba08f8ef270","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":218,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"307eb8ff-8afd-42fc-bfc1-47d9734ae4e0","block_type":"box","text":"have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the","page_number":218,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"06fcff40-a42b-4ce1-b751-ed32be06c947","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":218,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"c534458d-c33c-4130-b976-0050d5f66381","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":218,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"e5212581-c801-4dcb-aad4-059879f8fe46","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":218,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"5e97ae59-a5b8-475b-b888-b03ea8ebd2c3","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":218,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"8135faba-fef9-4322-9bf4-86f0891dfaa7","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":218,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"d436d5bb-330e-40de-b0d1-23cdda834dba","block_type":"box","text":"oversee corporate reporting and the policies and procedures underpinning the internal audit function and external","page_number":218,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"b337dbeb-736a-4671-b051-6570a12f1c17","block_type":"box","text":"audit.","page_number":218,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"489edbf3-1e42-4302-a700-3b7dd809e9aa","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders,","page_number":218,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"cb1763f2-9756-4100-a532-3e916fea2ce2","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":218,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"b903986b-20fd-4a6d-80ac-4eb428a7e5f0","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":218,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"fb645e36-409e-4af9-8ed1-9c860118387d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7d5cd118-4b60-4a14-808a-8a5ee75046fa","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":218,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"950cff91-4533-40d0-84ef-4fc76ff63f4d","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":218,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ffa6231a-64e2-4899-b42b-bc306036f08b","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":219,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"bef37868-e748-4ede-9988-cbc0d7ff340c","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":219,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"f3274209-ab83-4a19-9f6a-c45e5c273c0c","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":219,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"79ec7e05-3288-49be-8e4c-e8e35404e487","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":219,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"3efed24f-45b0-4936-a58c-c55ccb6efca3","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":219,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"4e40cade-0f4e-4ff5-81d2-b152715016c9","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":219,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"68972741-5aec-4811-b876-43cb8bdcd667","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":219,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"bb58658b-db61-4f6e-84c7-b0175da30f70","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":219,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"e5edebf7-1777-4837-a8f3-727b593bfb0c","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":219,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"92539db1-015b-41bc-b04d-af5a420e9661","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":219,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"9df97778-15a7-4984-b893-e187eaf33397","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":219,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"a9304a85-faaa-4bca-a79e-f13efcafadf1","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":219,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"a4df9127-373a-445f-bf1c-0d4d8832d32a","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and opportunities. The International","page_number":219,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"416d7115-9fa1-48e0-a5a0-6e9c688e4648","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards,","page_number":219,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"8d3391d6-8184-447e-b2fe-17e3148e8da6","block_type":"box","text":"which may be helpful to companies in preparing such reports.","page_number":219,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"f09ee9ea-37ab-4ce6-8e00-53b623a085ae","block_type":"box","text":"9","page_number":219,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"dd5c5953-82a5-4552-af06-e0aeeb2352ab","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":219,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"ef467660-b1b3-4886-b641-c7b4d419b537","block_type":"box","text":"framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under","page_number":219,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"f1283255-879f-46bd-8c8a-b567093a7ec8","block_type":"box","text":"standards specified by policy makers.","page_number":219,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"613e3a24-ae1a-43bf-aac3-974c1d8fc2eb","block_type":"box","text":"10","page_number":219,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"df429ba4-88f0-4bfb-a890-bea52969206e","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":219,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"7998b6d8-6ccf-4af1-9896-6d08388e992f","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":219,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"757ccaa0-035b-4546-a356-f168839363e7","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":219,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"f6e07115-54e8-4acc-af9c-133bc2e14257","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":219,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"6d01de80-f844-45ff-9a11-8e13ac643180","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":219,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"9a29fdb8-e05a-4ede-9939-be416828885f","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":219,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"f18fcf85-4bd1-4865-a69d-064674010009","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":219,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"667b9f51-cb55-4068-877f-bc62343bd839","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":219,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"63780bd3-ec0e-4155-9e1d-62216a5e46a8","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":219,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"1a34d303-334b-40f5-be7a-539123d7d80a","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":219,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"26c44800-1209-42b2-a9d8-8d40242281c9","block_type":"box","text":"remained independent.","page_number":219,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"d3dafd4c-2237-467e-9a18-746875197815","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":219,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"9a35f92a-46f1-4c15-b8da-c06b2ac0c700","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":219,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"0d6713f9-90f8-4bd9-ba6b-efe31b534477","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":219,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"7086df48-f4aa-4a21-8881-df35e8878e21","block_type":"box","text":"reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the","page_number":219,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"6a042cd7-7091-4833-8bbb-9a7b680cf997","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":219,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"1fd9f83b-bb21-4f8f-a1e7-d5c150a1105d","block_type":"box","text":"misstatements in financial reports and the board has not established reasonable remediation plans.","page_number":219,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"d784b7d9-ee1c-4ed8-a345-8718618b4bc9","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":219,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"5fe3064e-dffe-4861-911f-a7a9d740e534","block_type":"box","text":"General shareholder meetings","page_number":219,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"d8634768-284a-4360-9cf8-6ab26e3a47af","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":219,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"288eb7fa-cfd9-4020-9525-65909ebc8b8a","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":219,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"90c3a19e-c181-4fd9-af19-d82cd15fac58","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":219,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"2fe6990a-38d1-4827-b004-15f3d6cf16e9","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":219,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"8876aa30-afc8-4bbb-a3f6-b427db659b00","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":219,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"6f13a0e8-b410-4615-9ae3-5a9e314d373c","block_type":"box","text":"an in-person meeting.","page_number":219,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"47e71e59-424d-49dc-896b-358275a31308","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":219,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"7e9aacf1-abbf-4226-99c7-c2dbd3730e71","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":219,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"aa929071-6a2f-40f1-9011-406b5b4c4e7e","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":219,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"b606b9a4-96f1-45fc-9122-dfbf5b69491d","block_type":"box","text":"participation.","page_number":219,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"77737792-8353-481f-85e2-c43b0fefadbc","block_type":"box","text":"9","page_number":219,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"74bea7c1-6167-413c-8d80-aa297f357929","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":219,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"eea36d16-2ded-48e0-8aae-49bc45f995bd","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":219,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"d4504d28-4034-4ecc-b7eb-c3e68aaf8030","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":219,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"a519b6d9-1c76-4ece-ac41-148589b0e787","block_type":"box","text":"Disclosures.”","page_number":219,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"8411eafd-d91b-443c-aa22-3d47c32ade82","block_type":"box","text":"10","page_number":219,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"76c082f8-340b-43e7-9d16-b148d25516ab","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":219,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"ba75f925-c2bd-4518-b149-fd8d41d027a1","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyreporting\r\nandaditing/companreporting/corporatesstainabilitreportingen","page_number":219,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"a51e3935-6142-4643-a8c2-b54f0c3d5ae7","block_type":"box","text":"p/ p//p/p\r\nreporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.","page_number":219,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"0a99f8db-4bc8-4634-838a-0962568033ce","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7effce65-b10f-4220-9c2b-1b882574281c","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":219,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e355e75a-1a06-438c-b924-2d586594b148","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":219,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e2402e16-0e33-4263-a708-f7fa9ee8fbd5","block_type":"box","text":"Bylaw amendments","page_number":220,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"65ec0716-5d1f-49ba-a90e-e91e8ad42dcf","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":220,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"79f33acc-18ff-42e1-a837-ecd337977c8a","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":220,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"9d2680c5-93c9-465d-8a55-aaed90fff3e6","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":220,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"cc358f24-9f64-4163-8b81-a0ff111768f4","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":220,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"89dd6142-20ee-49a8-b460-b984a96c19cf","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":220,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"eb3d9b21-5369-48ff-a373-fcc9af4998e3","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":220,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"3069dfb3-3ddd-4091-b5ad-4d08426cada6","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":220,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"a5a7ae62-3b5a-4cec-a19b-940a7caa577c","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":220,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"21d6686e-a084-480d-b85f-98ebab494ea9","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":220,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"0c78177b-0cae-4bd4-9f45-99c0393d4139","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":220,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"7ea67c97-e79f-4e34-9324-f008b04e3692","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":220,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"a4e2200d-9f06-4eaa-8b9a-fa3fc75e39f4","block_type":"box","text":"nomination process.","page_number":220,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"fd543a49-6abf-4ec1-a9d7-da8518304df5","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":220,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"7eaff0a8-b8a2-4a32-a69b-ee7df2c4bf92","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":220,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"1a2004e7-e28e-44a2-a786-3caad39f2b75","block_type":"box","text":"Change of domicile","page_number":220,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"71fc4350-7e5e-4a72-852f-2a2322d2dee6","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":220,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"2e8e954b-2920-478e-aec1-e358be52a8cd","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":220,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"8654fdf8-7f42-4652-a145-15b45b5f8142","block_type":"box","text":"immaterial.","page_number":220,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"9f3af525-3f7e-4abb-b476-a528a855ab7a","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":220,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"3d361a8a-f957-4667-bf57-dc8394ed3e93","block_type":"box","text":"with our clients’ financial interests.","page_number":220,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"67c38292-d08b-4efc-8a6d-1872adc994c8","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":220,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"386ae0cf-de65-4e52-ac15-85cc6759de29","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":220,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"e5f3bc80-f41c-474d-9d15-4849e7de2919","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":220,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"2c9b32e3-4c07-49a7-ba55-9249c532d383","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":220,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"bef6b277-9525-461d-94c7-91ae4bb1a0a7","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":220,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"2e8cade8-1c53-4b37-afd5-247cab70f8ab","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":220,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"92df76cf-5b18-4eea-9728-4d795c5a7024","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":220,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"d37b4d23-e14d-4848-b727-89f3f8f5ffb5","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":220,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"a943caf6-4ba2-4bfe-a208-d097ceddb287","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":220,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"069b2485-a1d8-4f26-be5a-dacb31314805","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":220,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"352c8ba8-2e34-4951-92d0-e44175307eb9","block_type":"box","text":"relevant to a company’s business.","page_number":220,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"2895c2e7-1400-4a04-96bd-de0b961be3a3","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":220,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"0038cd7d-1b60-469d-8734-1ec8998d2dd3","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":220,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"a2985175-5750-4878-9a63-cb6ea573c86e","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":220,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"a6baf120-d7c7-42b6-b4dc-9beb933deb15","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":220,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"4ae68dba-5400-400f-8b07-e54324bb8ac4","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":220,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"c8fe298d-0342-46ed-a43e-af1988a6a625","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":220,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"4fbad261-5dff-4af1-b48f-a9b7c1642772","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not support","page_number":220,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"23871061-ae4d-4dd5-88b3-8215ceddb088","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":220,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"0ef94004-7005-463c-ba31-c97e2bd11801","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":220,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"5e1e87ce-79d1-424f-9355-4d25b5af71d1","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":220,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"1f02a5f9-511b-4697-aca2-3fa4033165e8","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":220,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"db5e34be-dd2b-4a2f-90ca-d2b6029e21cb","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":220,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"5df9dac5-2a8f-4b11-9e84-90ee26e6e5a7","block_type":"box","text":"who authorize us to do so, on proposals put forth by others.","page_number":220,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"72fc58ce-a49b-4e58-98b5-d8e4f67eb1aa","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":220,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"6acbd0a7-b9fd-428e-8ff1-df8c258e6904","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":220,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"acb864cf-2fc6-40d1-bb6e-ba794536d33f","block_type":"box","text":"in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes,","page_number":220,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"63085642-d8c6-447b-ad41-51375a7d543f","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":220,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"07eabec9-73c8-4bd7-b91d-a6fd60b61f18","block_type":"box","text":"companies engage in corporate political activities and ensure that their participation is consistent with their public","page_number":220,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"db47e499-8950-4db3-ae35-346aaa17f9db","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":220,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"2a527659-cccd-40d1-a36e-8925e077ac81","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":220,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"f4f44186-f581-4b8f-a0f0-e294b77d88d9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fa034d08-4ee6-4d93-bd45-a9278351d972","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":220,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"fbcfb5b7-c86a-4d74-8c4b-6de58edf8feb","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":220,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8e3189fa-1fd4-494f-bcf2-50d8958206f8","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":221,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"6cfc8762-00d5-4cd7-809f-4bfe07f073e4","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":221,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"4548bf6e-f5e1-4886-8afb-7960082bb524","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":221,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"cebdc30b-a501-4cda-839f-45d00ab07dea","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":221,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"73206cac-9e60-480b-a1ac-575db2821b7a","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":221,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"39f2fc73-d043-46d8-8877-94e231027b72","block_type":"box","text":"undertaken by trade associations on behalf of members.","page_number":221,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"f79d460c-fec2-4dcd-9e9f-4e8a1e75ef2d","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":221,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"008901cf-47fc-406b-8ca4-7a650c2c73c6","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":221,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"e462babe-0ac8-4bd8-a722-3d637a9ea7d9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"20effc1c-4696-4983-a5d4-beed3c238a1b","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":221,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c9f919ac-a30d-449d-9f61-64d6e203928a","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":221,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cb5b7557-4271-4b80-a863-5615adbbce46","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":222,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"a12af0fb-1d45-478a-a3ac-0dd3cc408a7a","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business","page_number":222,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"2a420ee5-d574-42a7-962d-47300bcd2946","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":222,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"a713f906-6b40-44bd-8cd1-bafce7328f3c","block_type":"box","text":"11","page_number":222,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"1a67606b-c695-4d30-8c4a-844595ac0195","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":222,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"9f5dc8aa-64f4-43e9-af16-262e37dc875d","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":222,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"09a449d5-f443-485d-9d27-c9b90d6759fe","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":222,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"a921e87f-a1fe-42e7-a39e-ca22a8c5bb62","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":222,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"88eafd40-47aa-4c85-a679-52daceb1e66a","block_type":"box","text":"regulatory requirements.","page_number":222,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"1218bad1-f7c6-49c5-8f26-8954a95d508d","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":222,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"8bfb4ea8-e263-4e90-ab0e-6bf1460621a0","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":222,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"9dece93f-e6b3-44cf-9e25-1821c71050a6","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":222,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"f6b6d225-9a06-4867-8219-e0f664018014","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":222,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"a0caca02-486f-461e-92f9-daf1b42f0f5d","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":222,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"74d8bb80-c1d8-45e6-a8fe-0826debf91c6","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":222,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"c995b0d3-67b8-47b0-8398-a82d3b5216bd","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":222,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"9a4d666d-74bf-44af-9a8a-eb47c50a9d96","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":222,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"36afc5e2-be0f-42b6-a0d2-641341cd55d9","block_type":"box","text":"returns.","page_number":222,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"e49712fa-4295-4960-b48b-d5ad663d9ac3","block_type":"box","text":"KEY STAKEHOLDERS","page_number":222,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"f1c13a6c-2cb0-4f2b-b0b1-0d7382f86cf5","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":222,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"8a36643f-ca21-4200-a762-281b2bf46ae0","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":222,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"c8e5052b-b69e-44f3-8ed0-9789c994e943","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":222,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"ead17725-bfcc-4212-9dbf-1f8f3c2f4882","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":222,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"f68a876b-5e1d-4ff7-ae66-a11c805536b4","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":222,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"1d4fc86b-df6e-4822-9ac2-fbad4cab7725","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":222,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"b9a6039f-2b03-4c09-b90f-2d167fea6ef7","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":222,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"8fd0ff28-79e0-4d9e-a9a8-cfa0989580fe","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":222,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"3705b291-a310-4fd7-bb4e-4e83a4666775","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":222,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"d759059f-521a-47dc-b106-1127ba1d545a","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":222,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"554f9f5b-a89b-40e0-9480-d8e369745469","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":222,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"3ad1d039-cc44-473d-b43d-552e81c40f0b","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":222,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"2189a38d-4ed0-49ac-a88f-86347a1058be","block_type":"box","text":"i.e.","page_number":222,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"078c074b-d5d7-455d-a23b-306b0090282b","block_type":"box","text":", one in which global","page_number":222,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"817100a4-545f-4657-a032-cbdb477e3a5f","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":222,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"44544337-47e4-438f-806e-c2842ee6b81c","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":222,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"0bd04d4b-1aa7-4774-b66d-2a739575e58b","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":222,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"b4e4229b-a6fc-4806-af6c-fbf1e2883512","block_type":"box","text":"client.","page_number":222,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"a08ac6cc-8306-4006-8726-1be3e60660c9","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":222,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"cf047f70-6b0f-4841-90be-bfd57e45df5f","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":222,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"020073ff-ed0d-4241-aaa1-42de4895ff54","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":222,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"06ea7961-4b11-4ee0-b70e-0ceccc225b6c","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":222,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"384d4f54-e3da-435d-a90c-922ce84bd64c","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":222,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"bf67bcbe-1276-41d0-a7ee-6793acb81d7e","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":222,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"8d6f63d9-ce31-4977-a338-3441101ca0bc","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":222,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"fb459e67-7ae1-45ae-9885-5df70cb02aa9","block_type":"box","text":"1 and 2 emissions.","page_number":222,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"5e4e6ff4-f40d-4e0d-8880-b68e5e6f70f7","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":222,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"ef8c2e63-7808-48f7-bed8-f8c78682673a","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":222,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"cc832526-a7c4-4473-ab74-e840c1ecc344","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":222,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"165ed9ec-7d36-495f-bf63-9dc1927fb3a0","block_type":"box","text":"specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a","page_number":222,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"91d238c3-5dc8-40cf-afa0-ed4600e269f9","block_type":"box","text":"11","page_number":222,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"1e7becbb-a1f9-4683-bf48-2cd7db1bf94c","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":222,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"70214508-a82a-4a0e-9e8a-1a00a46b2d10","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":222,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"c7388ed4-40e9-42d9-8e9f-3b18fb07c278","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":222,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"98ffd28c-0db0-480a-8a1b-d2f568d86446","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":222,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"2c4a3f14-131c-4a32-81c1-bc7241cd5118","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":222,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"60474b22-b7e8-431a-a6e3-896193344571","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":222,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"3157fc30-6e1d-4977-bdf1-1f30c68804ff","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":222,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"05172998-645a-47c5-be37-34090423556d","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":222,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"61ea5cbd-5bd9-4059-acf1-139c4b2de495","block_type":"box","text":"sound governance framework.","page_number":222,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"11b4e66d-2dd8-48dd-bf54-570431250fb4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f53d828b-7c49-40c4-b7fb-cd7ad286d337","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":222,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3742aedd-45e1-4833-87e9-7a127ce89d0c","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":222,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"80e6177f-5a92-4475-b5ff-d625cb91ebf2","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":223,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"f1e0355c-ed1e-492e-a0c5-c20fd00a3d22","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend support for shareholder proposals that","page_number":223,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"f5d3f85d-364e-473a-a4d2-7a0886c742e5","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":223,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"16dbe714-c1d9-4149-858f-1136a4a4c45e","block_type":"box","text":"the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with","page_number":223,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"4b51553c-4cd7-4364-ace9-9a3a227de7ce","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":223,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"670b7173-9727-4bb6-84b0-13a510660a5f","block_type":"box","text":"climate risk and the energy transition is undertaken in line with BAIS’ benchmark guidelines.","page_number":223,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"ccae9f0e-b003-491e-93ee-9048bea4da79","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"260c75b4-366f-4100-af1c-f9078f8db571","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":223,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"cd912fc7-c200-41c7-9eaa-e4e34a38e3d8","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":223,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"675a7da1-844b-408a-9cff-284815d799cb","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":224,"box":{"x":121,"y":45,"width":736,"height":9}},{"id":"bafaaba2-d560-40d4-8d8d-34738b909bbe","block_type":"box","text":"Oversight","page_number":224,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"250c3fd8-c551-4223-b12b-cc0ecddc918f","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":224,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"9236c042-dda5-4013-893a-2ca8356c05d4","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":224,"box":{"x":69,"y":101,"width":778,"height":11}},{"id":"c5e1b9f9-f5c6-40ad-b7c0-b638a0cee827","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":224,"box":{"x":70,"y":116,"width":814,"height":11}},{"id":"de4161f0-b829-49d1-b714-f98938ccf5da","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"95e3c4ab-8de1-4ec4-952a-ddeaf57b8e78","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":224,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"362f8633-f0c8-487a-af44-ef6d6b7f5de8","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":224,"box":{"x":101,"y":164,"width":744,"height":11}},{"id":"458e393e-c6c8-49ee-8aed-4e48ac327364","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":224,"box":{"x":70,"y":179,"width":786,"height":11}},{"id":"94d366f7-4dce-46af-b92f-df819d6b5a85","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":224,"box":{"x":70,"y":194,"width":839,"height":11}},{"id":"8afac91a-5dd4-42fe-89bb-1444ac9c349f","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":224,"box":{"x":68,"y":209,"width":822,"height":11}},{"id":"709345ac-093b-484b-ada9-f6e2e9e3f8dd","block_type":"box","text":"relevant active equity investors.","page_number":224,"box":{"x":69,"y":224,"width":223,"height":11}},{"id":"74f229e5-b019-44f3-9622-0f074701d516","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":224,"box":{"x":102,"y":242,"width":797,"height":11}},{"id":"1549638b-14c8-418a-825c-825b1a9ad12a","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":224,"box":{"x":68,"y":257,"width":810,"height":11}},{"id":"283ccc96-871b-4917-a350-24c6ecd9dee1","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":224,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"42d04c63-b80a-460c-b4b7-3ea086deeb90","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":224,"box":{"x":69,"y":287,"width":801,"height":11}},{"id":"e5dcc546-0b30-4a23-9554-06cbf1ca010d","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":224,"box":{"x":70,"y":302,"width":836,"height":11}},{"id":"4f6010cb-9268-48d2-9fb5-6888ae6c3567","block_type":"box","text":"third-party vote services providers” below).","page_number":224,"box":{"x":68,"y":317,"width":305,"height":11}},{"id":"24fe3d94-b841-49f1-aa31-d7285752f7d2","block_type":"box","text":"Voting guidelines and vote execution","page_number":224,"box":{"x":68,"y":339,"width":269,"height":11}},{"id":"0d1b9133-f804-411a-b60a-44b968f7f457","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":224,"box":{"x":102,"y":357,"width":790,"height":12}},{"id":"1c2e500c-e6d8-4e97-9bf8-45930da35e03","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":224,"box":{"x":69,"y":372,"width":838,"height":12}},{"id":"703ef6bc-8928-4ffe-8cfd-232fb29711f4","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":224,"box":{"x":69,"y":387,"width":831,"height":12}},{"id":"dc4ec068-3f39-41af-a666-9907400ecb53","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":224,"box":{"x":68,"y":402,"width":809,"height":11}},{"id":"e9ce8fee-d2e6-43c8-a529-0d79e191b232","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":224,"box":{"x":67,"y":417,"width":749,"height":11}},{"id":"024b2630-fac9-49b4-92cf-cb91dfebbd5b","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":224,"box":{"x":69,"y":432,"width":825,"height":11}},{"id":"12e090c0-b5fb-498e-aedc-fd3b63f19681","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":224,"box":{"x":69,"y":447,"width":445,"height":11}},{"id":"25ec0ff8-2742-44e9-8d80-5088ba91f859","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":224,"box":{"x":101,"y":465,"width":803,"height":12}},{"id":"07751901-3669-43a5-b7b6-b9e6889b2fa6","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":224,"box":{"x":69,"y":480,"width":806,"height":12}},{"id":"2ff48066-772b-40a9-875f-5155511c3f02","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":224,"box":{"x":69,"y":495,"width":752,"height":11}},{"id":"5a1fc14c-97c8-4b25-94a6-19d3fce0c5eb","block_type":"box","text":"The Guidelines are not intended to be exhaustive. 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We are not supportive of impediments to the","page_number":224,"box":{"x":70,"y":711,"width":806,"height":11}},{"id":"e0dfceaa-61f2-43a7-a06e-169d88dfd527","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":224,"box":{"x":69,"y":726,"width":704,"height":11}},{"id":"c45d0fc0-5abe-44eb-8f53-10b1b5e75fa8","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. 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outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":228,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"ef7415bf-a68a-4c64-9ce7-1469e4e5f274","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":228,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"fdbc71c1-b782-452c-8e43-d6b5d638594a","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":228,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"816761f7-2485-4601-8d13-8b591d206000","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":228,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"95aeb404-b9a8-4ab4-aa28-4ffd9303f293","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":228,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"55718902-5f52-4271-a9a7-f3ac833d0df9","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":228,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"a2d2b6a5-f830-4812-b0c7-b64c6c81e3c2","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":228,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"0b6de871-c544-48cb-9ffc-232d844c6b2c","block_type":"box","text":"Appendix A.","page_number":228,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"a8584a61-29ca-4884-9c0a-d8c8c6e1a9a0","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":228,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"fb83a628-4053-4b43-ad45-f4bcf0cee42f","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":228,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"eb54f38e-5b2b-4b83-af8a-64520b210966","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":228,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"aac71cd2-c006-41a4-803b-7cdd5dde03b8","block_type":"box","text":"Conflicts Management","page_number":228,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"74a2a48a-823a-44bb-a9fa-cf57e5576710","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":228,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"ce7ad12b-2f02-4a57-bbfc-6bb9b9ff86cf","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":228,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"986bbb27-0f6a-4179-b473-dfe5ffdc732d","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":228,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"620273f8-e933-4290-a196-8bcbce2bbd9e","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":228,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"2bb7de8c-027a-49c9-8797-6598738718ea","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":228,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"99bfedbf-11a3-4078-bba1-843e205c6646","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":228,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"4b6be015-69bc-4d92-8e2b-4014727676d4","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":228,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"85494192-ce18-436e-a56a-9ee291a64df9","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":228,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"5b7d34c6-4bba-4013-94d4-3043eefc65ad","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":228,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"a117fd38-8f47-4b2c-8d64-88b7cce0326f","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":228,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"fa0720d5-db1b-415c-8ed3-5d0d1173d2b7","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":228,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"16084b8e-8be1-4647-a804-3a4b412e1b9a","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":228,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"510daab9-f92b-4dd1-a4ed-8935b496f290","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":228,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"bce78e0a-048a-48df-828a-d7da6d6617c0","block_type":"box","text":"connection with proxy voting.","page_number":228,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"0f7fae94-9aa1-497c-8d07-2bcf081c8e22","block_type":"box","text":"Reports to the Board","page_number":228,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"9746d233-c0b5-45c3-b36e-053588ea1d50","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":228,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"5988e699-d082-4e91-a56a-94c95bbae301","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":228,"box":{"x":102,"y":822,"width":794,"height":11}},{"id":"ac9f81df-68b8-4886-b33c-d57bfd7eff8d","block_type":"box","text":"were in accordance with the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines,","page_number":228,"box":{"x":101,"y":837,"width":802,"height":11}},{"id":"eef7bd71-2461-45ed-8503-ea49e679510e","block_type":"box","text":"as applicable (2) any material changes to the Guidelines and the BlackRock Climate and Decarbonization","page_number":228,"box":{"x":102,"y":852,"width":747,"height":11}},{"id":"66a5ddd2-798b-48ce-8afd-0e0ae3384d12","block_type":"box","text":"Stewardship Guidelines, including material changes to conflicts management practices, that have not previously","page_number":228,"box":{"x":102,"y":866,"width":798,"height":12}},{"id":"1289f06a-41f1-4c70-8da6-2b216127d1f0","block_type":"box","text":"been 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":231,"box":{"x":194,"y":396,"width":710,"height":8}},{"id":"4d558f3a-6435-4c55-a26a-1fc6a6d7558b","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":231,"box":{"x":74,"y":412,"width":293,"height":9}},{"id":"c3dba867-5439-45b6-a3de-e6d1645de6e5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":231,"box":{"x":373,"y":412,"width":531,"height":9}},{"id":"87fabda4-c4bc-47ee-92e6-ea1523080516","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9007b3e8-97ab-4e83-8ff2-bd85c2b4224d","block_type":"box","text":"Global Principles | 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BlackRock offers a","page_number":232,"box":{"x":70,"y":82,"width":806,"height":12}},{"id":"9b05ca08-9bcf-438a-ab10-3c4ecc545d29","block_type":"box","text":"range of proxy voting policies to reflect clients’ individual investment choices and goals.","page_number":232,"box":{"x":69,"y":98,"width":624,"height":11}},{"id":"e26e7a08-0ca6-4933-8660-7899e0cbfa22","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets","page_number":232,"box":{"x":102,"y":120,"width":781,"height":11}},{"id":"52d40de8-263e-4428-8e6e-0d49779e7f14","block_type":"box","text":"invested in index equity strategies. BIS takes a long-term approach in our stewardship efforts, reflecting the","page_number":232,"box":{"x":70,"y":135,"width":769,"height":12}},{"id":"9ab5c7ff-3d4a-48fd-ac24-aa8cbbdfd291","block_type":"box","text":"investment horizons of the majority of our clients. BIS does this through:","page_number":232,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"06146d99-30a4-442e-8678-3a8a66e4e8dd","block_type":"box","text":"1. Engaging with the boards and management of companies","page_number":232,"box":{"x":69,"y":171,"width":451,"height":11}},{"id":"e31f2ed9-d93a-4bcb-b0a7-3eafe6210d69","block_type":"box","text":"in which clients are invested to deepen our","page_number":232,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"74d3c647-9b58-40dd-a14a-9f5873faedec","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":232,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"4f17b3b7-541a-4057-9c8d-5c73a1358799","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of clients.","page_number":232,"box":{"x":102,"y":201,"width":526,"height":11}},{"id":"8ba3650e-34ad-4ee0-9536-047441e45f29","block_type":"box","text":"1","page_number":232,"box":{"x":630,"y":201,"width":4,"height":5}},{"id":"17734eeb-1d1d-4f52-bd6b-361ae153079e","block_type":"box","text":"2. Voting at shareholder meetings","page_number":232,"box":{"x":69,"y":221,"width":260,"height":11}},{"id":"59d616c0-9403-40bb-8f15-bd5503934550","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS","page_number":232,"box":{"x":335,"y":221,"width":566,"height":11}},{"id":"c27a36ca-1af4-44fc-8646-823949d0776c","block_type":"box","text":"to vote on their behalf.","page_number":232,"box":{"x":101,"y":236,"width":160,"height":9}},{"id":"b7515c52-c1f6-4313-8223-e8b7d1b0d003","block_type":"box","text":"3. Contributing to industry dialogue on stewardship","page_number":232,"box":{"x":69,"y":256,"width":388,"height":11}},{"id":"a7ea12ca-7a50-40f8-ab81-04fac45cca23","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":232,"box":{"x":462,"y":257,"width":412,"height":10}},{"id":"ccbed7dc-4770-48bb-868f-93f397f4df0b","block_type":"box","text":"clients’ investments.","page_number":232,"box":{"x":101,"y":272,"width":147,"height":8}},{"id":"4474992a-51fe-4eac-87d1-3252810843f5","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":232,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"16abb692-234f-4742-8607-1f16b9ec0502","block_type":"box","text":"about our stewardship efforts on their behalf through a range of","page_number":232,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"77d73ea7-22a5-4816-851d-9a80978c5154","block_type":"box","text":"publications on our website and direct client communications.","page_number":232,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"756000c6-873e-4f66-9b26-58e5a0416d1f","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":232,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"0ae41680-3694-468e-8bf3-ba1364bd6f95","block_type":"box","text":"voting on corporate governance matters and other material risks and opportunities under BIS’ Benchmark Policies.","page_number":232,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"6d20f8f3-3b11-4268-b375-a1729ac5c853","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":232,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"d8f8474a-285a-4144-a6f9-2bff2cc914d7","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":232,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"072e55c6-ac15-4fa4-986b-cca47fe7f301","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":232,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"3046ca8e-1856-45b5-bdc6-d9f63cc44ed1","block_type":"box","text":"2","page_number":232,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"0321cc49-772d-4fa6-8bcc-1e40836373da","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":232,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"5b8b05f4-03a7-4ed4-861e-1a490384fd37","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. We maintain global","page_number":232,"box":{"x":102,"y":443,"width":751,"height":11}},{"id":"8e543722-2b89-40c5-a292-70848830cfbf","block_type":"box","text":"principles on corporate governance, which guide our approach to stewardship across jurisdictions, while recognizing","page_number":232,"box":{"x":70,"y":458,"width":824,"height":11}},{"id":"2db3ecdd-717d-4058-87d8-638fccb880b0","block_type":"box","text":"the unique characteristics of the different markets where companies operate.","page_number":232,"box":{"x":68,"y":473,"width":553,"height":11}},{"id":"48415280-283f-47f0-89ca-94aa11e73181","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":232,"box":{"x":102,"y":496,"width":802,"height":11}},{"id":"b684124e-bfb6-41e4-acd0-e28aab8ea68b","block_type":"box","text":"minority shareholders in public companies, BlackRock does not direct a company’s strategy or its implementation,","page_number":232,"box":{"x":69,"y":511,"width":813,"height":11}},{"id":"b10c809e-db36-4897-b2e0-9b2460730d3e","block_type":"box","text":"nor how they should manage material business risks. Our role, on behalf of clients as long-term investors, is to better","page_number":232,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"2b059bfa-ad0e-4adc-bbbf-483b30c68ed8","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on opportunities to help protect and","page_number":232,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"594bae4f-4048-4477-9319-d29c30f1c917","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":232,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"5b41b490-d775-4640-b6c0-b641a270f869","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":232,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"879d2e11-78a0-4ab7-82d7-42cdbb9d0b71","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":232,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"6080c0f0-201c-40cc-ac44-4f7a10bf41f9","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":232,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"639e8b91-ce22-4563-92e1-6acb27a5ffb4","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":232,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"c2612165-8293-4cd3-ab21-7d4b45ebf9e4","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. Our stewardship","page_number":232,"box":{"x":68,"y":654,"width":780,"height":12}},{"id":"d8e7b9d6-53fb-45df-8508-3d4b62fef235","block_type":"box","text":"program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is","page_number":232,"box":{"x":70,"y":669,"width":784,"height":12}},{"id":"89b81186-9ba2-41ed-966b-f209142a03f3","block_type":"box","text":"conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on","page_number":232,"box":{"x":69,"y":685,"width":828,"height":11}},{"id":"056be648-07f5-4c60-88fc-66c01885a19c","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":232,"box":{"x":69,"y":700,"width":334,"height":11}},{"id":"a2254456-1e08-4202-b0d0-35e933588ac0","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our","page_number":232,"box":{"x":102,"y":722,"width":745,"height":12}},{"id":"15e805e0-2a79-4f19-9db4-eaa80e198953","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":232,"box":{"x":69,"y":738,"width":785,"height":11}},{"id":"8c574495-1c12-4fcd-ab20-fb54f9489df5","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the","page_number":232,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"346d9684-870e-4c73-9f36-4a7e946028f5","block_type":"box","text":"opportunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":232,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"a3cc04d8-9392-4d93-a9c0-394d0878527c","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":232,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"4bde7cc9-3d82-4ec6-b287-543958e64108","block_type":"box","text":"1","page_number":232,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"a5b14907-6cb2-49db-be1c-46a9af7e4fee","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":232,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"e8af478f-e689-4c48-bdd8-d2c0c8d8fc1c","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":232,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"7ca9c93a-b89c-40fb-8db1-6d3fefa2326d","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":232,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"0d0acd1a-d3a7-4cd3-aeeb-aab629a32e84","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":232,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"4c17474b-0901-4dd8-a1b7-b3310b701950","block_type":"box","text":"2","page_number":232,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"f3ffedb5-1246-4ae4-b620-07c8806c05fd","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":232,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"ce28d84c-48e7-4150-acd5-8b65490a1a9a","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":232,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"50880fcc-a723-4bf4-81f2-6c0ea1077c6d","block_type":"box","text":"material business risk or opportunity.","page_number":232,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"adb8bf00-522a-4b51-9216-417e83b47ce9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"140e29ba-58fa-420a-ac26-b729481d7788","block_type":"box","text":"Global Principles | 3","page_number":232,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6b7ca64e-0084-41a0-b439-9e09b96431d9","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":232,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5db5d56a-50e2-460b-bfa4-09fc2a63c503","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":233,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"39bdc047-12a5-4e29-94e1-a7a66c04463d","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":233,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"be09f8e7-75c9-4ade-bd6c-6dcda66398ce","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":233,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"a8951c96-6072-4121-8432-fb7f80438db7","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":233,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"0a3ed560-c707-4a80-89a8-ea3b9d822c6c","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":233,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"82c9fd11-f039-4dc3-926c-ab1091e4a7bb","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-party research,","page_number":233,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"80d29828-0de9-4833-93db-a0536d62ace3","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":233,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"92f6bbb9-ced6-46da-b834-be77ec5748a3","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at companies","page_number":233,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"cca7cd43-2520-4781-9443-d6ff34a2f8bb","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":233,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"c07415a2-b7b2-4ccf-9559-4727b36591c8","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":233,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"b2986675-73a5-49c6-a9bd-189da9415c19","block_type":"box","text":"support the election of directors or other management proposals, or we might not support management’s voting","page_number":233,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"877bb103-bd11-41c5-8587-a20292bb929f","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":233,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"db3567b5-c0b7-4803-b646-72ff2ad4c892","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":233,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"77116695-f5ef-4d27-a41d-78bee9597015","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights attached","page_number":233,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"78d40b1f-28f8-4884-b258-6943d91223c9","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":233,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"e5eaef1b-c432-41db-b15e-f09734351e5f","block_type":"box","text":"3","page_number":233,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"657cac03-0620-4af2-a2b1-f539dfc46f3c","block_type":"box","text":"For example, in","page_number":233,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"c19a8931-66b0-4165-99fb-6eb61d60c1ca","block_type":"box","text":"most markets, shareholders have the right to:","page_number":233,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"75c9e051-c91b-41ff-8135-7b4169ebceec","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"3b9dca56-a68f-4488-bd08-722af7b32159","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":233,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"e0cf4b59-e6fe-407c-9c43-48203d6dcb6f","block_type":"box","text":"charter or bylaws.","page_number":233,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"612656df-42e4-456a-b28a-b9dd03052141","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"5c5b6dd5-9be6-489e-901a-1a0f895a406c","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":233,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"bd127f91-4ec9-47c9-8813-6b7f9ac5c9ca","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":233,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"30136ac3-4783-4a34-998e-38c9476ba990","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"60547745-0330-4c8e-99b8-78af605176e7","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":233,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"ba0b585f-2cef-4d2c-a22f-15515e277dd1","block_type":"box","text":"are material — to make informed decisions.","page_number":233,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"cd32bd8c-191e-4a12-b0d3-dee1683135f5","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":233,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"a032738c-a0a4-4ef8-bb1b-bdd49ac7f05f","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that contribute to a","page_number":233,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"a1f62c87-5ee0-423c-ace0-0daeef640c1d","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":233,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"feb6a20a-c703-4a2b-a462-2923fcaa8f6b","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":233,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"5b88e3f9-531b-4361-920d-045a7d6adf9a","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"0c59dbe4-0a14-4ce0-ad08-083443d45638","block_type":"box","text":"Boards and directors","page_number":233,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"eab48514-af5e-4f0c-967b-cd1924cb95d6","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"060a35d4-7987-4535-8c1b-1c44f79c5412","block_type":"box","text":"Auditors and audit-related issues","page_number":233,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"8b067852-5c4e-488e-9efa-be211bcfa82d","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"e49edbab-217a-4c99-b25b-a1be5d9f598a","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":233,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"86138081-d8f4-426e-b06b-5a79c05e90d4","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"9915a7d4-0725-43dc-a630-df32e9d5a09e","block_type":"box","text":"Executive compensation","page_number":233,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"11f77f67-a35e-45ad-81ef-672832f06eed","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"f79670a9-9bd8-4cbe-8451-8d71eb9370f4","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":233,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"26ec0520-4c56-4caf-b811-a3dc376c924d","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"2488c136-a2f4-4379-bf53-3c24aaadaa45","block_type":"box","text":"Shareholder proposals","page_number":233,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"7b686d0b-117c-4e87-bc2c-1ba9ef3786b7","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":233,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"89e389cd-9e4c-4617-969a-916d07262fa4","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":233,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"e198cad3-f152-42f0-bb9e-63de9f419a57","block_type":"box","text":"which companies operate.","page_number":233,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"443c6059-4354-44f4-b441-255359f251b5","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":233,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"a3acb08a-c273-4342-8e9d-aec9887f5025","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":233,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"97649280-5c07-400c-a49f-17693055d35d","block_type":"box","text":"supports durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":233,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"64919514-0bfd-4ec9-aae8-5b8b9e60938d","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":233,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"911b9a3f-525b-4c2a-ad77-8e5285bcc4c9","block_type":"box","text":"4","page_number":233,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"758ebb0b-1d6c-4c62-b5dd-060f26705724","block_type":"box","text":"3","page_number":233,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"d05527fc-d828-48e8-a838-d2d3d1c29b2e","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":233,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"2ca15a18-5deb-4df4-9874-58f05ef0d500","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":233,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"833e686b-7e61-480a-8ecf-96972508a0ec","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":233,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"5f44428f-b715-421a-aefb-63e6db02875b","block_type":"box","text":"4","page_number":233,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"dcc0b05a-eef0-4733-9333-84e731935787","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":233,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"edabf1d7-5a78-4e63-a0bc-b406093bca0b","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":233,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"0087a18d-f3dd-421a-8e02-73679594466e","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":233,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"2634448b-e0a2-40a9-96a6-606e322e4ce9","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":233,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"2de547df-31c8-4eb2-a23c-6755a265c77b","block_type":"box","text":"guidelines.","page_number":233,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"a6cbf5b0-2838-47ab-9143-eab13af25298","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"563f3f9b-02d4-4612-8231-d732e7bfe806","block_type":"box","text":"Global Principles | 4","page_number":233,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"9632e9e8-600e-424f-86e8-840ef218a5ad","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":233,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d6823fb5-9254-4a1f-b4a2-dc069bda9981","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":234,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"c9992787-3f14-4fd4-bcac-4f786b3afcd5","block_type":"box","text":"Oversight role of the board","page_number":234,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"8060feac-94cb-4ae1-8aaf-6d7095f69a62","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":234,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"c4ec2b79-9e6c-44c7-a43e-39449ca6b387","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":234,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"fd272130-68a3-415f-ab76-c8d7ba60c611","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":234,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"426c534b-72fc-4595-b3b5-79f8c84dfdf1","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most important management decisions that support","page_number":234,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"59a73d07-ca66-4fc1-ae3a-87c16a725ef8","block_type":"box","text":"long-term financial performance.","page_number":234,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"59a294b0-02ee-48be-9b4b-003f984d2fe5","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We","page_number":234,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"a72b7758-f8d2-435b-a8dd-43ba4e6418dd","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":234,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"d7a3d65d-8ce0-40b8-b420-049621820f9b","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":234,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"13f28b73-5a23-49b5-ab09-fd4f7e0bee20","block_type":"box","text":"the business environment in which a company is operating.","page_number":234,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"b37f8d50-66ce-4fb8-9737-b1ce420ba908","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":234,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"25003539-dd06-41d4-827e-8ea8d18ffbfd","block_type":"box","text":"governance mechanisms that supports its oversight of the company’s strategy and operations, consistent with the","page_number":234,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"84e796ce-7cd4-4f82-9c23-7aeb705938c1","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":234,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"e71ca953-cf60-44e2-84be-0f1abd47a491","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":234,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"9edab298-e9ae-49f2-9c9d-99596259f169","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":234,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"07636f4f-0894-4cf2-a708-66775c70d8ea","block_type":"box","text":"mitigating such risks.","page_number":234,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"8905e388-5377-41d6-88ec-18b76a34e94c","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":234,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"0b8546e5-49c9-42fd-99cc-b2d42b60b988","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":234,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"76a714d9-f85b-49f0-8a35-5e42ded9b3e7","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":234,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"52261a69-e410-4a37-8aec-d95f4b0fe2ed","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to articulate the effectiveness of these","page_number":234,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"2a9db0b3-badf-4e19-9995-e8468d5ba771","block_type":"box","text":"mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s","page_number":234,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"90971c57-bc63-4cbe-a3d9-f33c37267553","block_type":"box","text":"strategy.","page_number":234,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"bc53c3ed-d4f6-45e1-b31f-6591669a8ad3","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":234,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"60a74339-da01-41a7-8612-95e8c3c26403","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not supporting the election of directors who, in our","page_number":234,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"b94c15ae-db6a-4e78-a7e4-c849ecebbd41","block_type":"box","text":"assessment, have particular responsibility for the issues.","page_number":234,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"e1cbfce8-7fb0-451e-ab0f-02e336d77edc","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":234,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"a92044cc-b4c5-43cb-9c13-e0eddb37f478","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":234,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"62071fb1-8a14-4337-abb2-e31321910f51","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":234,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"f056321d-cdf2-4ca7-b20f-ce50b7f29e78","block_type":"box","text":"performance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":234,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"dd5e56cf-5ee8-428a-81d1-21ffdc2aacb4","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":234,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"7f938ec3-8bc7-458e-9e9d-db9e22e539cb","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":234,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"e410cec7-ce96-4ca1-be95-5ea5f87b8aa0","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":234,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"05d67717-174c-44fd-a760-41fc2752cfc1","block_type":"box","text":"Regular accountability through director elections","page_number":234,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"2fa34948-9534-4e29-b10f-c1c21bb8fc1d","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for, or","page_number":234,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"fd22fe5b-a211-4beb-9e45-368d81efbfe5","block_type":"box","text":"concern about, the performance of the board in overseeing and advising management. To ensure accountability for","page_number":234,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"33d68ed1-5865-422f-a3a7-e0bff4c0b8de","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":234,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"f7e75c1c-94e1-4397-aabf-42842c4102c6","block_type":"box","text":"5","page_number":234,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"eed45fa7-d05f-4ff3-91c8-3990cae3299a","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for, or concerns about, board members’","page_number":234,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"61ca8964-0916-4316-a552-be829d280d48","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":234,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"3e3644e4-9a90-4c89-bca8-26c8efe369ce","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":234,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"54dd98d6-cf59-4b30-851c-61ad4be8fcbc","block_type":"box","text":"with a proportion of directors being put forward for election at each shareholder meeting.","page_number":234,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"f58de9d1-03f9-4385-ae4f-c1eeaa743cf9","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":234,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"3315ce4e-9d6d-42ee-b554-d15f4e91f1cb","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":234,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"606cddac-f5af-46ff-8646-f845c60fafe6","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":234,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"ff404ac2-9c34-4d76-96fb-d1407c3c95dd","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":234,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"bbe8da37-f87c-4595-a2fa-abadeefa1f6d","block_type":"box","text":"5","page_number":234,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"54b274b0-eea0-46eb-81d1-ca5497599938","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":234,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"25650cc6-a81e-4cad-a849-06b4537e13af","block_type":"box","text":"market regulation or voluntary best practice.","page_number":234,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"8248a899-5cdb-4d62-9c63-78936ff8ddb9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a2b3b0f1-0dcd-44d4-99e5-1ed4eb3434f3","block_type":"box","text":"Global Principles | 5","page_number":234,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"546c369d-3dec-4d99-b581-918468f36602","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":234,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"06b98875-54e3-41f4-ba99-197d04e4566d","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":235,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"1e416672-1c7c-4d8c-b161-f7dc7f9f8710","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":235,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"c1f45820-27aa-42ba-a330-d146127dc76c","block_type":"box","text":"recently.","page_number":235,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"9bfe9e81-b64f-4880-bb04-f82ef5f7822f","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":235,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"0e862003-af2d-4fac-9999-9fc0b79990bf","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":235,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"e50f1e30-333e-4b6b-aecb-282305a97b05","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":235,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"ca0f4b32-ff8a-415d-b370-46f60de9bfe3","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":235,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"a81d006f-7c69-4e2d-bbe0-5f1d0e689f5e","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":235,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"1df0008e-7a72-47ea-a120-000d933fa3d8","block_type":"box","text":"Director independence","page_number":235,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"1ae5d903-48b2-4e1d-b2c6-a0baa11987d7","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central","page_number":235,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"22d525c5-27d4-4ff5-a8e5-90d61c20ac17","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":235,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"f66ecf3c-7501-425b-9bcd-cbd13ed5a8b2","block_type":"box","text":"6","page_number":235,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"6dc1713f-c1fe-439e-bc44-e5d814dd6d98","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":235,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"cfb2e5c8-ee3b-4f03-9411-3f80ecfa9c11","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":235,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"85abce96-cfce-4b84-8edb-a394a29f1d7f","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":235,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"ae5366c0-7779-4576-b5f8-44679adb45f5","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":235,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"2f4c70e6-a830-4507-9da6-bc181900d38f","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":235,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"b9ab3591-053b-4cf8-85a5-d096160c0999","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"a96e2f14-ceb9-47f8-a93b-451ddad3da83","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":235,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"53319770-1f68-42ac-a026-5bad63d19f80","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"227995cb-5694-4d49-8640-8b45be4117f8","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":235,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"67e7f73d-8da6-4a6f-bb05-4f94c7f18be7","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"8473c357-54a2-4ee2-aa49-ef6f8e77009b","block_type":"box","text":"Interlocking directorates","page_number":235,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"af58c45c-c3b3-4f84-9d65-b78c1b2c86ae","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"a784a95d-088a-45a7-96da-8b5878a48d1e","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":235,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"78f62088-d0de-4f22-bdee-d1ceb3831040","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":235,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"da8efb8d-c430-45e4-b9c9-5f6cadc16f5c","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":235,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"acfe1bba-7bd4-4f9c-bfcb-43a9e419be41","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":235,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"6747a88a-66cb-4d4a-8668-2b8c801e6072","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to support independent board","page_number":235,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"5f8a2f06-294a-4bb1-a518-d3ce02998093","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":235,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"e262ec76-5a3d-4b8c-bb3c-3be916087d2e","block_type":"box","text":"is provided to the board, and encouraging independent director participation in board deliberations. We appreciate","page_number":235,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"e9c76fc6-f2ea-4213-b571-fd0e2d9fac09","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":235,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"8c59cfe2-0965-4263-85b7-239c0d0f5482","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":235,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"30360356-9c55-41f9-9205-43ae6e4bb832","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":235,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"87bff5ef-c7d2-4741-889f-3410f482cf0a","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":235,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"88da9e8d-bafd-418d-a77e-6e4fa80ac323","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":235,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"1fdd6b92-f224-4863-b138-c6be5256f5e2","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":235,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"02538422-f258-4b55-809d-b75108d5531a","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":235,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"b2f16a27-afeb-4f59-af40-9304954875ed","block_type":"box","text":"particularly one involving a related party, or to investigate a significant adverse event.","page_number":235,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"5941b869-8b89-429f-a22a-afc102806572","block_type":"box","text":"Sufficient capacity","page_number":235,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"7e37d432-8326-4b1e-969f-0611d076d44b","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":235,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"b87415ac-986d-4733-8127-b7552612ee39","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":235,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"e3720bbe-8e7f-4a67-a48c-7b640f9c4ee9","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":235,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"cd69dff2-c860-4083-bf54-58391f4335e8","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":235,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"8dc91538-57d2-4fb0-a575-0d5093617ef3","block_type":"box","text":"Board composition","page_number":235,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"2b03bf57-83fa-4b38-ae3b-b07da2e2dadd","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":235,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"6210deaf-660a-4a92-9a58-2cbd7df2a9f0","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":235,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"2062828f-a97f-4199-8cf1-bb3da8599128","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":235,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"1171fd7c-196d-4cea-a22f-4bb48bc0e09a","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":235,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"65f126b3-56b5-4ccc-817e-a74ebd43598c","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":235,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"9ead732f-86dd-429e-a4f5-adf2da2b3dab","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and expertise of the","page_number":235,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"0ef38597-2c56-4dd5-9387-0f2dd62eefdf","block_type":"box","text":"board, as well as the particular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":235,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"f80e6ced-1d71-4fa9-83c5-8cbc175bff18","block_type":"box","text":"6","page_number":235,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"5f14384e-882c-4e50-9a4e-97b82a4f5d62","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":235,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"59f2460c-0ad5-44c6-b9e3-9ce72d2b84d6","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":235,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"d8f131c2-f571-40ab-ace2-1a0756f1650f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a14a8ad0-b93e-4b0a-851e-81cb0afa10f1","block_type":"box","text":"Global Principles | 6","page_number":235,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"3e3a2d06-e407-4ed6-9a7d-55f876d37013","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":235,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"770ba628-a01f-4c35-803b-5047413218a1","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":236,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"8bb4fb9d-c922-4245-aa70-28cadf512d6d","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":236,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"40aac358-f636-4504-9f17-c1bab1051efd","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":236,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"ec42ae65-1f43-4386-9a08-2d568c053688","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":236,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"e1f3c861-a9f1-486f-a8b5-66c77051cb00","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":236,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"a3f9aed9-e869-4d0d-93b4-91d1d794d943","block_type":"box","text":"may discuss with companies, particularly if there is a risk their board composition may be misaligned.","page_number":236,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"87f5c861-8d1f-4ff3-98d6-7fa071dfbe0f","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":236,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"7e0d9f07-4bdb-4a20-bd1a-b181cc4abf45","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a","page_number":236,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"87fe18d2-52a4-4f80-ba13-0a2917a8e54a","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":236,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"66cd3e28-f4b9-4766-a0d5-db40c4e42d81","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":236,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"debced9b-cd26-4773-9b35-a9b4fc39eb7e","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":236,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"2ff04093-731c-4c07-b4e4-9eff64b7be77","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important role in a","page_number":236,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"cec9091d-9177-4503-a813-7a724d41372e","block_type":"box","text":"company’s financial reporting system by providing independent oversight of the accounts, material financial, and,","page_number":236,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"5b8a5095-6752-4370-8dab-e8ec75eab8b2","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":236,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"276ac08b-b0f7-48f0-8f73-e7b17da2e795","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":236,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"335b001d-b472-4a5c-8d97-8a52908eef1e","block_type":"box","text":"systems.","page_number":236,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"c0f8ad5c-8d56-41cf-ad68-9a359d85f3b2","block_type":"box","text":"7","page_number":236,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"ef8e3d8e-b090-4724-9770-ecbbb5081904","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":236,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"8e8cdf3e-bf44-4d15-81be-7485503c5764","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders.","page_number":236,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"4f330d38-6316-4a85-a97d-8b920059f178","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":236,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"16b3d365-a61a-4a58-9514-31c1d7a3c46c","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":236,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"48b93849-8281-4366-a869-ca720c74b6b8","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":236,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"a219685d-c875-46ce-bf35-56158a027719","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":236,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"a169c1a7-5a43-4619-9cf4-ca66ead47b54","block_type":"box","text":"expertise to monitor and oversee the audit process and related activities.","page_number":236,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"b02c4da6-8963-4a51-916e-95cc92c17c5f","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":236,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"651f76ae-f5c4-4c73-a13d-6df40adfa74a","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":236,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"37057104-afa9-4555-b260-75a9d066545b","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":236,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"0aa8adc3-bfef-486f-b81b-00e7af189bbd","block_type":"box","text":"or internal audit function.","page_number":236,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"35e7afd8-7dc8-4c39-a257-a8ea276f1660","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":236,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"72d2949d-9fed-4c92-b60f-46769f1097f3","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that auditors are,","page_number":236,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"19e0c09d-ed44-4008-a10d-8c4bd5399bdf","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":236,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"3deabdff-3833-4115-9213-2e5a042e0595","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":236,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"6fb2e04c-4ae3-4a6c-ad65-888cad00a482","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":236,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"7151083f-f5cf-4b82-8e97-a2452c428c8e","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":236,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"36e872ec-6690-4c89-a9da-a6a59f24ed7b","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":236,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"fcaeb65b-cccf-4ce7-8720-94cc02d95911","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":236,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"ee3d7d44-342f-44d3-99e6-2a3711e52e2f","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":236,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"e1797132-1b5f-4d3e-970b-bab808b70902","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":236,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"b21642f6-dfca-490a-b7fc-8330055d1d40","block_type":"box","text":"risk.","page_number":236,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"1f795d10-59c3-4951-9954-b9560f942305","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":236,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"ad7e1055-0ab7-4647-b1ac-727e8d8c0723","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":236,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"2056efef-57ec-4344-b5d6-0320c7ded312","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":236,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"9df3a3c1-5bba-4c4c-8cf7-ab4b46afcc73","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":236,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"c1b4d218-1b59-41dc-bd29-1b6346051867","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":236,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"3872a2d2-c10e-46a2-afb2-58c1ff809c57","block_type":"box","text":"differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of","page_number":236,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"ced86502-bf2d-4b74-8eb9-c7c8ca5a55f2","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":236,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"aeb25db0-8067-4390-ae72-9e7de5a78e6f","block_type":"box","text":"7","page_number":236,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"f72b6b46-4430-4d22-80e0-7fcaa37c4ae0","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":236,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"95e33bd0-3d31-44aa-88a2-7af10d3ac348","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":236,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"91f7cd6e-a010-40ae-9f10-f698c074c5de","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":236,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"58ca31b1-ac7f-4da1-82ab-6828e6bd8c20","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":236,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"30712d25-f0b1-4456-a829-ee79c617cde7","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":236,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"90cef8bc-e528-4def-a3ac-3beaca64d44a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ffd22b71-e104-471c-9215-08c7d5cc19c6","block_type":"box","text":"Global Principles | 7","page_number":236,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"900023f6-cdc3-4200-924e-50255303ac1e","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":236,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5af77265-e56e-4fda-a05c-97d7158f3828","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason","page_number":237,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"9e24d55d-71ed-4eb8-92f3-c839bf8db587","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":237,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"bea799bd-da7d-483d-a9e5-a8311199fe71","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":237,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"ecbec812-8b4d-4e2a-bc3f-30bf8da851ed","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":237,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"c936ac0c-24db-455e-b999-851820f9c8d1","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":237,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"a1307c84-e8ef-4797-874c-ec4d73dc43e1","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":237,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"b63d95b8-3de5-4377-8bf1-228463fe483d","block_type":"box","text":"minimizing costs to shareholders.","page_number":237,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"61fb2828-3145-44d6-9a84-bb38a2023849","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":237,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"e6f814ad-1a2b-40fa-97d6-58a713f87415","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":237,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"c5256252-36f9-4fe4-adfd-522040922a7a","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous support of the","page_number":237,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"796e7535-a31b-4173-ba50-c8aae03aaa5c","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":237,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"9eb192be-9d53-4038-9cee-ecc0535f11e8","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":237,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"41dd22d0-9402-45ef-94aa-9ff5e2cae6b1","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":237,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"5738d44a-0676-45c8-beb7-c5caa4ccb75d","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":237,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"16a5e650-6d3d-4192-a775-8de296ffd2c6","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":237,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"301c43dd-e74e-4d11-9474-8a69a07cb4e8","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":237,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"8a7f3875-c327-44d5-9c4f-f8c94fdd0be6","block_type":"box","text":"a separate vote of the non-conflicted parties.","page_number":237,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"b69dd60a-005c-4c37-9046-184a8c8ccc6e","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":237,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"df3e4100-1fbb-4bc5-872a-014a791fae81","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":237,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"cd5f7f0c-e4ff-4e63-a527-0443b93e9d62","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":237,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"374b4cf3-4fea-4a85-9ed0-18a5f35e30ea","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":237,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"b01a08ff-1c41-4de1-a40e-cb49a0ea6fb0","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":237,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"b05edbb2-7268-4296-a87f-488b1f93fab7","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":237,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"e2855404-9be7-4688-a40a-88ce65b90273","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":237,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"be2de92f-0663-4d90-b65d-5a678a113acf","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A","page_number":237,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"39f65a27-90f0-4bf2-afa4-0f2dd36bc100","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":237,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"cbd3a0fd-4f3c-4b87-a19e-3cf006d4b6ef","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":237,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"b79ca01e-2ee8-4b0f-8322-bec9c6ed3465","block_type":"box","text":"ownership.","page_number":237,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"bd89cefd-3081-4888-9349-a8db193b9211","block_type":"box","text":"8","page_number":237,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"e74aca95-2163-4758-8824-e3efc82c005c","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained","page_number":237,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"4434206e-b47e-4c35-af94-693076046c84","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when performance targets incorporate","page_number":237,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"cd7392f4-7326-480e-9f51-70697dd2c53a","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":237,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"edc71664-1956-4646-9d89-7467d3aff9ae","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":237,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"a400d00c-98e8-48b2-b382-96a640b21da2","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":237,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"7a0bab9b-8cbd-47c0-8c3e-223b8a1b96fc","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":237,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"198d50f9-7ed9-4844-975f-4ec1637d6070","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":237,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"a465c8a5-60da-4b3f-a244-44d4fe9ea064","block_type":"box","text":"results over a period of years.","page_number":237,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"dd8e0700-1c3b-4adc-a47e-2292724286b7","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":237,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"c2bec6ce-d23d-4384-b694-c4b7c4e2a108","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":237,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"352d5459-c1fa-4a7c-91be-a45d480b9064","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":237,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"48f1a361-ef62-489d-abb9-407f6801917e","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":237,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"9b90b1a5-2e5e-41fe-b763-752629118729","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":237,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"4e84d128-38a6-49e1-adb8-b233d82c71c3","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":237,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"7fce5ee4-9e2d-4374-821d-067768cab155","block_type":"box","text":"executive compensation strategies.","page_number":237,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"05b5449b-a2ef-4c3c-94f5-5a00170d6552","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":237,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"5f914359-ef0f-47e5-a23a-b9572bdfe108","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":237,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"74902e34-aa53-4eb2-98c0-a11efd27552c","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":237,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"fceab324-0897-457d-bdd7-96b2028859d5","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":237,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"12ffbe5e-b15f-446f-ad75-69c27f6609a5","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":237,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"6d85e96c-3cf8-4e84-a949-72be126eff34","block_type":"box","text":"performance rather than solely base increases in total compensation on peer benchmarking.","page_number":237,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"58f43baa-640b-4064-8ad8-7666d6f062b6","block_type":"box","text":"8","page_number":237,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"4ba85323-0aa4-45b0-89a7-6809d11f4fb6","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":237,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"68f19282-1bd8-4263-b800-450c86deb359","block_type":"box","text":"different markets.","page_number":237,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"a013483a-b5d4-44e6-9446-dd7d5a1184d4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"523cf8e4-39a3-4c39-8725-7bb7ab2df1d8","block_type":"box","text":"Global Principles | 8","page_number":237,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a96b339d-b17b-4ebd-b7f0-acf6e88eef61","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":237,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e1dd9aa8-4f12-421d-a49d-2922150c052a","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":238,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"9b5fbe73-6884-4daf-91ac-3d6debf2b530","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":238,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"2a0e044b-266f-4d6a-ba96-37d84e252a61","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":238,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"314afc42-a903-4adf-9c97-15eb1d06f144","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":238,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"3d5ed679-228d-44a1-a248-34f02d640ef2","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":238,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"c60385be-dc55-474f-a46c-adba389f9a53","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":238,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"869fb01c-1396-4dfd-86ea-e22fa19f040f","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":238,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"c1cd82a0-2112-4249-986b-75ab46f5ae56","block_type":"box","text":"whom they are charged with overseeing.","page_number":238,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"25b3734e-986a-407b-a1e7-e845c9f0287f","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":238,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"95c013ff-acfd-42ab-b8b7-bbd4a5478689","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":238,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"26b921a2-fbdc-4474-80c8-7efb05adb33f","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":238,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"bb15cb55-10a3-47a8-9d03-dc33ff9cc21c","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not","page_number":238,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"c1c97297-039f-4f3f-8e8a-8585db7a7b4c","block_type":"box","text":"support management’s proposals to approve compensation, where they are on the agenda. We may also not support","page_number":238,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"b94ebb1d-6bac-4b41-87a4-ff19b9bdd2cd","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":238,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"1a52ce34-9292-4cea-9ea0-cfaaf26bb59a","block_type":"box","text":"structures.","page_number":238,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"f8f17041-3c7b-4371-8bf6-b9887a3843f9","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":238,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"f4803ea6-3c16-454a-bc3c-3ef36b98a382","block_type":"box","text":"Corporate form","page_number":238,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"180430c6-6483-4c92-b070-4fd4ad7d11b8","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":238,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"5906699e-cb3c-4339-81bb-4d56af2df4e7","block_type":"box","text":"the company’s purpose and business model.","page_number":238,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"9a7ecacb-e186-4d8b-90ab-345ef2ee65b2","block_type":"box","text":"9","page_number":238,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"5d0c6517-c439-47c3-b327-d627cebb0efe","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":238,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"82e95ae5-b021-45c3-afc5-24beeed55055","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":238,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"a52ce9c9-926f-491b-9dc6-475d3142d8d8","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholders proposing to alter the","page_number":238,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"e0b14fe7-7f73-4fc9-af3e-48f27b2a3c53","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":238,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"270d5061-3708-4211-acf2-72c8f34b3ad2","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally support","page_number":238,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"699ad9d3-9f6c-4ff8-a86a-713c1a047be0","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":238,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"1243ab5f-2df5-40c9-8c38-2a16928111ee","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":238,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"174dda50-1ca0-4063-9b01-ecd2bc5ca414","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":238,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"679929f5-c3a2-407d-ba20-232063ae3755","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":238,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"157ed5b3-a2f7-4299-9358-7130a3a345c3","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":238,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"a1424619-8607-4650-b4a1-56be5de7b508","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":238,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"4ef3f9fe-f952-480d-a6af-376fac898b4d","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":238,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"3aaea4c5-320e-4375-a42b-f9fd6862aa69","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":238,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"8799c3fb-1014-4dab-bbe8-7c576fe28959","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":238,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"e335d7c8-e7b5-4335-aadc-22d1398837f5","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial performance. BIS","page_number":238,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"423a3979-3d5a-4efe-9b86-ba4e399b6ebc","block_type":"box","text":"may support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":238,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"17aef7d3-00cc-4fee-ab55-4fdad6f290e1","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them,","page_number":238,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"e0c80f9d-511b-4826-93b8-56a85b33a3f1","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":238,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"69438100-d226-41fa-b5e9-9cd91b244294","block_type":"box","text":"between the specific request formally made in the proposal, the supporting documentation, and the proponents’","page_number":238,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"92f335eb-b5fc-48ea-b622-44e7d5bc8a16","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":238,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"47c9575e-ca33-4ef8-8e21-19027ef2decf","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":238,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"d2462722-cfba-4126-85f4-0c6a2c76f49d","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":238,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"9d703910-99f7-4b87-9c8f-02bb8f51f846","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":238,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"a06789a9-b67e-425f-a48c-9dc02bd4663b","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":238,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"ace4a685-f139-476a-bfe6-a4cbbca6591a","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":238,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"51f2939d-b853-4fc3-a712-31f9134d0001","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":238,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"c78da433-2445-466f-8f0a-f43f28fb5306","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":238,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"56541a7e-48d3-4ae0-9981-471c453e293d","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":238,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"46f9115d-ee4c-4bab-8f80-830ea26b1016","block_type":"box","text":"requests. Further, the proponent’s supporting statement may refer to topics that are not directly related to the","page_number":238,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"630f75cc-3396-476c-b005-160ee4af5594","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":238,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"565abd01-4e88-406c-98ba-d561560c9209","block_type":"box","text":"the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of","page_number":238,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"f8ce41d3-d34d-43fa-b95a-622bcdf955e7","block_type":"box","text":"9","page_number":238,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"248b2aae-aa9f-4420-af83-ef723d1dcb71","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":238,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"b9bf49d3-afb4-44d1-8e5c-2633b6be3b04","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b335deb0-c8c5-4f98-9ed8-5ed64c8d1f96","block_type":"box","text":"Global Principles | 9","page_number":238,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"5af61779-52b0-427b-b80b-cb04a2a1a511","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":238,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"254cbf2e-0b91-4b23-b3dd-bd71583c7254","block_type":"box","text":"the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for","page_number":239,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"7ff1adb2-6d57-4a09-956c-a73ddb5fb69a","block_type":"box","text":"different reasons than those put forth by the proponent, when we believe that overall it may advance our clients’","page_number":239,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"eb07d01e-e2b6-4527-bbde-f798cea38f65","block_type":"box","text":"long-term financial interests.","page_number":239,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"eb3ce5ea-5a17-47df-a5ec-7e9c29346b81","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place","page_number":239,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"bfe6e2de-78b5-4b72-bf71-e20231791964","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":239,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"07d44ac0-7738-4dc8-ac4c-83ff74e169ce","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":239,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"af47fdef-4416-4722-825a-3dc2df17a0be","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":239,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"4420744f-31e4-4c69-b21c-c36f030fb73d","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":239,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"62a88000-be13-4436-b5c9-035e6c0a49b0","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and","page_number":239,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"cefa8cda-ca59-426e-ab81-acce3e63e434","block_type":"box","text":"opportunities, is an important component of having an effective governance framework that supports durable, long","page_number":239,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"e65da316-b985-4e76-b635-3a2f97398b5f","block_type":"box","text":"term financial value creation.","page_number":239,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"af166974-d10c-4dee-8936-a6bf644726a9","block_type":"box","text":"10","page_number":239,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"96d66132-7ebc-49e5-b4b6-4c87326e0d95","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":239,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"c5de5e0e-4580-43d5-9399-9b3a1a641290","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful","page_number":239,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"eea01d19-c9be-42c4-a504-9705d1305560","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":239,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"adb52395-c2ce-4b1f-a938-38bbec56aefc","block_type":"box","text":"sustainability-related risks and opportunities into their strategy, risk management, and metrics and targets, including","page_number":239,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"b06e563e-a0ee-493c-ae92-ce084656c911","block_type":"box","text":"industry-specific metrics.","page_number":239,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"8088bf9d-afb0-4832-a902-a58e62b40223","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The","page_number":239,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"181caa30-3f88-4758-850e-0f8fbd10bdbb","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":239,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"0ef533d1-cfef-4f07-9918-6adcb2712d2b","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":239,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"9bcc130a-0570-4ee6-883e-45a0336fd6d1","block_type":"box","text":"11","page_number":239,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"2f7f6843-e251-4098-8654-28437d0d8a58","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":239,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"20535e1f-c14c-4670-8265-cd7f9c51102b","block_type":"box","text":"companies should use, and recognize that companies may report using different standards, some of which may be","page_number":239,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"b62e70df-8df1-4cc7-946e-c885d8e56983","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":239,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"97f666d4-31ae-4afb-a49d-82fa2413e0b5","block_type":"box","text":"specific.","page_number":239,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"cec3f05e-c370-4651-8d9d-78433b46e35c","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines","page_number":239,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"23f5f6a7-8d10-4e2e-bf1b-95383c183e9a","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":239,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"10c37a45-20d4-4748-8967-e1a369266809","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":239,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"28093ffc-a91d-45c0-a599-f8f4c00f67a8","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":239,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"b7d7141f-f213-4ef5-9984-99af2c2cf8cf","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":239,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"5537369c-c8f7-4b27-a941-d2682aea721c","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":239,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"961ba8ab-e988-41f2-b9cd-61f4ffa3e76f","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":239,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"515d829f-ca1f-4e77-aa07-cfa2490f857c","block_type":"box","text":"which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors","page_number":239,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"bc597cad-5a20-4f39-99d3-70d9a89d9c64","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":239,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"d269608f-9e58-4c85-9519-b96a75d2b9b0","block_type":"box","text":"10","page_number":239,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"42c7ddb0-0507-4fbf-98c7-3dbfed26245e","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":239,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"69898e2b-bbe5-47d0-8fab-2abd28f146f2","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":239,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"ceb42191-c8fe-43ef-aa55-0de81d53932b","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":239,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"87a447d2-82dc-4153-8541-bc93675a301d","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":239,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"42cb732e-7f09-4ba3-a775-0479073622e5","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":239,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"277fa2bb-32f9-45e0-b8e4-57e84bd2862f","block_type":"box","text":"11","page_number":239,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"25b032ce-9ca9-4272-af3f-e47474395983","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":239,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"a4a41d0f-364e-4ea0-8e8d-530c5bf1d5a5","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":239,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"38ab5b76-6e30-484f-96d0-8e664eef53aa","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":239,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"5ebd1f20-6f83-4597-a7d9-0c54bdd70dab","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":239,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"8b6de8ef-2d0f-4c2d-9186-3b06bba89550","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":239,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"ce48bcbf-ae65-4f85-a9da-700e24c7ced5","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":239,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"1609e2c1-12ff-4759-bbd5-6e828f191593","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e152f192-02f7-465d-ae2e-eef7f6b7b0d0","block_type":"box","text":"Global Principles | 10","page_number":239,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"636406da-fb03-4a00-8060-553665e53c7e","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":239,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8c1a5ba9-8e90-4b18-ab66-76a611ca4b24","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":240,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"3fe50dcf-b789-4450-b9fe-f4d84e7209c0","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":240,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"1eb58240-5428-42e3-8958-8ae18cd16717","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":240,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"88163126-223b-40f8-a3b7-017897d67cf6","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial performance through","page_number":240,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"3887f374-2225-442c-806d-ab8882db95f1","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":240,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"8dc8403c-dc72-45e3-ae9f-cd92e22a1e20","block_type":"box","text":"12, 13","page_number":240,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"6f525340-86ba-499a-a391-f5fd1f2df3f6","block_type":"box","text":"From company disclosures and","page_number":240,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"a13920df-6037-40d4-924f-c61ce06029ba","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":240,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"c576e046-c314-4153-8372-ca2351a0afd1","block_type":"box","text":"opportunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":240,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"74c8394e-cbe4-451e-b0f2-75e2a7fff076","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large","page_number":240,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"84196b11-0ac2-4bec-a3f0-c0ca476593ea","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":240,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"c0bd5a8b-2bbc-4da7-97bd-21f1c2983f55","block_type":"box","text":"viewed as best practice in the market.","page_number":240,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"2b9d034a-dce1-48e8-adf6-f9ac1272abaa","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":240,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"7bfc5a31-4eb2-45f7-90cb-75804d19d260","block_type":"box","text":"climate-related risks and opportunities, and informing investment decisions. Such disclosures also provide investors","page_number":240,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"fc877137-8595-44f4-b95c-afd94d0f874a","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":240,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"a37a8927-afad-42bc-b202-a6ef16da95cd","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":240,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"892f4d2f-d4f7-43a5-83af-7d9a3d32bbf7","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and","page_number":240,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"7067f492-b5ca-43f0-a2c3-29fb6964e7e9","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":240,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"60ca0de8-a8a4-4688-83ea-de8a8061407f","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":240,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"c27c3b62-e45f-4e63-a905-d2c851401c4f","block_type":"box","text":"interests of their investors.","page_number":240,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"c8d4afd1-bd98-4990-94f6-c343b6ee9945","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":240,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"75f86134-993f-4e52-8559-728ebe87186e","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":240,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"05b812df-628d-40cf-aaaf-6000d6b0c87d","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":240,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"f9483f07-3873-4585-adf9-5eb3a702cb42","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":240,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"0f9692e3-9e05-4ad7-8929-41e67062093e","block_type":"box","text":"good-faith basis as methodology develops.","page_number":240,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"a16994ac-6b40-4748-be49-c41aa213c610","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply","page_number":240,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"d63039fe-8a7b-4e48-8656-ce2721370891","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and opportunities may affect their ability to","page_number":240,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"c64ae8f7-8fdf-4137-8e31-bf9569d9166a","block_type":"box","text":"generate long-term financial returns.","page_number":240,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"ad41d414-38e9-4bfc-b985-ddbbf97fd083","block_type":"box","text":"14","page_number":240,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"e830f38b-8e93-471c-b933-31c95f4fc05a","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":240,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"3821f183-05d9-45b9-b5b6-896df31354c6","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":240,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"a1bf74dd-8658-4db8-a70e-78e558ed995f","block_type":"box","text":"15","page_number":240,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"51a1084f-cef7-4ffc-b686-070822cc2b9f","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":240,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"cea148e2-8556-4755-8048-8839eee83e7d","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":240,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"e1457d94-c58a-4e36-ad61-51af94afead2","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":240,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"c1d351a4-aae9-4230-a397-d4f67308701e","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":240,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"2facc1b2-81ca-4fa6-955c-e9b93b3effab","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":240,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"27d7213c-d04d-4223-a287-2eba8789423d","block_type":"box","text":"more likely to deliver durable, long-term financial performance. By contrast, we have found that poor relationships","page_number":240,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"5fb62d41-f48f-4816-abf7-9da1e9b7e542","block_type":"box","text":"12","page_number":240,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"b4106785-2b38-465b-91a1-5fc7357cf710","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":240,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"adf14e2e-5738-42c3-9352-d8be251e4e0a","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":240,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"e4dc79b2-c49b-49ce-b7b2-24323c3afa8e","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":240,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"3fdc331b-8810-4475-aac6-c050988dac7e","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":240,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"96ff4394-50de-4e16-9606-d9d7c9d09c48","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":240,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"c1b36b3e-d4fa-4e3d-916a-41365a82ab62","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":240,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"13ad53b1-49da-462e-bad3-3614851866f8","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":240,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"7662b0d0-dd81-4177-97c0-8400a1a18c32","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":240,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"10d2d49d-b3ed-4610-a411-d2e77190656a","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":240,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"1e14d738-5256-4c5c-bc6a-c4635a938df5","block_type":"box","text":"13","page_number":240,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"1fb76eb1-b731-4912-b2dd-c12fd0f3d881","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":240,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"201d1aed-328f-4836-8db7-0e81e7236b68","block_type":"box","text":"2025.","page_number":240,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"2e7e8901-e6cd-4b0d-9386-b85513a72b81","block_type":"box","text":"14","page_number":240,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"35073507-5feb-4e6b-9f80-1c4c9b99f187","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":240,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"74b821c5-59cf-431a-af6c-b17310af84bc","block_type":"box","text":"2025.","page_number":240,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"55b259b4-43fa-4451-97d3-2139585f310e","block_type":"box","text":"15","page_number":240,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"a2769b43-9cbe-4e4f-a209-6ed39dd7a82f","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":240,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"68193513-9295-4e11-9605-813ac245c8bf","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":240,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"333f3833-7865-46cd-941c-9adb5b4d9538","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":240,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"7478b260-248e-4f2a-8a9e-4a2e0a95c47a","block_type":"box","text":"some companies may report using different standards, which may be required by regulation, or one of a number of","page_number":240,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"0abb1f2f-d008-4287-916a-accd78be7fdf","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":240,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"9109fe0f-eed9-4cb3-9dc7-36a20e94a4e6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0cdda905-c10b-4d9b-ae59-6bf7c86b05da","block_type":"box","text":"Global Principles | 11","page_number":240,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"963882cd-b543-4005-8d34-4c0222fc0658","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":240,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b6ee5669-dc36-4817-94f6-d37268a29dcb","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":241,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"f7752de8-ce3f-4bfb-b831-94f3056fa7be","block_type":"box","text":"This is particularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":241,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"0f924a10-03a8-4a2e-8a1d-d16b14569316","block_type":"box","text":"16","page_number":241,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"303f085a-44e0-4ed2-96a2-62a93ad707ab","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":241,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"7255d154-da54-470d-99ec-23d2e8c9557f","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":241,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"135c5601-186b-4dcb-bced-de9052f77109","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":241,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"56ec788e-17d6-447d-9d36-1a369bc19139","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":241,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"46fbe403-4bde-4ebe-a4e0-413a36a7fe2f","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":241,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"b9f0a860-8c71-401b-ae24-f78bddcc6870","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":241,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"630064b6-1b11-4362-916c-34d7705a4c4d","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":241,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"028bc267-57cc-4700-981f-ff47de42bbd7","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":241,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"e1913186-3baf-43e2-aa0b-e40257fc943f","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":241,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"8e752782-728b-4003-b88a-2cd8dba881c1","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":241,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"8e13553a-27a5-4f0f-a6df-12110149d69c","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":241,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"267c68c1-1147-487f-8abd-cca1761948f0","block_type":"box","text":"impacts.","page_number":241,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"e24a41e5-8071-47c9-a73a-b246778b7596","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":241,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"b4fab0bc-bbcf-4077-b1aa-58f6285584f2","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or supporting a business relevant","page_number":241,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"4d17b19d-83bf-4fd4-8c7e-256cf68ebe42","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":241,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"b4b039d3-eb7d-4ccb-ab31-336e04e04195","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":241,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"755c1136-8274-430d-b985-1d210b6c28c4","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of","page_number":241,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"46e9b4b7-0af8-45f7-be16-4f939ea86af6","block_type":"box","text":"clients at the global and regional level.","page_number":241,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"dcfd9912-0459-461b-939a-6158eb4bc973","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":241,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"cb3cb61d-ecbb-4d53-a109-745a06268fe4","block_type":"box","text":"supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":241,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"1583d7dd-cfda-4ba3-b4c0-ba6c84b79fb9","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":241,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"e3a36ac5-f504-4010-b60d-77efcebce33e","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic reports regarding the votes cast by","page_number":241,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"6d2e2c5e-ac0f-4ab6-86c2-3642e2be0fc3","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":241,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"b92b9c46-1e6a-41ca-8fc6-5f87b35bb5ad","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":241,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"5d621672-494d-4228-81cc-2c56d1baa567","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":241,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"f19ae1ac-9d23-4094-94fc-f025ac2229ca","block_type":"box","text":"are independent from the investment stewardship function.","page_number":241,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"3babb42c-8d4b-4482-9cc1-5b9652a9ad0e","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":241,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"199e85c0-660a-42ec-804a-953390c31712","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":241,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"485bb0e3-3fea-4e74-a794-7f88073bf0a7","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":241,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"8f04c4f2-9325-4733-a899-e4f10c1a21a7","block_type":"box","text":"VOTE EXECUTION","page_number":241,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"dd445bb6-4bb8-44cc-9640-225881527224","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":241,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"b8f47b53-0cf7-41b4-b6be-28a0b7764fef","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":241,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"59e6a2a6-6675-417c-9732-e7126f61ddec","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":241,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"b12b7bfc-9b83-4d16-b5ca-d8551c3435fe","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":241,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"4f3a6d32-0c41-4dd0-9f48-fda396f13e03","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":241,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"b02cc7bc-0179-4f94-89d1-e6698d835204","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":241,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"c3a861f4-0930-4e57-b748-d7edcedd300e","block_type":"box","text":"management policies and procedures,” below).","page_number":241,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"c54da8b1-d65a-4ca5-b703-92b848124c77","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":241,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"265bd0ad-44d9-49f1-87ae-f045427ba261","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":241,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"0483f2ca-c62e-42ec-b2d7-6b9f8369297a","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":241,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"c824d6c6-0e38-4561-a531-422d40407f12","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":241,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"f6e85582-cdc4-4bdc-a27f-f2f4f61687cd","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":241,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"57d44630-edf6-4e9e-87a3-0c629cf962f4","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":241,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"73244203-f8e5-4478-938c-52188831193c","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to","page_number":241,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"f747c1a0-ff9c-462e-b686-9bad46cf2fb8","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":241,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"c5a40a3a-353b-46b3-b8bd-dae8806610eb","block_type":"box","text":"16","page_number":241,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"f65af331-7e2a-4137-b6c7-1f6486268cbe","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":241,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"2319ed4b-548e-47fd-b32f-ff24b4f3880a","block_type":"box","text":"December 2025.","page_number":241,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"2964026a-e630-4664-88d0-cafb52bf72f2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"be5cdd45-0733-4bee-a158-1d7522b3d7ce","block_type":"box","text":"Global Principles | 12","page_number":241,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"dd0b4870-1e50-4c1a-adab-849c33932310","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":241,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1264cddc-56b7-4a76-990a-3e7cb31887a4","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally","page_number":242,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"17e0f72c-8459-4193-b358-5bc400815677","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":242,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"f71af48b-5541-42a3-a640-0d8203f5c887","block_type":"box","text":"not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":242,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"952557ef-123b-4af8-aca4-562e58b225c1","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":242,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"dcfb2629-71cc-4ee4-842f-fb2e61d0ed04","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":242,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"c6ab5173-bbb0-44d2-9f45-2fbd20dbe563","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or","page_number":242,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"8a758b24-a4c2-43ac-b20b-1d522b4e7645","block_type":"box","text":"enterprise-level vendor management activities.","page_number":242,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"6702f834-6431-4fa0-b088-477159f66972","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":242,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"995a4992-37af-4def-a0b0-01408204fcf5","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":242,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"2ed5d316-a839-4cb0-9534-a09c15a90fe4","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":242,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"4386744a-5fae-4fc7-8a75-35f572ea05e3","block_type":"box","text":"BlackRock employees.","page_number":242,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"f2c0a310-847b-4cd0-8b20-e01171ea0489","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":242,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"d6330789-edb2-472f-a167-10257ad5f9f6","block_type":"box","text":"SECURITIES LENDING","page_number":242,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"3108fc83-98f8-4e0b-a2a0-1552df757ed9","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":242,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"35c3187f-c72d-4065-b776-3a10511d5c79","block_type":"box","text":"enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to","page_number":242,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"664f5536-9b68-495c-a72b-5d300dfd810c","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":242,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"5943f8fd-d794-40e7-9661-e420066d6f17","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":242,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"fe8c395c-77fb-4155-a6a2-38f9941745bf","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":242,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"54361d04-bf48-4563-b5bc-6bae0458e68e","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":242,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"cfbcf77e-4fca-457c-9be3-e4590e468b23","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":242,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"e04ae755-c53a-40e2-816d-e6ac37a785ee","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":242,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"cdbf9aa0-440e-4fb4-83a8-c4deba3d2626","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":242,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"f5dd9157-2479-45e8-8bc2-985c0f49a38a","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":242,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"36cb6bc4-283e-4f6b-ad56-a6479340f82b","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":242,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"bbb4b41b-91f1-425a-965a-72d0e14843fb","block_type":"box","text":"of recall consideration).","page_number":242,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"bf54d620-843a-4166-a7a2-1af4407e3493","block_type":"box","text":"17","page_number":242,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"50f12f2e-3d81-4384-8a11-987cb9ae704c","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":242,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"7cc3363b-a330-47b4-9b56-ea45977f52dd","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":242,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"4f23171d-0384-4f00-b0cd-2e909558a5b5","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":242,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"ae2af46a-0587-47b9-bc45-39c81460e60e","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in certain instances,","page_number":242,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"8ba8ce1f-df9e-46d8-a973-2c3a2d27482d","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":242,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"d7e2a467-af35-42c9-9fb9-c8baa0385f84","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":242,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"755dafb8-aa78-44f0-ac47-d8feea202bad","block_type":"box","text":"important to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":242,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"5e60e135-30cc-4a11-99f6-c11f9964ba1f","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":242,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"ccf414e7-7879-4c1a-90f5-4cc70a9d2d50","block_type":"box","text":"and may modify it as necessary.","page_number":242,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"230f49d4-81c0-40ce-b762-1ff280654775","block_type":"box","text":"VOTING CHOICE","page_number":242,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"477559a2-039d-48d4-abb8-b857ef347802","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":242,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"074c28f1-d73b-42b5-ba7c-bdf047d46607","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":242,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"2d56fdad-ac85-4faa-bec4-eff39af93bc3","block_type":"box","text":"18","page_number":242,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"08beabb2-6aba-4c75-b0b4-367fcbb4d5df","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":242,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"580e600e-df91-4d27-9d72-ff412db6bf23","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":242,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"7ccc31c1-875c-47b4-86f4-1eeeb297a487","block_type":"box","text":"17","page_number":242,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"75d6abf9-9da1-4184-975c-1423588dfe78","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":242,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"45993ded-5a4f-43c9-a91c-5717fb14a2df","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":242,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"a065edf7-6f67-45ef-afb5-a7e17632ab8c","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":242,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"d13ab809-f692-493d-916a-f59b2f31d7f4","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":242,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"1ac9df9d-703e-460e-9115-e6937470c1ec","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":242,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"9b855000-7061-4d7e-a39e-18991a3623bd","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":242,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"f704dcce-3e89-4407-8830-cef9f47da2e0","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":242,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"3642d0e0-4030-4a5e-a072-ad8da7b18626","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":242,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"9a08d6f8-6414-422d-91f6-ea10a2243725","block_type":"box","text":"18","page_number":242,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"8548efff-d608-4f26-aa39-3d38ff914cdc","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":242,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"e53a6809-4abc-45b4-b949-17b640e4ed0f","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":242,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"77af24d2-8f3c-4dc2-a6ca-9f0724f2d26f","block_type":"box","text":"including the decision to lend securities.","page_number":242,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"cc029aab-379f-4d2e-bab2-7271520e9e3f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7319db9c-9075-45da-845d-75e370d11891","block_type":"box","text":"Global Principles | 13","page_number":242,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"9f48038c-7271-4a84-be67-872b3460741e","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":242,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"77b39230-abbb-44da-b9d8-61495eff1af9","block_type":"box","text":"certain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":243,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"fbea8832-4b7c-49ed-943c-4a276bf1d702","block_type":"box","text":"(SAE) strategies. 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All other trademarks are those of their respective owners.","page_number":244,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"7822f4f6-1d53-4e4b-bc39-e84b2766b91d","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":244,"box":{"x":69,"y":942,"width":486,"height":13}},{"id":"5c312d22-b297-42ba-afd1-fb7701bd5e3f","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":244,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e78e457a-95ab-4f24-a715-0be6e64cf8ef","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":245,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"9bfe0bab-4fc4-44d5-9cfc-57d675d46029","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":245,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"c0410f63-12f6-4584-9d1a-213ce96e7972","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. 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BIS does this through:","page_number":245,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"5a9bb154-7318-4806-8954-3e50ececb3ce","block_type":"box","text":"1.","page_number":245,"box":{"x":70,"y":171,"width":11,"height":9}},{"id":"a6784127-a31d-44e4-b0e6-b3f560fc9e0c","block_type":"box","text":"Engaging with the boards and management of companies","page_number":245,"box":{"x":102,"y":171,"width":418,"height":11}},{"id":"164a6cbb-b858-4ea8-b27d-2b3d558c45ad","block_type":"box","text":"in which clients are invested to deepen our","page_number":245,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"4bfd07ef-95e2-48e2-a7f4-4940022b477f","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":245,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"59b59334-2db3-4f06-9d2e-e21c0a4748a7","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of 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an investment objective, including many of our largest","page_number":245,"box":{"x":102,"y":360,"width":761,"height":11}},{"id":"32b4a3a0-aa43-41e8-bd22-1083f1933e58","block_type":"box","text":"European clients, who have made net zero commitments.","page_number":245,"box":{"x":70,"y":375,"width":407,"height":11}},{"id":"b80a9c1e-3a9f-47d9-a617-32fcddfcbb2f","block_type":"box","text":"4","page_number":245,"box":{"x":479,"y":375,"width":4,"height":4}},{"id":"4f37379f-3e6b-4ce4-87b2-af71c4ae821d","block_type":"box","text":"To support our clients’ unique and varied investment","page_number":245,"box":{"x":488,"y":375,"width":376,"height":11}},{"id":"0cb504be-eb81-486d-a628-6926b3ab3c78","block_type":"box","text":"objectives, in July 2024, BlackRock launched the Climate and Decarbonization Stewardship program.","page_number":245,"box":{"x":69,"y":390,"width":718,"height":11}},{"id":"a4cb26a3-3d87-4873-bfb4-663a35683fe0","block_type":"box","text":"The Climate and Decarbonization Stewardship 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Further, the Guidelines consider the","page_number":247,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"85c4bff9-64a6-4527-a30b-04ab41ad179b","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":247,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"e3388bb8-ab83-463a-8b7d-855def9c584a","block_type":"box","text":"does not.","page_number":247,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"b044e507-d75c-4405-a054-4519b94d596c","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"642892f0-adcd-4536-a9be-7e4eff2c4175","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":247,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"e9f8c662-9798-43c3-ac54-6f24277289e6","block_type":"box","text":"limitations:","page_number":247,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"0c315593-daa8-4824-8263-2b9d890976aa","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":247,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"c164cdc7-052d-449e-9ecb-350e85a25c3e","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":247,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"9269d84b-9125-4c29-8c4a-294ed314feaf","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":247,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"bb33fe12-d4f2-4ac9-b9c1-0b3761a0a0c4","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"fbdad67b-a28c-499d-9fde-66f282c4945b","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":247,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"5aab0729-3a6f-4cd7-b9e1-302bff845f8c","block_type":"box","text":"The boards and executive leadership","page_number":247,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"1e88a5ef-9dcf-4727-9f2f-f1873208f97d","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":247,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"a12c666a-2727-4f0e-b45c-8192dde7a94a","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":247,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"86e547ff-91b8-48c1-82d8-895c5c141f39","block_type":"box","text":"judgment of the priorities and outcomes most aligned with participating clients’ investment objectives.","page_number":247,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"8f1e73c7-3369-4f13-bff4-36baf7de0d9d","block_type":"box","text":"Voting approach under the Guidelines","page_number":247,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"f1c5f079-3c8a-4599-802f-2ed1d956100a","block_type":"box","text":"12","page_number":247,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"a7f5a3fe-2a4d-458c-90cb-2b6ab98b6d0e","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":247,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"52495a7e-8641-4533-ba31-dbbf325ef951","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":247,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"559fe285-ce36-4bda-9395-8cbdbc5d6e4d","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":247,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"26a94af0-1fc4-44c9-b09e-ec58816bbf3d","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":247,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"8b006ae2-2ee1-4a2e-a2e8-8abb17e44fa6","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":247,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"cbb795d9-3896-4e77-ad44-8ba2998d920a","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":247,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"4afa8cf3-eab3-44fe-8971-9a8d766bc21d","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":247,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"f81443fe-e750-466f-a23a-47158a8b8368","block_type":"box","text":"Corporate Disclosures","page_number":247,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"2adb8a14-541b-4382-9f42-2ec180be012d","block_type":"box","text":"13","page_number":247,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"e9d4c033-7dd1-4d07-9c0f-376568a3e5fb","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":247,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"ca00028d-1643-4503-8680-20f840564f25","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":247,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"fd92d5a6-39b1-492d-b969-a6e4763795a7","block_type":"box","text":"to companies that are important to the transition to a low-carbon economy to explain the strategy and governance","page_number":247,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"d8ef3b32-cc4a-4e57-b841-719d91aa2c31","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":247,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"aee84104-01d5-4f11-9480-d2a7cf609c70","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":247,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"9291d6df-4704-4abe-b99f-119ff1c88b14","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":247,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"6cb3695a-4185-47b9-8aa5-fcab07736218","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":247,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"89668946-3503-4f93-b338-a58a7c7ac8f8","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data supports investors","page_number":247,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"25f89aed-b4a6-4355-bf18-f122e9cd0e9b","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":247,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"684313e3-780b-4656-a924-49db92654faa","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":247,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"21872a22-5908-4bf7-8d5c-f2e5e15112bc","block_type":"box","text":"14, 15","page_number":247,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"e93f10b5-eabb-491b-876e-26371833d397","block_type":"box","text":"IFRS","page_number":247,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"e05227ad-da2d-4f9f-bf32-21edea4f9f69","block_type":"box","text":"S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the disclosures that","page_number":247,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"dc60130e-5fb2-4c43-b7b1-25b5f8f2f968","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":247,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"2fa8f038-e393-4224-b497-424cf6dceac6","block_type":"box","text":"transition-related risks and opportunities. This includes receiving independent, third-party assurances, as audit","page_number":247,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"aa49450c-83cd-41ce-9657-217c7d80a647","block_type":"box","text":"and assurance standards are developed.","page_number":247,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"78ad031b-92a0-4458-9407-5492f2aa4f65","block_type":"box","text":"12","page_number":247,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"0987867f-2a37-4468-8a2e-b5fcde3ba7bd","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":247,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"aa6f53e2-1ded-4eff-9ace-ce6eec30467d","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":247,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"e3caff3d-2d7f-4c91-84af-f3afa49ecf47","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":247,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"18988bcd-c604-4660-af7d-851e669d3c48","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":247,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"19b1ba3b-c204-40f3-bdde-52811608b6a8","block_type":"box","text":"13","page_number":247,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"594794a1-4a05-4d08-9071-bdf56b7fec28","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":247,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"7f273319-1e2a-4163-a759-f9913f981c14","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":247,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"0d63a926-193c-46b1-9283-7ec49c867f51","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":247,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"ac9e93d3-bb7b-4810-baad-9cd4bb9d5783","block_type":"box","text":"14","page_number":247,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"00c79a41-6aa3-4a7a-881c-fc4f84a7a0e0","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":247,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"4ea854c2-7b8a-4fc2-9c58-bf7f5ffb80ef","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":247,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"c678789c-42db-4407-84a0-1f215b1482d9","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":247,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"cb81f97c-a2ae-488c-9982-f76a38fb3300","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":247,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"5847ba97-578c-40d5-8f04-56d7fc4812e3","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":247,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"085f64a4-c061-431c-b8d8-26523bf87933","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":247,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"f23c6386-92ab-47b9-bcb9-6b11cfe3eb29","block_type":"box","text":"15","page_number":247,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"5152d259-fe0d-453c-b7b5-84780bd16021","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":247,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"762fa5f0-8b8a-4192-8d78-9768fa8d98e4","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":247,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"ffbc9dc1-69ad-42de-a75c-2440dd16d50a","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we","page_number":247,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"f9ed2bfe-70aa-4426-bda9-f11a358639c8","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":247,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"e5ba158b-daa3-4364-8c26-05f89a3001db","block_type":"box","text":"may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should","page_number":247,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"716428d1-95d8-403f-9d56-28758b291923","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":247,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6f8dbc3b-85e8-43ec-9796-a5193f069b2e","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":248,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"69a426e6-1436-41c1-a4e3-e96fc08323f7","block_type":"box","text":"16, 17","page_number":248,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"6f35ceb7-c39b-444f-a01d-acf248a151a7","block_type":"box","text":"In addition, the dedicated team looks to","page_number":248,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"8b7cc11b-9c7e-41dd-a787-be2c90fd3904","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":248,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"018d9f68-e78f-405f-83a1-0178f138d427","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":248,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"6610f916-48f8-467a-8311-2d953c3d2fe4","block_type":"box","text":"scope 3 emissions reductions. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":248,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"da26941f-224b-41f1-bcdc-abd26178839c","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":248,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"458f2ce3-600d-4354-9723-17e3e9a17598","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":248,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"531edac6-393b-4645-bb53-5f9f436018c9","block_type":"box","text":"18","page_number":248,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"57c0b9e4-66af-482e-9b7b-cdbc50b94ad2","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":248,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"a1538c3e-ce31-4a7d-aa11-f7f1ea281713","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. 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Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":249,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"c8f26cf2-0372-4597-9acf-a6c89c7a8768","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":249,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"fb386d56-534b-4a99-8c11-73db490e2d41","block_type":"box","text":"with the different constituents in their value chain.","page_number":249,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"97924164-680c-43a5-81d6-ee594a3c36dd","block_type":"box","text":"21","page_number":249,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"897796f7-75ce-419d-b2f9-7e1383202d48","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"5521660a-8f49-49b2-8305-3757a10517bd","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":249,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"e2e6669a-b044-45ab-a56b-826af10b3a2a","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":249,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"9497ad07-a752-4c99-bb59-9d6fca246c07","block_type":"box","text":"22","page_number":249,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"4989d776-56cd-4bcb-a497-131422e026db","block_type":"box","text":"The dedicated team looks for","page_number":249,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"0a222a1e-0c2d-412d-a9b7-55289c77a1d1","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":249,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"4f84a409-c29b-4e7f-8108-0c60b2cdd9a5","block_type":"box","text":"related to the low-carbon transition.","page_number":249,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"e120e17d-90e9-400d-999b-f262dd2a5ad2","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":249,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"22028f3d-f608-4345-971a-c03b83b500d1","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors standing for","page_number":249,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"9dc38377-416c-4653-86e8-692a5523df26","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":249,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"2b0a61e7-0d9d-4727-a41a-1166e90f90f9","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. 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The directors most likely to be in focus are the chair of the board","page_number":249,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"dd1ace53-6188-432f-b03c-0d1cebbf7864","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":249,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"e0a3be97-c596-4ac3-a881-715754d5e332","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The dedicated team will continue to take a","page_number":250,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"6a9d4ebd-1d3a-4d26-9db3-b415ec80f421","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":250,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"6b3e0baf-e520-4db0-83ef-7eab07fa650b","block_type":"box","text":"25","page_number":250,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"0f29270b-05b9-405a-a6c4-9963b74aae24","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":250,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"db89842e-5f06-4431-a1bd-48e962ba1b3c","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":250,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"113c444c-35c0-48be-9e7c-da5c771d1483","block_type":"box","text":"BNM1026U-6033078-19204811","page_number":250,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"fad589fb-0802-4309-97af-763ce014a452","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":251,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"5bde0cff-781e-4deb-8b5a-2905a4314862","block_type":"box","text":"strategy and risk management.","page_number":251,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"9c0a798b-5621-4e3b-b1e5-dd0a941dd0d7","block_type":"box","text":"Auditors and audit-related issues","page_number":251,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"54e39417-33eb-41e7-82d1-e3b1c8fcabee","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the dedicated","page_number":251,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"c37220cc-7148-4590-9113-7e984decfb1c","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":251,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"018b771b-836e-4ed0-a4b9-de778f76141b","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":251,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"9792a2f1-a2f2-4417-803b-835da8fa5f71","block_type":"box","text":"context of its audit report. 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These include a company’s impacts or dependencies on natural capital and key","page_number":251,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"a1de0432-9d9e-47ca-8bd0-a30a02858360","block_type":"box","text":"stakeholders.","page_number":251,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"47a705b1-0579-4112-900c-1073ca5b972c","block_type":"box","text":"26","page_number":251,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"8e8c057b-0bec-4fcc-b3f4-4e273c6a67c6","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":251,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"a55d2621-3a62-4c05-a7ab-3fd465e8503c","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":251,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"22975b63-c6eb-4c7d-bded-cb5180919328","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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This can be carried out by countries, companies and even","page_number":252,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"0cbefd25-99f7-44ee-a59b-023042e8d23c","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":252,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"1872d0e7-29c7-4d4f-9c66-51156619d52a","block_type":"box","text":"e.g., methane.","page_number":252,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"8867b12b-063d-4943-aee2-e7e348e47f27","block_type":"box","text":"Climate-related risks and opportunities:","page_number":252,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"8a69034e-5a22-403e-aca7-4d4a2a6fcab6","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":252,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"28a20dc2-42bd-4247-a507-32e4dd0a804c","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":252,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"a9ee38c1-b204-4e42-83d9-af65740dc370","block_type":"box","text":"to physical climate change.","page_number":252,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"042ba588-7a5f-44f7-b390-e2adda1c0d16","block_type":"box","text":"Climate-related transition plan:","page_number":252,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"3b1fe557-2de4-49d8-a86b-0fd3a73fa1e9","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":252,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"8d3d3ce2-5945-49a3-894e-3d96c805b520","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":252,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"6d34d6ab-b5ad-4a78-a800-3901e29cc1ea","block_type":"box","text":"greenhouse gas emissions.”","page_number":252,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"0a0597d1-0caa-4aa5-8e23-d9d098c1fd3f","block_type":"box","text":"27","page_number":252,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"39eb3731-3718-4972-a980-c32ca1d9e56e","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":252,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"bb0477be-c256-4c3c-a49a-8bab9836cde8","block_type":"box","text":"Targets that “","page_number":252,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"fe818bea-1821-48a7-a323-4f6472d13ebd","block_type":"box","text":"are in line with what the latest climate science","page_number":252,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"88896148-4e9a-46e0-a9c6-18d5aae15053","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":252,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"bfc1a8f8-0abf-4aec-bee3-2f55cc70e915","block_type":"box","text":"levels. 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