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You may request a copy of the 2025","page_number":15,"box":{"x":69,"y":415,"width":789,"height":12}},{"id":"830208a6-add5-45d6-b0b6-35f2272b4528","block_type":"box","text":"Annual Financial Statements at no charge by calling (800) 537-4942 between 8:00 a.m. and 6:00 p.m.","page_number":15,"box":{"x":68,"y":430,"width":778,"height":12}},{"id":"6413e7f3-5514-42f0-9e1c-f5196f84a0c0","block_type":"box","text":"Eastern time on any business day.","page_number":15,"box":{"x":70,"y":445,"width":258,"height":12}},{"id":"0474d15c-9d3f-4385-88eb-496b87fe8023","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":15,"box":{"x":103,"y":468,"width":767,"height":12}},{"id":"00ceee7c-d10b-4f35-8e80-0fe0c1b0b06a","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":15,"box":{"x":69,"y":483,"width":796,"height":12}},{"id":"1f82b510-53ec-48f5-989e-db73a8cc0ed1","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":15,"box":{"x":70,"y":498,"width":837,"height":12}},{"id":"ece0c6ec-858d-459e-818c-b2f8b66f5c78","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":15,"box":{"x":69,"y":513,"width":749,"height":12}},{"id":"5f6cdf64-dab5-48eb-8f85-c264f4c16442","block_type":"box","text":"Commission staff or other authority.","page_number":15,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"03e3d603-fb2e-4923-b22b-5c1e451e80b4","block_type":"box","text":"Ticker Symbol: STSEX","page_number":15,"box":{"x":412,"y":551,"width":154,"height":11}},{"id":"2f283824-0c0f-4efa-a623-363545804946","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":15,"box":{"x":260,"y":605,"width":460,"height":19}},{"id":"ae23c44e-9a3f-4b6e-8b39-e5c1c13acb48","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":627,"width":536,"height":18}},{"id":"cb2ce2f3-14b1-469b-94b2-5ab2d9152a8d","block_type":"box","text":"The date of this Statement of Additional Information is April 30, 2026.","page_number":15,"box":{"x":223,"y":687,"width":531,"height":11}},{"id":"7d07fb53-cc4c-4114-9e87-b7a8ed16bf60","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":15,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a609d98-641d-4152-b373-74cea281a061","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"9b33a76c-7888-4327-a3ff-b36898349a4b","block_type":"box","text":"Page","page_number":16,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"e70d860c-a0ef-4a5a-9e62-e4ad538f34a8","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"1a708cfb-6cb7-494b-9afb-25ef41d4647a","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-24","page_number":16,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"703cc6cf-bef0-470d-922c-6793a300d573","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"77335fa4-94af-4cfc-abdc-cc5acb70a89a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"a7a9ad4f-342f-4e10-ad04-9d739fbfe476","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"16ca398e-70a1-486a-9fd1-5d3d63a7e5d2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":16,"box":{"x":227,"y":239,"width":681,"height":9}},{"id":"9bb8d0a2-baa8-47d0-ab75-0cf53152206f","block_type":"box","text":"PART II","page_number":16,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"0fecc12c-2931-40ae-b326-e92dd592eebe","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":16,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"f5ffaf27-0fa0-4c13-91a1-24f6ef2ccd57","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"c0c0f073-1a6f-46b3-aa26-c378d4fcb730","block_type":"box","text":"I-122","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"417e8389-deb0-42f1-92d5-df3ebf4f4bb2","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"4b193a1d-5a6c-43c0-9f45-3a7f9d31e4e1","block_type":"box","text":".............................................................. 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A-1","page_number":16,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"d6cf616c-0d92-4464-a800-587eaa9e9b01","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":16,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"c837ff40-1928-4812-b6ec-c61b7b14d4ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"0a74f4a2-5a92-4702-8bbb-450838153915","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"503c38de-b221-4761-82b6-b2447770be4c","block_type":"box","text":"PART I: INFORMATION ABOUT BLACKROCK EXCHANGE PORTFOLIO","page_number":17,"box":{"x":243,"y":45,"width":493,"height":9}},{"id":"67c91abd-d86d-41f1-9327-a3b841e33629","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about BlackRock Exchange","page_number":17,"box":{"x":102,"y":67,"width":757,"height":12}},{"id":"360bbf13-3e4c-4af5-a703-d1b17b27744b","block_type":"box","text":"Por tfolio (the “Fund”), a series of BlackRock Funds","page_number":17,"box":{"x":69,"y":82,"width":362,"height":11}},{"id":"a9776439-a95f-4cc1-b85e-ecf05956107e","block_type":"box","text":"SM","page_number":17,"box":{"x":432,"y":83,"width":11,"height":4}},{"id":"7cd27923-20a5-45fa-a6b0-adf300031a9b","block_type":"box","text":"(the “Trust”). It includes information about the Trust’s Board of","page_number":17,"box":{"x":449,"y":82,"width":450,"height":11}},{"id":"568a734b-7608-4e61-84ed-7a97ed9af199","block_type":"box","text":"Trustees (the “Board”), the advisory and management services provided to and the management fees paid by the","page_number":17,"box":{"x":68,"y":98,"width":813,"height":11}},{"id":"911c83de-442e-4b84-997f-e6edf45cd763","block_type":"box","text":"Fund and information about other fees applicable to and services provided to the Fund. This Par t I of this SAI should","page_number":17,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"736692bb-0d39-41ae-91d2-19056c3646ee","block_type":"box","text":"be read in conjunction with the Fund’s Prospectus and those por tions of Par t II of this SAI that per tain to the Fund.","page_number":17,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"361b614a-96b9-4001-a9c3-e3c1cccd4380","block_type":"box","text":"I. Investment Objective and Policies","page_number":17,"box":{"x":69,"y":158,"width":262,"height":11}},{"id":"64b239db-3ccc-4378-a3b8-5e43f0d87cff","block_type":"box","text":"Please see the section “Details About the Fund — How the Fund Invests” in the Fund’s Prospectus for","page_number":17,"box":{"x":102,"y":181,"width":730,"height":11}},{"id":"d8710070-5f9f-4a5b-acd1-86e248a8bbf0","block_type":"box","text":"information about the Fund’s investment objective and policies. Additional information regarding the Fund’s","page_number":17,"box":{"x":70,"y":196,"width":763,"height":11}},{"id":"624a4b46-7698-4614-baf7-072e816cdbf5","block_type":"box","text":"investment objective and policies is included below.","page_number":17,"box":{"x":70,"y":211,"width":365,"height":11}},{"id":"d30bb39d-a09c-4983-b885-cf38a341e221","block_type":"box","text":"The Fund’s manager is BlackRock Advisors, LLC (“BlackRock” or the “Manager”).","page_number":17,"box":{"x":101,"y":234,"width":577,"height":11}},{"id":"6f8ecfa5-5b6e-44ed-994f-e5721d1fe526","block_type":"box","text":"The Fund’s investment objective is long-term growth of capital and consequent long-term growth of income.","page_number":17,"box":{"x":101,"y":256,"width":762,"height":12}},{"id":"e86acba7-980c-4166-92d8-47fe62642284","block_type":"box","text":"Should the Board determine that the investment objective of the Fund should be changed, shareholders will be given","page_number":17,"box":{"x":69,"y":271,"width":831,"height":12}},{"id":"2b1dfca1-a0a0-48fa-be4d-b7b1a68baa53","block_type":"box","text":"at least 30 days’ notice before any such change is made. 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In","page_number":17,"box":{"x":69,"y":340,"width":775,"height":11}},{"id":"35ddd367-d46d-4380-819d-c443032415a5","block_type":"box","text":"pursuing the Fund’s investment objective, the Fund generally follows a buy-and-hold approach that seeks to minimize","page_number":17,"box":{"x":70,"y":355,"width":830,"height":11}},{"id":"81449e17-331f-4eb9-90e0-1aaa5be159a5","block_type":"box","text":"turnover and corresponding capital gains.","page_number":17,"box":{"x":68,"y":370,"width":295,"height":11}},{"id":"4fbb7af2-4adc-481f-bc6e-55e318980b0b","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security","page_number":17,"box":{"x":101,"y":392,"width":800,"height":12}},{"id":"ebec7c98-f6a3-4af9-8877-7c56f8a20787","block_type":"box","text":"or an index of securities (collectively, commonly known as derivatives). 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Please see Par t","page_number":17,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"d3d21fc8-ad9f-4043-a98e-447bde7e2077","block_type":"box","text":"II of this SAI for fur ther information on these investments and investment strategies. Also set for th below is a listing","page_number":17,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"730c1bea-18cd-458e-94d3-108b452e53c3","block_type":"box","text":"of the proxy voting policy and related guidelines applicable to the Fund. Please see “Proxy Voting Policies and","page_number":17,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"b494db79-0250-487b-94ea-8950ae15b625","block_type":"box","text":"Procedures” in Par t II of this SAI for fur ther information about these policies. 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Cer tain of the restrictions are fundamental policies of the Fund and may not be changed","page_number":22,"box":{"x":69,"y":404,"width":809,"height":11}},{"id":"11ab7b7f-c2ee-4012-8cce-d1a3e4a5cdcc","block_type":"box","text":"without the approval of the holders of a majority of the Fund’s outstanding voting securities (which for this purpose","page_number":22,"box":{"x":68,"y":419,"width":818,"height":11}},{"id":"044e6505-4a2b-45d3-8499-f983b3e2738b","block_type":"box","text":"and under the Investment Company Act of 1940, as amended (the “Investment Company Act”), means the lesser of","page_number":22,"box":{"x":69,"y":434,"width":828,"height":11}},{"id":"40c9f0ba-e878-4790-841f-ed635c9d30ea","block_type":"box","text":"(i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or","page_number":22,"box":{"x":69,"y":449,"width":839,"height":11}},{"id":"cdf38f22-17bf-4a21-a265-77733e7e37e8","block_type":"box","text":"(ii) more than 50% of the outstanding shares).","page_number":22,"box":{"x":69,"y":464,"width":328,"height":11}},{"id":"ae16098b-c6b6-4ca7-82ab-6483f436e184","block_type":"box","text":"Set for th below are the Fund’s fundamental investment restrictions. Unless otherwise provided, all references","page_number":22,"box":{"x":102,"y":487,"width":785,"height":11}},{"id":"b2c1af89-c28b-43e6-8015-fc6b7a285b18","block_type":"box","text":"below to the assets of the Fund are in terms of current market value.","page_number":22,"box":{"x":69,"y":502,"width":492,"height":9}},{"id":"07b81b9c-df89-4d2f-8d8d-ff54c5252345","block_type":"box","text":"Under its fundamental investment restrictions, the Fund may not:","page_number":22,"box":{"x":102,"y":525,"width":463,"height":11}},{"id":"43ebe402-7eb3-4726-9468-c6b631e645ed","block_type":"box","text":"(1) Purchase securities of any one issuer (other than securities issued or guaranteed by the U.S.","page_number":22,"box":{"x":134,"y":547,"width":688,"height":12}},{"id":"4b698a24-4863-4e58-9fdb-7044884f5a91","block_type":"box","text":"Government, its agencies or instrumentalities or cer tificates of deposit for any such securities) if more than 5%","page_number":22,"box":{"x":102,"y":562,"width":794,"height":12}},{"id":"56c30207-995c-4761-b988-785f8a7077f6","block_type":"box","text":"of the value of the Fund’s total assets would (taken at current value) be invested in the securities of such issuer,","page_number":22,"box":{"x":102,"y":578,"width":804,"height":11}},{"id":"e9d47eb6-728d-4684-87f1-7363d5f493b4","block_type":"box","text":"or more than 10% of the issuer’s outstanding voting securities would be owned by the Fund, except that up to","page_number":22,"box":{"x":102,"y":593,"width":782,"height":11}},{"id":"0de65ee2-9c44-4fc3-a619-68829d1a2110","block_type":"box","text":"25% of the value of the Fund’s total assets may (taken at current value) be invested without regard to these","page_number":22,"box":{"x":102,"y":608,"width":770,"height":11}},{"id":"69fdbdef-5f88-4a42-92e8-eb8e52ab3a8f","block_type":"box","text":"limitations. For purposes of this limitation, a security is considered to be issued by the entity (or entities) whose","page_number":22,"box":{"x":102,"y":623,"width":798,"height":11}},{"id":"1f0444d9-5734-42b2-8b9b-4bfc218b3db4","block_type":"box","text":"assets and revenues back the security. A guarantee of a security shall not be deemed to be a security issued by","page_number":22,"box":{"x":102,"y":638,"width":800,"height":11}},{"id":"78383c5e-f928-4b75-8e3c-30b4543a8d49","block_type":"box","text":"the guarantors when the value of all securities issued and guaranteed by the guarantor, and owned by the Fund,","page_number":22,"box":{"x":101,"y":653,"width":797,"height":11}},{"id":"04180adc-15bf-494f-8adf-2737b83224f1","block_type":"box","text":"does not exceed 10% of the value of the Fund’s total assets.","page_number":22,"box":{"x":101,"y":668,"width":434,"height":9}},{"id":"2e731772-7af9-47f3-bc0b-acf689212756","block_type":"box","text":"(2) Purchase any securities which would cause 25% or more of the value of the Fund’s total assets at the","page_number":22,"box":{"x":134,"y":691,"width":752,"height":11}},{"id":"390e3429-760e-402e-bdbd-a303fe7ece6b","block_type":"box","text":"time of purchase to be invested in the securities of one or more issuers conducting their principal business","page_number":22,"box":{"x":101,"y":706,"width":766,"height":11}},{"id":"8410d70d-15d6-4ccb-acf0-98627321e50b","block_type":"box","text":"activities in the same industry, provided that (a) there is no limitation with respect to (i) instruments issued or","page_number":22,"box":{"x":102,"y":721,"width":784,"height":11}},{"id":"72467cd3-a5bf-4ec8-87bc-7545fdca369d","block_type":"box","text":"guaranteed by the United States and tax exempt instruments issued by any state, territory or possession of the","page_number":22,"box":{"x":101,"y":736,"width":797,"height":12}},{"id":"145f0fed-9cef-43cb-a523-38cb772772a3","block_type":"box","text":"United States, the District of Columbia or any of their authorities, agencies, instrumentalities or political","page_number":22,"box":{"x":102,"y":751,"width":740,"height":12}},{"id":"5c3a8953-b30e-4ae6-859e-95d2e8995fae","block_type":"box","text":"subdivisions, and (ii) repurchase agreements secured by the instruments described in clause (i); (b) wholly","page_number":22,"box":{"x":102,"y":767,"width":763,"height":11}},{"id":"22396326-7755-41e4-95d4-506dab2bec7e","block_type":"box","text":"owned finance companies will be considered to be in the industries of their parents if their activities are primarily","page_number":22,"box":{"x":102,"y":782,"width":806,"height":11}},{"id":"55aa9560-7939-4ad4-aedf-f8d13c325356","block_type":"box","text":"related to financing the activities of the parents; and (c) utilities will be divided according to their services; for","page_number":22,"box":{"x":102,"y":797,"width":781,"height":11}},{"id":"b1a8cd6f-4be0-4588-afdb-c25ea5726b9b","block_type":"box","text":"example, gas, gas transmission, electric and gas, electric and telephone will each be considered a separate","page_number":22,"box":{"x":101,"y":812,"width":772,"height":11}},{"id":"4af7dbc7-e607-4a31-bc50-9d976a6fa96e","block_type":"box","text":"industry.","page_number":22,"box":{"x":102,"y":827,"width":59,"height":11}},{"id":"1d59f10e-21ad-4201-b512-9f130a70341d","block_type":"box","text":"(3) Borrow money or issue senior securities, except that the Fund may borrow from banks and enter into","page_number":22,"box":{"x":134,"y":850,"width":743,"height":11}},{"id":"5ba5b3ab-b5f1-48c4-ab25-5e0674a68b31","block_type":"box","text":"reverse repurchase agreements for temporary purposes in amounts up to one-third of the value of its total","page_number":22,"box":{"x":102,"y":865,"width":757,"height":11}},{"id":"f13b7b3d-8b03-43f5-a7e8-d8dc29934edb","block_type":"box","text":"assets at the time of such borrowing; or mor tgage, pledge or hypothecate any assets, except in connection with","page_number":22,"box":{"x":102,"y":880,"width":797,"height":11}},{"id":"7f1e7ad7-9e4c-4a9b-8c99-6a605837c1c9","block_type":"box","text":"any such borrowings and then in amounts not in excess of one-third of the value of the Fund’s total assets at the","page_number":22,"box":{"x":102,"y":895,"width":806,"height":11}},{"id":"0d7975cb-6a8d-4ec7-8c9f-fd18022b7328","block_type":"box","text":"time of such borrowing. The Fund will not purchase securities while its aggregate borrowings (including reverse","page_number":22,"box":{"x":101,"y":910,"width":789,"height":11}},{"id":"ac78bb9a-2924-430e-9b88-bac9d32049af","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"e03d7e55-93a3-449f-8e12-20cf297a6693","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17e8f589-1643-403c-a418-c388bb979d5d","block_type":"box","text":"repurchase agreements and borrowings from banks) in excess of 5% of its total assets are outstanding.","page_number":23,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"de107c08-98a4-42ea-8f7a-35600e0d05ff","block_type":"box","text":"Securities held in escrow or separate accounts in connection with the Fund’s investment practices are not","page_number":23,"box":{"x":102,"y":60,"width":757,"height":11}},{"id":"ecdc6092-5e2c-44da-b2a6-ff6ac2bae177","block_type":"box","text":"deemed to be pledged for purposes of this limitation.","page_number":23,"box":{"x":101,"y":75,"width":379,"height":11}},{"id":"3b02698c-3d9a-4daa-8d28-1af7a9c818ee","block_type":"box","text":"(4) Purchase or sell real estate, except that the Fund may purchase securities of issuers which deal in real","page_number":23,"box":{"x":134,"y":98,"width":760,"height":11}},{"id":"972ef186-0508-4602-9227-2608aa1e14ab","block_type":"box","text":"estate and may purchase securities which are secured by interests in real estate.","page_number":23,"box":{"x":101,"y":113,"width":582,"height":11}},{"id":"a6e1464f-9ace-4c7f-aeb2-e5cd99331ed7","block_type":"box","text":"(5) Acquire any other investment company or investment company security except in connection with a","page_number":23,"box":{"x":134,"y":136,"width":728,"height":10}},{"id":"50b99ad1-b9d8-4fca-978a-68374d45adcf","block_type":"box","text":"merger, consolidation, reorganization or acquisition of assets or where otherwise permitted by the Investment","page_number":23,"box":{"x":102,"y":150,"width":784,"height":12}},{"id":"9b03fe61-6ab7-440e-bec3-a53fcc133255","block_type":"box","text":"Company Act.","page_number":23,"box":{"x":102,"y":166,"width":95,"height":11}},{"id":"8066a9a1-3fb8-4929-bc72-7c796ff4fb1c","block_type":"box","text":"(6) Act as underwriter of securities within the meaning of the Securities Act of 1933, as amended, except to","page_number":23,"box":{"x":134,"y":188,"width":771,"height":12}},{"id":"8af504f7-582e-4019-9956-e7a9bafea01b","block_type":"box","text":"the extent that the purchase of obligations directly from the issuer thereof, or the disposition of securities, in","page_number":23,"box":{"x":101,"y":203,"width":778,"height":12}},{"id":"eb02b6bf-40d2-4a3f-b8f3-3d0fbab7a5b4","block_type":"box","text":"accordance with the Fund’s investment objective, policies and limitations may be deemed to be underwriting.","page_number":23,"box":{"x":102,"y":219,"width":777,"height":11}},{"id":"bbf8ff9a-1742-415e-b04f-961f27e7f2f1","block_type":"box","text":"(7) Write or sell put options, call options, straddles, spreads, or any combinations thereof, except for","page_number":23,"box":{"x":134,"y":241,"width":720,"height":11}},{"id":"8bf4e040-b604-4248-81cf-6517c7e58dae","block_type":"box","text":"transactions in options on securities and securities indices, futures contracts and options on futures contracts","page_number":23,"box":{"x":101,"y":256,"width":790,"height":11}},{"id":"99ceabbc-e23e-4af0-b8e5-e0f92bae62b1","block_type":"box","text":"and currencies.","page_number":23,"box":{"x":102,"y":272,"width":108,"height":8}},{"id":"29da9f40-c164-45ee-9fe1-f060125380e0","block_type":"box","text":"(8) Purchase securities of companies for the purpose of exercising control.","page_number":23,"box":{"x":134,"y":294,"width":532,"height":11}},{"id":"f8507af9-f485-4189-bc54-4d9aa2575e0d","block_type":"box","text":"(9) Purchase securities on margin, make shor t sales of securities or maintain a shor t position, except that","page_number":23,"box":{"x":134,"y":317,"width":762,"height":11}},{"id":"2ce07db2-ff60-4d3e-87b5-91b1c96f3195","block_type":"box","text":"(a) this investment limitation shall not apply to the Fund’s transactions in futures contracts and related options","page_number":23,"box":{"x":102,"y":332,"width":791,"height":11}},{"id":"223e043e-f487-45fc-89a1-738402ae85fc","block_type":"box","text":"or the Fund’s sale of securities shor t against the box, and (b) the Fund may obtain shor t-term credit as may be","page_number":23,"box":{"x":102,"y":347,"width":790,"height":11}},{"id":"a3b16aa2-a2d9-4767-962c-0bbb25853e2e","block_type":"box","text":"necessary for the clearance of purchases and sales of por tfolio securities.","page_number":23,"box":{"x":102,"y":362,"width":531,"height":11}},{"id":"9b3a44d4-1569-4caf-955d-f05a66c5aec7","block_type":"box","text":"(10) Purchase or sell commodity contracts, or invest in oil, gas or mineral exploration or development","page_number":23,"box":{"x":134,"y":385,"width":722,"height":11}},{"id":"2dc5810c-994b-4659-8b02-758ddc03a715","block_type":"box","text":"programs, except that the Fund may, to the extent appropriate to its investment policies, purchase securities of","page_number":23,"box":{"x":102,"y":400,"width":795,"height":11}},{"id":"e0bcb72b-1edc-4566-b65c-b10a60520012","block_type":"box","text":"companies engaging in whole or in par t in such activities and may enter into futures contracts and related","page_number":23,"box":{"x":101,"y":415,"width":755,"height":11}},{"id":"d4191d13-a4f5-4b11-981c-63b7e3220dc7","block_type":"box","text":"options.","page_number":23,"box":{"x":102,"y":430,"width":55,"height":11}},{"id":"79607561-008b-4584-a3fd-800043d2af76","block_type":"box","text":"(11) Make loans, except that the Fund may purchase and hold debt instruments and enter into repurchase","page_number":23,"box":{"x":134,"y":453,"width":760,"height":11}},{"id":"e9891f88-6557-4f3f-b0f0-b61baea8f87a","block_type":"box","text":"agreements in accordance with its investment objective and policies and may lend por tfolio securities.","page_number":23,"box":{"x":102,"y":468,"width":729,"height":11}},{"id":"c84a042c-9b07-4372-b1ff-23111235bac9","block_type":"box","text":"(12) Purchase or sell commodities except the Fund may, to the extent appropriate to its investment policies,","page_number":23,"box":{"x":134,"y":491,"width":771,"height":11}},{"id":"32086eec-ff64-49be-8b7b-362487fb4c1c","block_type":"box","text":"purchase securities of companies engaging in whole or in par t in such activities, may engage in currency","page_number":23,"box":{"x":102,"y":506,"width":746,"height":11}},{"id":"f24c9dd3-8e55-4082-a7db-102634c617dc","block_type":"box","text":"transactions and may enter into futures contracts and related options.","page_number":23,"box":{"x":101,"y":521,"width":500,"height":11}},{"id":"670eef88-4aec-40a1-8f2b-f3aeaa1d5b0d","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":23,"box":{"x":135,"y":544,"width":494,"height":11}},{"id":"f903b24e-8362-4549-90db-246ba93c040d","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and","page_number":23,"box":{"x":134,"y":566,"width":770,"height":11}},{"id":"eb18d3af-6990-410c-90cf-68e477f1f5b8","block_type":"box","text":"are subject to change without shareholder approval.","page_number":23,"box":{"x":102,"y":582,"width":368,"height":11}},{"id":"661b77a5-bd8d-46d4-96a9-71a43741bb9a","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in no.2 above, with respect to the","page_number":23,"box":{"x":134,"y":604,"width":765,"height":11}},{"id":"b7d6dc11-ca47-4b7a-8015-46124ec08596","block_type":"box","text":"Fund’s industry classifications, the Fund currently utilizes any one or more of the industry sub-classifications","page_number":23,"box":{"x":102,"y":619,"width":774,"height":11}},{"id":"eb665db0-59d1-473e-9891-bd99b39f1701","block_type":"box","text":"used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Fund","page_number":23,"box":{"x":102,"y":634,"width":755,"height":12}},{"id":"cae55a0a-2195-4f79-b580-56d8b06fd6e5","block_type":"box","text":"management. The policy also will be interpreted to give broad authority to the Fund as to how to classify issuers","page_number":23,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"a646d24d-b9fd-4056-8a94-091231d4e0e2","block_type":"box","text":"within or among industries.","page_number":23,"box":{"x":101,"y":665,"width":192,"height":11}},{"id":"3d553013-84cc-44bb-8575-1c0e0995fa54","block_type":"box","text":"With respect to fundamental investment restriction no. 3 relating to issuing senior securities, the","page_number":23,"box":{"x":134,"y":687,"width":691,"height":11}},{"id":"661a9c78-7ef8-47f0-a2bf-41dd1e95dfb4","block_type":"box","text":"Investment Company Act, including the rules and regulations thereunder, generally prohibits the Fund from","page_number":23,"box":{"x":102,"y":702,"width":757,"height":12}},{"id":"a35572ed-6cc3-4f41-a57f-44619f2fbe3a","block_type":"box","text":"issuing senior securities (other than cer tain temporary borrowings) unless immediately after the issuance the","page_number":23,"box":{"x":102,"y":717,"width":780,"height":12}},{"id":"f6da68b6-170a-49d8-843a-eaf2eba8a6fd","block_type":"box","text":"Fund has satisfied an asset coverage requirement with respect to senior securities representing indebtedness","page_number":23,"box":{"x":102,"y":732,"width":786,"height":12}},{"id":"ed3a236d-51cb-47de-b20f-2a6fd0b98d28","block_type":"box","text":"prescribed by the Investment Company Act. Cer tain trading practices and investments, such as derivatives","page_number":23,"box":{"x":102,"y":748,"width":759,"height":11}},{"id":"1ade3e29-489d-4f9c-92c7-cfc6d79d77da","block_type":"box","text":"transactions, may be treated as senior securities. Prior to the adoption and implementation of Rule 18f-4 under","page_number":23,"box":{"x":101,"y":763,"width":796,"height":11}},{"id":"ffdabed0-a1b1-4880-891e-f6aa0129c4c6","block_type":"box","text":"the Investment Company Act, when the Fund engaged in a derivatives transaction that creates future payment","page_number":23,"box":{"x":101,"y":778,"width":784,"height":11}},{"id":"0872b40b-816b-4ac3-9be4-5a6f5e9e4a28","block_type":"box","text":"obligations, consistent with SEC staff guidance and interpretations, the Fund was permitted to segregate or","page_number":23,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"d9bd26cc-b526-4fb3-82b5-d83fe6f0b245","block_type":"box","text":"earmark liquid assets, or enter into an offsetting position, in an amount at least equal to the Fund’s exposure,","page_number":23,"box":{"x":101,"y":808,"width":789,"height":11}},{"id":"937cd4de-28a1-4146-8b0f-6def6da4b957","block_type":"box","text":"on a mark-to-market basis, to the transaction, instead of meeting the asset coverage requirement with respect to","page_number":23,"box":{"x":102,"y":823,"width":806,"height":12}},{"id":"250340f9-9b02-4f2c-ad01-44f1158f1878","block_type":"box","text":"senior securities prescribed by the Investment Company Act. The SEC staff guidance and interpretations were","page_number":23,"box":{"x":102,"y":838,"width":782,"height":12}},{"id":"5c20cb33-c35a-4492-9e32-8205476ccc94","block_type":"box","text":"rescinded in connection with the adoption of Rule 18f-4, and the Fund now complies with Rule 18f-4 with respect","page_number":23,"box":{"x":102,"y":853,"width":804,"height":11}},{"id":"cb684198-769f-45df-9240-861ae7f4932f","block_type":"box","text":"to its derivatives transactions. Thus, the fundamental policy relating to issuing senior securities above will not","page_number":23,"box":{"x":101,"y":869,"width":784,"height":11}},{"id":"e55aec12-2d15-4576-a13f-bc5eafecb4e4","block_type":"box","text":"restrict the Fund from entering into derivatives transactions that are treated as senior securities so long as the","page_number":23,"box":{"x":102,"y":884,"width":790,"height":11}},{"id":"b055a743-7a8b-421f-a0a1-a786d35e5405","block_type":"box","text":"Fund complies with Rule 18f-4 with respect to such derivatives transactions.","page_number":23,"box":{"x":102,"y":899,"width":542,"height":11}},{"id":"78864fbe-d32b-4075-8c88-af2609151870","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"1700b3a8-3cda-407f-9eb3-c7efbb7040f0","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1acd114-5829-41e8-b8ec-bdc67cb3712c","block_type":"box","text":"While cer tain swaps are now considered commodity interests for purposes of the Commodity Exchange Act","page_number":24,"box":{"x":134,"y":45,"width":763,"height":11}},{"id":"8b553a85-1fd2-4cf8-a45e-9380b25b3572","block_type":"box","text":"and the rules thereunder, at the time of the Fund’s adoption of fundamental investment restrictions no. 7, 10","page_number":24,"box":{"x":102,"y":60,"width":780,"height":11}},{"id":"385a3c2e-e3a3-4061-81c5-aea6057351f1","block_type":"box","text":"and 12 above, many swaps were treated as securities for purposes of the Fund’s compliance with applicable","page_number":24,"box":{"x":102,"y":75,"width":776,"height":11}},{"id":"4fccecc1-619b-4702-ad83-970591c294f0","block_type":"box","text":"law. Accordingly, fundamental investment restriction no. 7, which does not restrict transactions in options on","page_number":24,"box":{"x":102,"y":90,"width":773,"height":11}},{"id":"2ed75d6c-19f0-49ba-9293-522e4e83b5f3","block_type":"box","text":"securities and securities indices, and fundamental restrictions no. 10 and 12 are being interpreted to permit the","page_number":24,"box":{"x":102,"y":105,"width":803,"height":11}},{"id":"627f7b88-fe6c-4a3e-8292-4f933c086882","block_type":"box","text":"Fund to engage in transactions in swaps and options on swaps, as applicable, related to financial instruments,","page_number":24,"box":{"x":102,"y":120,"width":790,"height":12}},{"id":"100454b4-9864-4f83-a913-3627fac02fa7","block_type":"box","text":"such as securities, securities indices and currencies, but not to engage in transactions in swaps or options on","page_number":24,"box":{"x":102,"y":136,"width":787,"height":11}},{"id":"e42eda61-a06a-4860-9f89-4018ac2cc9e8","block_type":"box","text":"swaps related to physical commodities, such as oil or metals.","page_number":24,"box":{"x":102,"y":151,"width":439,"height":11}},{"id":"49193604-c386-4f59-873f-e0e42b8fde0a","block_type":"box","text":"Under its non-fundamental investment restriction, which may be changed by the Board without shareholder","page_number":24,"box":{"x":135,"y":173,"width":759,"height":11}},{"id":"44ea9509-7523-48ea-b5ad-a1ff473b6914","block_type":"box","text":"approval, the Fund may not:","page_number":24,"box":{"x":102,"y":188,"width":196,"height":11}},{"id":"ba6fb354-7145-4572-995b-5ab509dd7c73","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":24,"box":{"x":134,"y":211,"width":742,"height":11}},{"id":"394840a0-01b9-4776-a100-1b4cbdf8e621","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":24,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"b997181d-a587-403c-ba70-6096641cc737","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":24,"box":{"x":102,"y":241,"width":779,"height":11}},{"id":"b4576016-490b-49f6-85d9-50dff81b9490","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":24,"box":{"x":101,"y":256,"width":761,"height":12}},{"id":"db481802-aa50-4318-b9b1-15c131f5fc50","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":24,"box":{"x":102,"y":271,"width":795,"height":12}},{"id":"a1cd758f-e57b-4965-a1c1-0928a3c90067","block_type":"box","text":"12(d)(1).","page_number":24,"box":{"x":102,"y":287,"width":60,"height":11}},{"id":"8b2b53a1-4560-4c8b-a873-7845e10f0a6b","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":24,"box":{"x":102,"y":309,"width":744,"height":11}},{"id":"71c5c249-fefa-4a9b-a875-186439e25530","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":24,"box":{"x":69,"y":324,"width":791,"height":12}},{"id":"91876bbd-0b45-48e6-b8ad-d17e62273b4e","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":24,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"bf1ec3d2-056d-4332-ad9b-b5e483f540d0","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":24,"box":{"x":70,"y":355,"width":780,"height":11}},{"id":"e039d5c0-ed3b-4781-a146-d9b5bab580d0","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":24,"box":{"x":70,"y":370,"width":642,"height":11}},{"id":"1cbd4755-2dcd-462f-8358-26d467296da8","block_type":"box","text":"III. Information on Trustees and Officers","page_number":24,"box":{"x":69,"y":400,"width":290,"height":9}},{"id":"5bdd8fc8-81cf-4860-af74-21d07c8bc715","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":24,"box":{"x":101,"y":423,"width":789,"height":11}},{"id":"527fb568-7aff-4f95-817a-561a352f149a","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":24,"box":{"x":68,"y":438,"width":779,"height":11}},{"id":"10b66c57-2989-43de-9867-341c5d53d2db","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":24,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"db1d5f81-c41f-4ea7-ab07-36961dd412ab","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":24,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"41308c4c-e289-49b7-b4db-88e2c0e5fba0","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"16b8bc66-43fa-4e99-9489-9cd9262a6f18","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":24,"box":{"x":68,"y":498,"width":837,"height":11}},{"id":"769b103d-894a-4023-9f05-44aa05f90f36","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":70,"y":513,"width":335,"height":11}},{"id":"18ef0305-e345-42b5-852a-6d637d96267d","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":24,"box":{"x":101,"y":536,"width":769,"height":11}},{"id":"95ee2e68-c9ca-4497-a702-21f278618899","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":24,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"6c5ffaf6-bc78-4cd9-9dd9-efd748fcc543","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":24,"box":{"x":70,"y":566,"width":821,"height":11}},{"id":"2a0418ee-89b7-4f2c-bb1a-edb921137175","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":24,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"ebf060f4-b180-4005-a1f4-1e2a1ee82ea9","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":24,"box":{"x":70,"y":596,"width":830,"height":12}},{"id":"8d98912a-f175-4f6a-ba25-fb7f3e67e025","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":24,"box":{"x":68,"y":612,"width":789,"height":11}},{"id":"a514ed37-92f7-40a2-b204-559997e7fce9","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":24,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"856d5c78-5dd9-43a0-8135-95107f5405df","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":24,"box":{"x":69,"y":642,"width":809,"height":11}},{"id":"f6e942c5-2116-489a-832f-ceb3065d03b9","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":24,"box":{"x":70,"y":657,"width":794,"height":11}},{"id":"cd498fe4-674f-4f84-815b-2674cb12cee9","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":24,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"5ae9d64f-9ff2-4c0d-9a44-722818ecb39e","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":24,"box":{"x":69,"y":687,"width":831,"height":11}},{"id":"de2f4492-575d-4281-b4b3-6ee61f54b6d1","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":24,"box":{"x":70,"y":702,"width":811,"height":12}},{"id":"88000e93-579c-404d-986f-dd33f05f95fe","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":24,"box":{"x":68,"y":717,"width":809,"height":11}},{"id":"03e8f4f5-6123-488c-bf0e-9402c6825181","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":24,"box":{"x":69,"y":732,"width":825,"height":12}},{"id":"e93ba3de-2fde-481c-b52a-fdeb30943ad0","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":748,"width":441,"height":11}},{"id":"dd2599b2-f92b-45b7-b011-c575fcaac833","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":24,"box":{"x":101,"y":770,"width":777,"height":12}},{"id":"b5080f99-1958-4738-b40a-53a0d5cb0adc","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":24,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"ab2e52bf-4119-4daa-a0f1-28c17a80bc9e","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":24,"box":{"x":68,"y":801,"width":820,"height":11}},{"id":"c0b0c62a-8a97-4c6e-8ac1-9aa9c135be23","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":24,"box":{"x":70,"y":816,"width":812,"height":11}},{"id":"2712c7a3-6215-47e8-a9d0-a67a4f91b013","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":24,"box":{"x":69,"y":831,"width":819,"height":11}},{"id":"dea49e5d-7a5f-47a3-8c1e-b9cee741bf91","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":846,"width":192,"height":11}},{"id":"dad13ba9-64e6-46ce-822f-7759c860c732","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":24,"box":{"x":102,"y":869,"width":785,"height":11}},{"id":"b38b5ca3-9eed-4c38-9667-bb0039f27cb2","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":24,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"9b0efff7-6439-4fe5-96b2-4b9de171f667","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":24,"box":{"x":69,"y":899,"width":832,"height":11}},{"id":"06bd25e3-befe-45b8-b1b1-718552ff21a7","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"dff643da-1bce-45f6-9262-2bff86f6b710","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"139d8035-d5cd-4c63-b1d4-9886a9504c48","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":25,"box":{"x":68,"y":45,"width":820,"height":11}},{"id":"9db9e2b2-e80c-4d6b-a376-1b449ead6076","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":25,"box":{"x":70,"y":60,"width":811,"height":11}},{"id":"1e54cea2-17d8-48c1-9a25-a532e059127d","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":25,"box":{"x":70,"y":75,"width":767,"height":11}},{"id":"e950c971-cd51-43c7-b927-356f2aa98fac","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":25,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"63964cc7-2f26-45cc-875b-0152385d0170","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":25,"box":{"x":70,"y":105,"width":803,"height":11}},{"id":"d771e267-117a-40e9-a112-ae369616e687","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":25,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"6bd1937e-2582-4e09-9c86-4d733f80b7c5","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":25,"box":{"x":69,"y":135,"width":812,"height":11}},{"id":"bc98e05f-afa6-4fc5-a229-501dc0c79f32","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":25,"box":{"x":69,"y":150,"width":817,"height":12}},{"id":"b014b82a-7264-473c-b6d5-328c8c8d2a71","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":25,"box":{"x":69,"y":166,"width":812,"height":11}},{"id":"5a2ec220-2263-49b4-a3b2-ef1706494ad1","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":25,"box":{"x":68,"y":181,"width":818,"height":11}},{"id":"43fd460f-c135-43c5-a668-3fefbc086a9c","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":25,"box":{"x":70,"y":196,"width":759,"height":11}},{"id":"55c8a590-b0ec-4735-939b-af8afe09ba67","block_type":"box","text":"per forming their oversight responsibilities.","page_number":25,"box":{"x":70,"y":211,"width":299,"height":11}},{"id":"143a25d2-b1bc-4ebb-a767-89a36b49b099","block_type":"box","text":"Audit Committee.","page_number":25,"box":{"x":101,"y":234,"width":122,"height":9}},{"id":"52799edb-d88c-489e-baa7-d203efa93971","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":25,"box":{"x":229,"y":234,"width":673,"height":11}},{"id":"b0b319cf-e6a3-4ae3-9275-e0beb186f3fb","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":25,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"bc810c6d-4472-4408-aea5-f6f435da223d","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":25,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"00a728ff-7458-443d-ae03-36c5afac5012","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":25,"box":{"x":69,"y":279,"width":753,"height":11}},{"id":"17a9a74c-3925-4604-99bd-ab988894a411","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":25,"box":{"x":70,"y":294,"width":797,"height":11}},{"id":"cefe4e9c-4475-40b8-a722-7bf4a92cfd73","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":25,"box":{"x":70,"y":309,"width":825,"height":11}},{"id":"187a7884-238c-4f70-86a4-6b550850fa64","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":25,"box":{"x":70,"y":324,"width":807,"height":12}},{"id":"744d9792-0b53-4da7-a52a-9f0fa92e4aea","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":25,"box":{"x":68,"y":339,"width":781,"height":11}},{"id":"e7de7a07-3257-4293-a463-60156439bf2b","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":25,"box":{"x":69,"y":355,"width":834,"height":11}},{"id":"13347f2c-16f6-4342-b530-f785b2f99996","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":25,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"1aff4bcf-b3f5-46b5-a13d-c7e25927785c","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":25,"box":{"x":69,"y":385,"width":825,"height":11}},{"id":"bf1a5fff-1eae-4ca9-b4db-cc3200d94129","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":25,"box":{"x":70,"y":400,"width":809,"height":11}},{"id":"7bc96948-42b2-432b-83e3-dc95f15acf45","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":25,"box":{"x":70,"y":415,"width":815,"height":11}},{"id":"b2b0e436-be80-4f52-9413-d358218533ba","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":25,"box":{"x":69,"y":430,"width":774,"height":11}},{"id":"755432b2-dfbf-4377-b2e4-e278dc7643b2","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":25,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"04e2a240-6bc3-46a2-8f98-68ba170079f1","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":25,"box":{"x":69,"y":460,"width":819,"height":12}},{"id":"399a54b3-7e61-4394-8371-12c4a1065ff3","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":25,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"a2c1c327-6c2e-4ba2-918c-77f9537f82d0","block_type":"box","text":"During the fiscal year ended December 31, 2025, the Audit Committee met four times.","page_number":25,"box":{"x":70,"y":491,"width":617,"height":11}},{"id":"66363bff-985f-4610-8d7b-a8c4b99bce96","block_type":"box","text":"Governance and Nominating Committee.","page_number":25,"box":{"x":102,"y":513,"width":286,"height":12}},{"id":"6abb87b1-0371-412c-84dd-a7aec2595540","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":25,"box":{"x":394,"y":513,"width":464,"height":12}},{"id":"7227f729-4e60-4400-bbb4-bf4da2584f8f","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":25,"box":{"x":70,"y":529,"width":833,"height":11}},{"id":"9fa7adad-27da-475e-a8f7-7f87c2c23c76","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":25,"box":{"x":69,"y":543,"width":769,"height":12}},{"id":"61c3ca53-28fe-44ea-a70b-4806534dce24","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":25,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"073203cb-340e-46b4-80d0-0650a2f5ef8c","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":25,"box":{"x":70,"y":574,"width":819,"height":11}},{"id":"d2578af5-7e30-479e-95e2-d8f4b367e75d","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":25,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"9612c77f-566b-42b4-a728-5df79194c749","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":25,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"eb444000-2ced-4477-aa7e-a7f3bfbae3ba","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":25,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"13426977-9fcf-46a8-af19-b3d76b9267c2","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":25,"box":{"x":69,"y":634,"width":815,"height":11}},{"id":"57cdea9a-82c9-4567-894f-94a92f8990b0","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":25,"box":{"x":70,"y":649,"width":835,"height":11}},{"id":"9fb42e02-68af-4fdf-a975-bf04203d514a","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":25,"box":{"x":68,"y":664,"width":815,"height":12}},{"id":"741819b5-c674-42b1-acde-da4b44cffae6","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":25,"box":{"x":68,"y":680,"width":841,"height":11}},{"id":"df454a75-2c6b-4935-9095-0173c83df82e","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":25,"box":{"x":68,"y":695,"width":809,"height":11}},{"id":"e4d7bc20-c9d9-409b-bf81-5c533f678f47","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":25,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"ecbaeff5-143b-4fae-8c48-7038d8293f9b","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":25,"box":{"x":68,"y":725,"width":792,"height":11}},{"id":"eba1f929-a5d9-4b69-b555-f9393c7a0e6a","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":25,"box":{"x":69,"y":740,"width":798,"height":11}},{"id":"574eb9d7-b19b-4f64-adac-752655a47b7e","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":25,"box":{"x":70,"y":755,"width":832,"height":11}},{"id":"e454f1a3-ec5d-4929-a871-77f8086472d5","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":25,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"b9f28719-5401-4b31-acfb-1e045d043778","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":25,"box":{"x":68,"y":785,"width":832,"height":12}},{"id":"3a8eea7c-c0b5-491e-b161-2b002d6f1a0e","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":25,"box":{"x":68,"y":801,"width":820,"height":11}},{"id":"70fe4741-6b7e-46d0-add8-24227f6fd8d3","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":25,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"4a1730e2-54d9-4ea1-ba35-764d27a11dfd","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended December 31, 2025, the Governance","page_number":25,"box":{"x":68,"y":831,"width":808,"height":11}},{"id":"0dbc2aa6-c189-4d51-b06f-6b3b74569f84","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":846,"width":208,"height":9}},{"id":"904bf10d-066e-4632-b086-bfeb4cdea490","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":869,"width":168,"height":11}},{"id":"f14edf60-c669-43a6-9842-0b3df31fbf23","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":869,"width":629,"height":11}},{"id":"84cb0e73-872f-491a-8f2d-eb3de44b5170","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":25,"box":{"x":68,"y":884,"width":789,"height":11}},{"id":"b83ae06f-f71d-4f7d-95e0-ab5a083b5531","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":25,"box":{"x":70,"y":899,"width":812,"height":11}},{"id":"0b6afb34-9347-4eb0-863b-c5f2b783cf7a","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"4cb7ee69-65b1-4244-ab45-a480fa1b405e","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c82fdffb-da68-46c3-94bc-7082305f5c45","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":26,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"6c280a11-90bb-4d9b-b6d1-0a0dae6ba50e","block_type":"box","text":"any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":26,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"1092956c-e384-4c41-a8cc-8c9a0adc0cfb","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":26,"box":{"x":68,"y":75,"width":819,"height":11}},{"id":"58bca4b3-ce27-42d8-8b08-7d7f68a8c545","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":26,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"214ce07b-c54a-4f2b-a085-cf8a3ced9e6e","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":26,"box":{"x":69,"y":105,"width":798,"height":11}},{"id":"768621cf-7a74-4287-abcb-7e38ad700d71","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":26,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"ae56f64d-1194-455f-b477-4e767564769e","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":26,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"88ef8ef2-9b15-4bb3-b693-6b7e576266d3","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":26,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"ebada86a-b475-4c0c-aaf5-a7881bd06918","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":26,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"dfc78747-9893-4246-ae92-4bf98fece7eb","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended","page_number":26,"box":{"x":68,"y":181,"width":720,"height":11}},{"id":"da519769-9cb6-4200-ba82-c445f5a4fea6","block_type":"box","text":"December 31, 2025, the Compliance Committee met four times.","page_number":26,"box":{"x":70,"y":196,"width":460,"height":11}},{"id":"1cca49c1-9913-45ae-8468-d309321c8c0e","block_type":"box","text":"Per formance Oversight Committee.","page_number":26,"box":{"x":102,"y":218,"width":248,"height":12}},{"id":"51635682-35a1-42f9-b97d-7654536411f7","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":26,"box":{"x":356,"y":218,"width":531,"height":12}},{"id":"ec2bbb68-9d2c-4238-a2a8-738ba8630112","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":26,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"3de081c1-33a8-46e6-aee3-5289926958cf","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":26,"box":{"x":68,"y":249,"width":808,"height":11}},{"id":"4eb23112-72a1-474d-9501-800165e10815","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":26,"box":{"x":70,"y":264,"width":769,"height":11}},{"id":"96c494d5-2bde-45c4-96f4-a4b6756bee1d","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":26,"box":{"x":70,"y":279,"width":775,"height":11}},{"id":"7762377a-b893-415c-9299-5792abeedbf2","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":26,"box":{"x":69,"y":294,"width":782,"height":11}},{"id":"1d8a8855-edfd-42db-a5bd-b35113cb3eae","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":26,"box":{"x":70,"y":309,"width":829,"height":11}},{"id":"686487cb-47f8-4d5d-8932-6b81b0051d19","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":26,"box":{"x":69,"y":324,"width":816,"height":11}},{"id":"345cd886-1d93-4db6-a95d-51840ba9be97","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":26,"box":{"x":69,"y":340,"width":803,"height":10}},{"id":"6ef1b067-1866-4b10-8b85-44fcb991c8f6","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":26,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"cd7096d6-aac9-429e-987d-0ad82a45c81f","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":26,"box":{"x":68,"y":370,"width":811,"height":11}},{"id":"78a79d10-e905-41f4-a472-f465581a59d1","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":26,"box":{"x":69,"y":385,"width":757,"height":11}},{"id":"f7b1f1cd-62b0-4220-9ce7-57ce241da331","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":26,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"f891c42a-73d7-4729-8cf1-d5edafba1637","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":26,"box":{"x":68,"y":415,"width":800,"height":11}},{"id":"017c91d4-2df1-4005-8f97-4d058ba219f3","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":26,"box":{"x":69,"y":430,"width":780,"height":11}},{"id":"7951508c-e61f-40c5-bcb0-65c8605a4360","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":26,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"57fc2892-0d0f-47dc-9444-e4f7e2da8886","block_type":"box","text":"ended December 31, 2025, the Per formance Oversight Committee met five times.","page_number":26,"box":{"x":69,"y":460,"width":587,"height":12}},{"id":"d89ab137-03ec-4d10-85b5-de89b1da2b6b","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":26,"box":{"x":101,"y":483,"width":186,"height":11}},{"id":"bb151204-94de-4b59-90e9-82cb806ee0d7","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":26,"box":{"x":293,"y":483,"width":598,"height":11}},{"id":"5ed8a1f1-ca43-43ef-a41c-d3d2a0eab5e4","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":26,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"124839b5-170f-4e39-b747-4065957a8427","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":26,"box":{"x":69,"y":513,"width":795,"height":11}},{"id":"967a7424-6f18-403c-8d8c-f5429513aa00","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":26,"box":{"x":69,"y":528,"width":788,"height":12}},{"id":"ff2ceb21-b51a-45cb-bbb7-0953874ab961","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":26,"box":{"x":69,"y":543,"width":813,"height":12}},{"id":"1b12b6a3-4e89-4140-9482-82a3c94bc112","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":26,"box":{"x":68,"y":559,"width":816,"height":11}},{"id":"0c0d5481-f4f9-4ead-b0ca-f93b54d7d485","block_type":"box","text":"the fiscal year ended December 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":26,"box":{"x":68,"y":574,"width":618,"height":11}},{"id":"7840768a-45a3-4517-81a3-4c8d07912635","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":26,"box":{"x":101,"y":596,"width":771,"height":12}},{"id":"74ff56fe-d7d2-47dd-8ffb-02847fe9b1d6","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":26,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"d1653e33-7ba6-4149-9a48-c49717a4db71","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":26,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"3b7ae372-099d-47ee-b418-2164bde4c6f1","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":26,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"25104add-906f-45a6-a748-5a0f1aec0278","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":26,"box":{"x":70,"y":657,"width":807,"height":11}},{"id":"7fd0729d-30b1-47c2-814f-5934d061f384","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":26,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"1958dbcd-0cdc-42ff-8301-4c96e7bfe3b0","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"bdd17a12-0eff-43d6-84bd-3666fa38d7cc","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":26,"box":{"x":68,"y":702,"width":794,"height":12}},{"id":"9453656e-4d4a-4b92-8215-bb37518301bf","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":26,"box":{"x":68,"y":718,"width":829,"height":11}},{"id":"d7c919a4-e66d-4179-83b0-330b3d1ba5c8","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":26,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"98fb0e07-220c-4e33-89d6-7fd8926e3c8c","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":26,"box":{"x":69,"y":748,"width":771,"height":11}},{"id":"93a665b7-33a5-48d0-ab41-b1986db6b1d0","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":763,"width":473,"height":11}},{"id":"256b70f6-4dc3-452e-93dd-0617d6dc51aa","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":26,"box":{"x":102,"y":785,"width":792,"height":12}},{"id":"6dbb2164-c139-4531-8d73-5153fb4cb527","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":26,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"f93cdf3a-3702-401f-b2c7-f6ce38e965ef","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":26,"box":{"x":69,"y":816,"width":837,"height":11}},{"id":"6f1b8428-45d5-4e7f-be35-6a368f0fd447","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":26,"box":{"x":70,"y":831,"width":759,"height":11}},{"id":"bbe0be2d-72e1-4ee7-a266-81bdcee6a753","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":26,"box":{"x":70,"y":846,"width":685,"height":11}},{"id":"c1ae1aaf-cc64-46c5-9533-1e23d8cb6a18","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":846,"width":47,"height":9}},{"id":"5358edf6-3d06-461c-a503-54e2f30f4d7c","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":846,"width":82,"height":9}},{"id":"43f3cfc3-4588-430b-812c-e19ce8d9b66f","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":861,"width":395,"height":11}},{"id":"20c9849e-6e8e-4775-8d02-e83a52c5c86b","block_type":"box","text":"Trustees Elect.","page_number":26,"box":{"x":103,"y":884,"width":103,"height":9}},{"id":"4be2b3dd-5b11-4f23-a873-f0e05ca48115","block_type":"box","text":"Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective","page_number":26,"box":{"x":213,"y":884,"width":634,"height":11}},{"id":"3cfad12f-fa4b-4202-961f-699a698db2a6","block_type":"box","text":"July 1, 2026 (each, a “Trustee Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the","page_number":26,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"073234f8-c4b0-49fb-bf0e-0880e560742c","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c9fd2f79-2ea4-4fe9-aeb3-700f2eb4b1bd","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db209fc6-17e6-4e6d-be38-03de7f49fe25","block_type":"box","text":"time of his service. Each Trustee Elect has been retained as a consultant to the Independent Trustees to assist the","page_number":27,"box":{"x":68,"y":45,"width":826,"height":11}},{"id":"6883166a-276d-464d-8dd6-cb9c936c875e","block_type":"box","text":"Independent Trustees in the per formance of their duties to the Trust and is expected to serve in that capacity until","page_number":27,"box":{"x":70,"y":60,"width":816,"height":11}},{"id":"da2f834f-92ab-4898-aafa-16099fec87c7","block_type":"box","text":"July 1, 2026.","page_number":27,"box":{"x":69,"y":75,"width":92,"height":11}},{"id":"20aeb5b4-f3b0-44c8-a125-5898295a3071","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":27,"box":{"x":101,"y":98,"width":751,"height":11}},{"id":"55f3d6d6-fbe7-48ea-90fe-b299d989dbac","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":27,"box":{"x":69,"y":113,"width":492,"height":11}},{"id":"9e28995e-e720-4d33-baa1-5180c5f7e5d4","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":141,"width":409,"height":9}},{"id":"1ad264e4-4f0f-4a62-a866-84fce53c04d2","block_type":"box","text":"Independent Trustees","page_number":27,"box":{"x":70,"y":158,"width":154,"height":10}},{"id":"62322070-b124-4aaf-8b21-956eef4d020d","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":27,"box":{"x":69,"y":172,"width":781,"height":12}},{"id":"3a472de2-6f29-4e69-9c7a-54266635f36a","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":27,"box":{"x":265,"y":188,"width":604,"height":11}},{"id":"c3dd40ba-02bf-4972-a266-2fb289f5bdd8","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":27,"box":{"x":265,"y":203,"width":623,"height":11}},{"id":"f7a0151a-d158-4c06-a3de-e90f51b0f270","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":27,"box":{"x":265,"y":218,"width":637,"height":11}},{"id":"f17c18ef-2f9d-46d1-87fd-24e33bb63aaa","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":27,"box":{"x":265,"y":233,"width":631,"height":11}},{"id":"ce3c7e7b-5316-401d-9e73-c9b1760cfe05","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":27,"box":{"x":264,"y":248,"width":626,"height":11}},{"id":"66d55a0f-005a-4f13-b908-ae736580b75c","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":27,"box":{"x":265,"y":263,"width":639,"height":11}},{"id":"0cec5f9e-0209-4753-9a08-15f3fc7cc313","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":27,"box":{"x":264,"y":278,"width":637,"height":11}},{"id":"7222585d-5ee8-47e7-bb7b-ae7211c76a24","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":27,"box":{"x":265,"y":294,"width":586,"height":11}},{"id":"814ad72b-406c-4010-8dbd-09669ac60fd2","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":27,"box":{"x":265,"y":309,"width":640,"height":11}},{"id":"b4333c4d-317b-4d5c-a828-b7755f656672","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":27,"box":{"x":265,"y":324,"width":389,"height":11}},{"id":"70ff263e-565f-48e0-ad8d-1f1618160c24","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":27,"box":{"x":69,"y":346,"width":806,"height":12}},{"id":"17c15593-435a-4573-b006-4f5a4b235e7a","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":27,"box":{"x":265,"y":361,"width":604,"height":12}},{"id":"83426469-7963-485a-9f34-2aa86918a4c9","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":27,"box":{"x":265,"y":377,"width":632,"height":11}},{"id":"b7ff6e22-d82d-491c-8763-0453a0de842b","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":27,"box":{"x":265,"y":392,"width":562,"height":9}},{"id":"c20dba78-4173-4fb6-acf7-7fdf736523dd","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":27,"box":{"x":265,"y":407,"width":616,"height":10}},{"id":"712d3924-b000-4eba-9104-e48fd198b6f5","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":27,"box":{"x":264,"y":422,"width":591,"height":11}},{"id":"d6af146a-0449-425a-be05-399d7cc82053","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":27,"box":{"x":265,"y":437,"width":641,"height":11}},{"id":"60e21aac-6355-410d-a578-a91cfb47b7b9","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":27,"box":{"x":264,"y":452,"width":638,"height":11}},{"id":"bcb4a406-8564-4d10-bcb1-03faa01d5649","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":27,"box":{"x":265,"y":467,"width":584,"height":11}},{"id":"c9a4edc9-99f3-4703-b679-6380358fc7a4","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":27,"box":{"x":265,"y":482,"width":630,"height":12}},{"id":"27dfdabd-e11d-4e90-b3bc-192e3d1b27c8","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":27,"box":{"x":265,"y":498,"width":634,"height":11}},{"id":"c86a5917-62d4-46e2-ac3f-6af2af5634cd","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":27,"box":{"x":265,"y":513,"width":599,"height":11}},{"id":"653fa80b-1100-4b08-8efd-a9decf5710fc","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":528,"width":407,"height":11}},{"id":"8ea2d671-f7b1-4db7-b62e-4ba44696cebf","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":27,"box":{"x":69,"y":550,"width":837,"height":12}},{"id":"2c815d67-32e5-43aa-bb83-01c1f3e7146c","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":27,"box":{"x":265,"y":566,"width":638,"height":11}},{"id":"ab04112b-7f68-41f9-bfee-3757a83d0126","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":27,"box":{"x":265,"y":581,"width":642,"height":11}},{"id":"c474adf6-0ac8-481a-9763-26f110fa847d","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":27,"box":{"x":265,"y":595,"width":601,"height":12}},{"id":"ad6dcb42-ae6e-4c26-bf3a-294ff5632d95","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":27,"box":{"x":265,"y":611,"width":595,"height":11}},{"id":"5b107293-5255-487a-a719-9066b6f086b7","block_type":"box","text":"perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":626,"width":323,"height":11}},{"id":"924b201c-36d6-4bce-9fcd-86c820a0136d","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":27,"box":{"x":70,"y":649,"width":798,"height":11}},{"id":"4852dc75-eb69-4e3d-b98a-b5afc6bee267","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":27,"box":{"x":265,"y":664,"width":631,"height":11}},{"id":"e9ca6f7d-343b-40ac-8326-f9217d6903e4","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":27,"box":{"x":265,"y":679,"width":633,"height":11}},{"id":"aca1f7a2-22eb-4d29-a70a-e208872a93f4","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":27,"box":{"x":265,"y":694,"width":628,"height":11}},{"id":"8f83ff6d-4a58-41b3-ac46-9519e590e6f5","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":27,"box":{"x":265,"y":709,"width":596,"height":11}},{"id":"73d1da07-45c1-4839-9b16-5c8216b69959","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":27,"box":{"x":265,"y":724,"width":616,"height":11}},{"id":"e4f61e32-8376-482e-97bc-fcf8e753a5e8","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":27,"box":{"x":264,"y":739,"width":368,"height":11}},{"id":"37b25b8a-0b3e-4bab-b43b-bd699e32c5ca","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"56d0124b-2d9d-4d29-89c7-99e312a369f1","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"924da660-68be-44aa-bfdc-c4d8f302b7d1","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"92b9b20d-eaf4-4fb4-8c34-b8dd2dafd94f","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":28,"box":{"x":70,"y":65,"width":806,"height":12}},{"id":"9e8c80be-140b-46d2-aa48-b5fa046662ec","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":28,"box":{"x":264,"y":81,"width":584,"height":11}},{"id":"825e4943-4f8b-4b9f-b74a-95f2160b14b6","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":28,"box":{"x":265,"y":96,"width":622,"height":11}},{"id":"306f0e44-ac5d-43e7-96ce-a898e8a9798a","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":28,"box":{"x":265,"y":111,"width":638,"height":11}},{"id":"83602b80-222b-4e8e-b122-8e2a3b086e87","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":28,"box":{"x":265,"y":126,"width":570,"height":11}},{"id":"0f269682-1295-4c38-8aae-f3e58d999ad5","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":28,"box":{"x":265,"y":141,"width":642,"height":11}},{"id":"c4188264-5375-49d6-bda6-87693b11db84","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":28,"box":{"x":265,"y":156,"width":626,"height":11}},{"id":"bf48267b-7433-4fc8-9830-e1abea403df2","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":28,"box":{"x":265,"y":171,"width":630,"height":12}},{"id":"0a9cc1f9-a779-474a-9511-6d84d11d0920","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":28,"box":{"x":265,"y":186,"width":602,"height":12}},{"id":"c60fffe3-346e-4bcc-ab25-5651ac8ce84b","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":28,"box":{"x":264,"y":201,"width":643,"height":12}},{"id":"c863049a-2656-4c74-96e3-3612b2a6f09d","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":28,"box":{"x":264,"y":217,"width":639,"height":11}},{"id":"f1ee9458-c583-4dbe-9c3c-c3fe029803ff","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":28,"box":{"x":264,"y":232,"width":641,"height":11}},{"id":"9259637f-904f-4f16-8e42-b06c8d337e45","block_type":"box","text":"applicable Commission rules.","page_number":28,"box":{"x":265,"y":247,"width":208,"height":11}},{"id":"8843803c-9592-4a3d-9921-d4ac40e00181","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":28,"box":{"x":69,"y":269,"width":769,"height":12}},{"id":"3280609a-62ba-47dc-96e6-242b6ef9e3f5","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":28,"box":{"x":265,"y":285,"width":621,"height":11}},{"id":"453a0b7d-4acc-4fe7-8df3-ae463af4b68a","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":28,"box":{"x":265,"y":300,"width":599,"height":11}},{"id":"f8873e0f-ab61-40dc-a0ac-1df320cb2b9b","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":28,"box":{"x":265,"y":315,"width":641,"height":11}},{"id":"22a74c79-389b-4742-8e3a-3d1438eecbe2","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":28,"box":{"x":264,"y":330,"width":602,"height":11}},{"id":"88dff891-c401-4091-8e5c-24d47c4b9f51","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":28,"box":{"x":264,"y":345,"width":617,"height":11}},{"id":"4bef0bb2-b2eb-4f48-854e-561f9204888c","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":28,"box":{"x":265,"y":360,"width":629,"height":12}},{"id":"9244ba24-9903-4a3c-9001-e91d13efcfd9","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":28,"box":{"x":264,"y":375,"width":628,"height":11}},{"id":"6b8b77d3-1026-46c7-971f-f06f06354ab2","block_type":"box","text":"ar ticles and books on these topics.","page_number":28,"box":{"x":265,"y":391,"width":251,"height":10}},{"id":"9a0fae17-3f99-4938-9fe4-f52e34b07793","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":28,"box":{"x":70,"y":413,"width":764,"height":11}},{"id":"7907bfc2-4097-43a4-8af7-669cecb2994c","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":28,"box":{"x":265,"y":428,"width":642,"height":12}},{"id":"127b971e-2f0b-4225-b4c1-39e399737571","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":28,"box":{"x":264,"y":443,"width":593,"height":12}},{"id":"e891b168-bd3c-448a-8518-88a9657482db","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":28,"box":{"x":265,"y":458,"width":603,"height":12}},{"id":"0be192eb-2783-4481-bdb8-9e5266339535","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":28,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"c18198a0-1960-47d1-9a37-25eeea00e520","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":28,"box":{"x":70,"y":496,"width":804,"height":11}},{"id":"785c564f-7566-45a8-a721-5d5228ea6886","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":28,"box":{"x":265,"y":511,"width":552,"height":12}},{"id":"b51dcb94-a71c-4e97-926e-1177753d0ce3","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":28,"box":{"x":265,"y":526,"width":636,"height":12}},{"id":"c677cc2d-28ad-48bf-b475-0571bde5f5ec","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":28,"box":{"x":265,"y":542,"width":639,"height":11}},{"id":"dbb301f6-4b71-4170-ada7-c7a503f13843","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":28,"box":{"x":265,"y":557,"width":576,"height":11}},{"id":"2ab8119a-a488-4519-8a08-faebfd739baa","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":28,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"4025f804-7096-47ce-b42e-44b8c8fcacc5","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":28,"box":{"x":265,"y":587,"width":592,"height":11}},{"id":"ab5af7b0-ecea-4f82-aef3-0f491fa23bcc","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":28,"box":{"x":265,"y":602,"width":629,"height":11}},{"id":"073d45d9-f337-4d0e-bea5-1e651f19398a","block_type":"box","text":"Levitt. 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The","page_number":29,"box":{"x":265,"y":111,"width":608,"height":9}},{"id":"64da1610-563f-441f-969d-ac658af8b678","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":29,"box":{"x":265,"y":126,"width":626,"height":11}},{"id":"d49bd822-9623-4da9-a72b-cb5519c6e9fe","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":29,"box":{"x":265,"y":141,"width":591,"height":11}},{"id":"a0a2541a-4719-4aff-bad1-593738590802","block_type":"box","text":"various private and non-profit boards.","page_number":29,"box":{"x":264,"y":156,"width":265,"height":11}},{"id":"8a5f59d0-ed23-4ce5-a362-99ed8ec91286","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":29,"box":{"x":70,"y":179,"width":807,"height":11}},{"id":"66c8a48b-ac02-4c3a-8d9e-84fef7119878","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":29,"box":{"x":264,"y":194,"width":641,"height":11}},{"id":"2f41c822-4734-479d-a9f1-d88f7ce5e1f2","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":29,"box":{"x":265,"y":209,"width":618,"height":11}},{"id":"cd5e6ea2-cbb3-485a-9b47-64d288b1ca1d","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":29,"box":{"x":265,"y":224,"width":594,"height":11}},{"id":"5cc1b699-27c2-4537-a483-e3f1b086df55","block_type":"box","text":"accounting and consulting firm. 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These positions have provided her with insight and","page_number":29,"box":{"x":264,"y":368,"width":634,"height":11}},{"id":"97ed0db8-5c71-46fd-864a-f13c0b60aed1","block_type":"box","text":"perspective on the markets and the economy. Ms. Walton has been determined by the","page_number":29,"box":{"x":265,"y":383,"width":614,"height":11}},{"id":"7499b785-edaf-41f9-83f4-b0b2c9a34594","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":29,"box":{"x":264,"y":398,"width":641,"height":11}},{"id":"8f380fb3-b422-4bdb-803f-c72d38261174","block_type":"box","text":"applicable Commission rules.","page_number":29,"box":{"x":265,"y":413,"width":208,"height":11}},{"id":"36086d2c-f123-4cec-a825-86ab3a35d3f6","block_type":"box","text":"Trustees Elect","page_number":29,"box":{"x":70,"y":436,"width":101,"height":9}},{"id":"b1b27f9a-936a-4a61-acca-248d86852cba","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":29,"box":{"x":69,"y":451,"width":777,"height":11}},{"id":"f21d4511-ec99-40b9-9085-bfb36069ed95","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":29,"box":{"x":265,"y":466,"width":613,"height":11}},{"id":"85633930-0fa1-4f1e-b929-04f989fd441a","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":29,"box":{"x":265,"y":481,"width":563,"height":11}},{"id":"fa3a889a-991b-441b-bf9a-2b792a3fd492","block_type":"box","text":"Investments’ parent company, FMR LLC. 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Stern has more than 30 years of experience in investing and asset management.","page_number":29,"box":{"x":70,"y":564,"width":833,"height":12}},{"id":"c636cc45-2b3e-4f5a-be85-dcaa7784877c","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":29,"box":{"x":265,"y":579,"width":638,"height":12}},{"id":"306ccc16-3c1a-49ef-b07b-fe57ebdf6270","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":29,"box":{"x":265,"y":595,"width":608,"height":11}},{"id":"a51edf31-e51c-4d65-ac1f-4c2d4dbb61d8","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":29,"box":{"x":264,"y":610,"width":645,"height":10}},{"id":"322bef63-e59a-4c7b-8127-cd5db1e39898","block_type":"box","text":"firm’s executive committee. 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In par ticular, Mr. Fairbairn’s","page_number":29,"box":{"x":264,"y":753,"width":593,"height":12}},{"id":"fa04daef-bedc-4c4a-ae5a-5e1a16062b91","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":29,"box":{"x":265,"y":768,"width":629,"height":12}},{"id":"982eaa44-4f21-4ecb-a8bc-c5c4c0443b07","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":29,"box":{"x":265,"y":783,"width":639,"height":11}},{"id":"6abb01f3-492f-4238-bfa9-a4e92bf455d6","block_type":"box","text":"a wealth of practical business knowledge and leadership. 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Mr. Fairbairn also","page_number":29,"box":{"x":265,"y":874,"width":620,"height":12}},{"id":"2072bc65-f3de-41a7-a78e-ba38f5da56ed","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":29,"box":{"x":265,"y":889,"width":578,"height":11}},{"id":"a1d6ae73-9456-41d7-b743-e6c6c07db965","block_type":"box","text":"I-13","page_number":29,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"bddb0191-5148-460c-96f8-3be0dbd76c15","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47791bfb-1011-4b19-9f71-b6305d86c77c","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":30,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"159dbfa1-65bb-4ca0-a354-cb5ac3bfdc9f","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":30,"box":{"x":69,"y":65,"width":821,"height":12}},{"id":"aa66b08c-205c-4d09-aa7c-b4faa0878dee","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":30,"box":{"x":264,"y":81,"width":595,"height":11}},{"id":"ed1cca10-52da-4578-a8e6-97b53c6548d2","block_type":"box","text":"President and Chief Executive Officer of the BlackRock-advised Funds provides him with a","page_number":30,"box":{"x":265,"y":96,"width":637,"height":11}},{"id":"7660081c-c2a3-487e-bc30-265997e19aaf","block_type":"box","text":"strong understanding of the BlackRock-advised Funds, their operations, and the business","page_number":30,"box":{"x":265,"y":111,"width":636,"height":11}},{"id":"13997f7b-90a4-4cb8-bdb8-a2966d41862f","block_type":"box","text":"and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position","page_number":30,"box":{"x":265,"y":126,"width":628,"height":11}},{"id":"046ced31-16eb-4b1f-9604-bbde93c81778","block_type":"box","text":"as Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":30,"box":{"x":265,"y":141,"width":638,"height":11}},{"id":"c0efd9f0-7b77-4cb6-bb9b-ea353b9edbaa","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":30,"box":{"x":265,"y":156,"width":639,"height":11}},{"id":"7a305cd8-c4bf-46d5-96ff-f881c704c0dd","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":30,"box":{"x":265,"y":171,"width":603,"height":9}},{"id":"5010eb58-bc19-4eb0-9208-d75df9b61feb","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":30,"box":{"x":265,"y":186,"width":582,"height":12}},{"id":"62c813e4-f281-4bf1-9236-d675d9ed4c4e","block_type":"box","text":"practices of other financial companies. 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Mr. Perlowski is a member of","page_number":30,"box":{"x":264,"y":217,"width":572,"height":11}},{"id":"0012df8a-ef12-4e93-bc81-2b7acb7b1251","block_type":"box","text":"BlackRock’s Global Executive Committee.","page_number":30,"box":{"x":265,"y":232,"width":294,"height":9}},{"id":"8d172f8f-d04d-4e41-9746-0c16754be68f","block_type":"box","text":"Biographical Information","page_number":30,"box":{"x":69,"y":263,"width":178,"height":11}},{"id":"6bb05803-33bb-435b-ab3f-a1019418e061","block_type":"box","text":"Cer tain biographical and other information relating to the Trustees of the Trust is set for th below, including their","page_number":30,"box":{"x":102,"y":286,"width":798,"height":11}},{"id":"ea306140-d88d-43d2-9db0-b1c0c0b92c91","block_type":"box","text":"address and year of bir th, principal occupations for at least the last five years, length of time served, total number 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Perlowski . .","page_number":35,"box":{"x":78,"y":658,"width":146,"height":9}},{"id":"dec94e89-7297-48cb-a36d-70cc9f13cd18","block_type":"box","text":"................................","page_number":35,"box":{"x":231,"y":665,"width":254,"height":1}},{"id":"00e9f9d9-277c-4215-a79d-f4afdf6c1842","block_type":"box","text":"None None None","page_number":35,"box":{"x":541,"y":658,"width":312,"height":9}},{"id":"b5d5b7a7-c2f1-45cb-8f69-75c54a4ac44d","block_type":"box","text":"1","page_number":35,"box":{"x":69,"y":682,"width":3,"height":4}},{"id":"c89387bd-c9da-4ce7-bab0-b0358e001ff8","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":35,"box":{"x":94,"y":682,"width":786,"height":9}},{"id":"6fe2bcb4-2199-489e-b9bb-8a67553fe680","block_type":"box","text":"page I-14.","page_number":35,"box":{"x":94,"y":692,"width":55,"height":9}},{"id":"46b7152c-44d4-417a-a064-4bf95058b8bb","block_type":"box","text":"2","page_number":35,"box":{"x":69,"y":705,"width":3,"height":3}},{"id":"b104c2e8-c160-4ea7-a5f7-d1c38df7ee9a","block_type":"box","text":"Chair of the Audit Committee.","page_number":35,"box":{"x":93,"y":705,"width":168,"height":7}},{"id":"b1a68206-83b4-42df-8a22-04cb725f648c","block_type":"box","text":"3","page_number":35,"box":{"x":69,"y":717,"width":3,"height":4}},{"id":"dd86fd09-3346-469a-8a6a-f2166459c7a2","block_type":"box","text":"Chair of the Governance Committee.","page_number":35,"box":{"x":93,"y":717,"width":206,"height":7}},{"id":"8d84b826-7a7a-4291-9374-0e56d0454c8b","block_type":"box","text":"4","page_number":35,"box":{"x":68,"y":730,"width":4,"height":4}},{"id":"d3713f07-0b70-4ab5-96e6-ca6dc233a03a","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":35,"box":{"x":93,"y":730,"width":269,"height":9}},{"id":"dae4d8cc-1614-4539-a6d0-e22c74b55c92","block_type":"box","text":"5","page_number":35,"box":{"x":69,"y":743,"width":3,"height":3}},{"id":"04ab5982-12b0-4e7f-af9a-c3bdf5e9a8a0","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":35,"box":{"x":93,"y":742,"width":352,"height":9}},{"id":"0e417755-0f27-46ff-9e23-b95cb426790a","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":755,"width":3,"height":4}},{"id":"dd734d03-67e4-4862-942b-3bd138a699bf","block_type":"box","text":"Chair of the Compliance Committee.","page_number":35,"box":{"x":93,"y":755,"width":205,"height":9}},{"id":"c5002203-e585-4798-8d33-8de597ecdee5","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":35,"box":{"x":69,"y":784,"width":432,"height":11}},{"id":"b5d7e228-1476-4efa-9a24-d33721ba839f","block_type":"box","text":"Management Agreement","page_number":35,"box":{"x":69,"y":814,"width":180,"height":11}},{"id":"3dc7cdc5-54b6-462f-9666-9622c584e478","block_type":"box","text":"The Trust, on behalf of the Fund, entered into an investment advisory agreement with BlackRock pursuant to","page_number":35,"box":{"x":101,"y":836,"width":774,"height":12}},{"id":"017a6e97-e035-43eb-b65b-3de44357b0c4","block_type":"box","text":"which BlackRock is entitled to fees for the services it provides (the “Management Agreement”).","page_number":35,"box":{"x":68,"y":852,"width":680,"height":11}},{"id":"0460246a-52e3-4052-bcf8-f5e8a50decd6","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":35,"box":{"x":102,"y":874,"width":762,"height":12}},{"id":"265aaacc-7f8e-4e15-9d1d-31b9ce9fd3e9","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":35,"box":{"x":69,"y":889,"width":799,"height":12}},{"id":"7fae7cf5-7aa0-4cb9-925d-3e3241cbe28b","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":35,"box":{"x":68,"y":904,"width":726,"height":12}},{"id":"97f08804-a866-47f6-87bf-8b6221447184","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"57d77947-0c9a-4ff7-b378-6d39a9568f9c","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8025291-1753-4ee5-a154-8e646efa3ba9","block_type":"box","text":"June 30, 2027. BlackRock has contractually agreed to waive its management fees by the amount of investment","page_number":36,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"7fdea328-0642-4c37-a372-2f4dc1cee9b8","block_type":"box","text":"advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by","page_number":36,"box":{"x":69,"y":60,"width":789,"height":11}},{"id":"c81d200d-f7d8-45fb-9712-5c05b95f6acc","block_type":"box","text":"BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days’","page_number":36,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"1b337ff3-b65c-43bc-ba99-53b2281694f0","block_type":"box","text":"notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the","page_number":36,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"4cb43685-db9a-4616-a03a-bc2609169480","block_type":"box","text":"Fund.","page_number":36,"box":{"x":70,"y":105,"width":36,"height":9}},{"id":"5279e650-d534-4ea3-bc1f-78ddda0dffbc","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":36,"box":{"x":101,"y":128,"width":798,"height":11}},{"id":"708a6d89-2f59-4ba4-b694-2969b9d458c7","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":36,"box":{"x":70,"y":143,"width":824,"height":11}},{"id":"be0fc2b4-6979-47a7-bd0a-68ecb438bcee","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.62% of average daily net assets","page_number":36,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"427425aa-d33b-46d3-a084-4c9295c198e4","block_type":"box","text":"through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the","page_number":36,"box":{"x":68,"y":173,"width":801,"height":11}},{"id":"fbf1cf71-9d72-4904-aa9b-6a709100902c","block_type":"box","text":"noninterested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":36,"box":{"x":69,"y":188,"width":776,"height":12}},{"id":"b31eb4d2-9fec-4806-beec-24034883a516","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":36,"box":{"x":102,"y":211,"width":784,"height":11}},{"id":"87208cc6-cd8e-439b-9f9f-be3ca87ee424","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":36,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"06577222-8987-4857-bd78-e241ccb79ac3","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":36,"box":{"x":70,"y":241,"width":810,"height":11}},{"id":"34e18266-4940-4901-b946-a33c31a71c0c","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":36,"box":{"x":70,"y":256,"width":779,"height":12}},{"id":"6c4462ce-5b95-4a75-86eb-701be9e02993","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":36,"box":{"x":70,"y":272,"width":827,"height":11}},{"id":"29f4bdff-14b7-4f70-9779-a681f02992dd","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":36,"box":{"x":69,"y":287,"width":486,"height":11}},{"id":"ec1116e1-2b19-43bb-bc70-fcef2a2369c1","block_type":"box","text":"For the last three fiscal years, the Trust, on behalf of the Fund, paid BlackRock management fees, and","page_number":36,"box":{"x":102,"y":309,"width":730,"height":11}},{"id":"d7860465-d12f-422a-bfec-b29f49cb7bc1","block_type":"box","text":"BlackRock waived management fees and reimbursed expenses, as follows:","page_number":36,"box":{"x":70,"y":324,"width":533,"height":12}},{"id":"9253334b-cc54-4729-80f0-0f4301f4dd01","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":598,"y":353,"width":56,"height":7}},{"id":"a3dbb7ac-15b0-473d-8795-8eb100a91b77","block_type":"box","text":"to BlackRock","page_number":36,"box":{"x":586,"y":363,"width":79,"height":7}},{"id":"8709d13e-e014-4b26-a141-d6a88e14b575","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":704,"y":353,"width":72,"height":7}},{"id":"6a87f48d-4457-4e33-938e-3a4e4e570438","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":700,"y":363,"width":80,"height":9}},{"id":"b1d52959-67e9-4610-bc98-c896c477b16e","block_type":"box","text":"Fees Reimbursed","page_number":36,"box":{"x":810,"y":353,"width":99,"height":7}},{"id":"b6b7d0dc-2522-4a37-8020-23390776bf4a","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":820,"y":363,"width":80,"height":9}},{"id":"6224fc26-fc9e-496f-9c2f-652fc457e8c7","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":380,"width":432,"height":11}},{"id":"95e515d0-53e4-4cee-a4f7-c78c039a2633","block_type":"box","text":". . . . . . $1,","page_number":36,"box":{"x":509,"y":380,"width":96,"height":11}},{"id":"5360f365-d902-40e1-82c5-7d3a7b0701df","block_type":"box","text":"357,028 $13,954 $22,120","page_number":36,"box":{"x":607,"y":380,"width":283,"height":11}},{"id":"a4586ace-b830-4451-bda3-88c2abbcda12","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":396,"width":432,"height":10}},{"id":"4d0552ac-077c-4fc8-9a36-d4d0c271837a","block_type":"box","text":". . . . . . $1,","page_number":36,"box":{"x":509,"y":395,"width":96,"height":11}},{"id":"8d682200-0bd7-4dcc-af1d-b9e76ba33a99","block_type":"box","text":"297,848 $ 5,375 $ 3,023","page_number":36,"box":{"x":607,"y":395,"width":284,"height":11}},{"id":"39f09e63-f380-4280-bf29-139db88a0c42","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":411,"width":432,"height":10}},{"id":"e22a2d0c-55a7-48e9-97fc-3c1095eef5a1","block_type":"box","text":". . . . . . $1,","page_number":36,"box":{"x":509,"y":410,"width":96,"height":11}},{"id":"8c3b3198-2d70-493c-9d59-e4f1365a3c11","block_type":"box","text":"068,432 $35,018 $ 9,693","page_number":36,"box":{"x":607,"y":410,"width":284,"height":11}},{"id":"7c51e8ed-e5e8-429a-b68c-76dec0c4206f","block_type":"box","text":"Administration Agreement","page_number":36,"box":{"x":68,"y":442,"width":192,"height":11}},{"id":"4d13d866-75b0-4a27-a4f7-afd7c9f08d13","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":36,"box":{"x":102,"y":465,"width":711,"height":11}},{"id":"3e883205-5022-449f-abf4-753b74130966","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":36,"box":{"x":69,"y":480,"width":838,"height":11}},{"id":"728a1159-2e79-4cd1-a890-896704bb88c0","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":36,"box":{"x":68,"y":495,"width":830,"height":11}},{"id":"e5ce0f44-dd99-4687-80e7-097ec7a40c2b","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":36,"box":{"x":70,"y":510,"width":813,"height":11}},{"id":"5326f00b-2d60-409f-afd3-002875117532","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":36,"box":{"x":69,"y":526,"width":837,"height":11}},{"id":"8b79a4b0-f5f3-4e80-b684-1c60e89f8161","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":36,"box":{"x":68,"y":540,"width":836,"height":12}},{"id":"a23912e2-eaeb-49a1-bd3b-e1fdd88eb2ac","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":36,"box":{"x":68,"y":555,"width":785,"height":12}},{"id":"4e0f5a97-7e36-4c8e-987b-84f24b5b8a09","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":36,"box":{"x":69,"y":571,"width":765,"height":11}},{"id":"17b4c0cb-9de2-4287-8984-d1e9583104f2","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":36,"box":{"x":70,"y":586,"width":819,"height":11}},{"id":"50e112e9-1dd9-498a-86f9-54b40479b85b","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":36,"box":{"x":69,"y":601,"width":818,"height":11}},{"id":"d77e4b2a-a119-4f73-8c19-cf3a73a8418b","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":36,"box":{"x":68,"y":616,"width":840,"height":11}},{"id":"53b79863-eae6-40e8-9248-c26abfba9d51","block_type":"box","text":"reimburse the Fund for expenses.","page_number":36,"box":{"x":69,"y":631,"width":238,"height":11}},{"id":"0bf07388-cd66-4f00-bf1f-86027030c661","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":36,"box":{"x":102,"y":654,"width":802,"height":11}},{"id":"f43e427f-4336-4254-abdc-c7413d8c3297","block_type":"box","text":"daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average","page_number":36,"box":{"x":69,"y":668,"width":830,"height":12}},{"id":"2235a82d-0484-409d-b2c7-aad1f4389855","block_type":"box","text":"daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next","page_number":36,"box":{"x":69,"y":683,"width":788,"height":12}},{"id":"67ad7d48-661f-4624-9c62-028be0138769","block_type":"box","text":"$1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net","page_number":36,"box":{"x":69,"y":698,"width":785,"height":12}},{"id":"310c46fb-6ad5-4462-8003-52b9d874317c","block_type":"box","text":"assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net","page_number":36,"box":{"x":69,"y":714,"width":816,"height":12}},{"id":"ea8fca29-ae2a-44e6-b10b-ac0290539c2f","block_type":"box","text":"assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to the BlackRock","page_number":36,"box":{"x":69,"y":729,"width":811,"height":12}},{"id":"ecaece75-1b21-47b8-9eba-12922e2cf726","block_type":"box","text":"Shares share class of the Fund.","page_number":36,"box":{"x":69,"y":744,"width":226,"height":9}},{"id":"c5204c68-d7bd-4494-a1d8-13cd03ed5809","block_type":"box","text":"The table below sets for th information about the administration fees paid by the Trust on behalf of the Fund, to","page_number":36,"box":{"x":101,"y":767,"width":793,"height":11}},{"id":"8958239d-d3eb-4f1b-9930-99091220a4d1","block_type":"box","text":"the Administrator, and the amounts waived, for the past three fiscal years.","page_number":36,"box":{"x":68,"y":782,"width":530,"height":11}},{"id":"9ce6790d-d385-43aa-822d-e8a96dfbf171","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":674,"y":811,"width":56,"height":7}},{"id":"65e2bf4f-1caf-4c44-ba0a-d7e76a256a1a","block_type":"box","text":"to the Administrator","page_number":36,"box":{"x":643,"y":821,"width":118,"height":7}},{"id":"55cff853-2970-4977-9523-830a5fe6c24c","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":814,"y":811,"width":72,"height":7}},{"id":"88b3259a-75e0-4b03-85a8-a2f39c30d679","block_type":"box","text":"by the Administrator","page_number":36,"box":{"x":791,"y":821,"width":118,"height":8}},{"id":"a99858d0-291e-46e1-9fea-b4c70be79f8b","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $169,629 $54,282","page_number":36,"box":{"x":70,"y":838,"width":811,"height":11}},{"id":"8e9dfe6a-5a10-46ce-a1c7-fe5061fa56cb","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $162,231 $30,448","page_number":36,"box":{"x":70,"y":853,"width":811,"height":11}},{"id":"3d84b75d-f62f-4e62-bdac-f16843722c6b","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $133,554 $42,028","page_number":36,"box":{"x":70,"y":868,"width":811,"height":11}},{"id":"123fdc34-f751-4abb-8343-c9b4e58c809b","block_type":"box","text":"The Trust and its service providers may engage third-par ty plan administrators who provide trustee,","page_number":36,"box":{"x":101,"y":893,"width":707,"height":11}},{"id":"3ca61274-07a4-42a6-8738-aa4cbe3eac9a","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":36,"box":{"x":69,"y":908,"width":838,"height":11}},{"id":"37026d3b-a3e6-4cb9-8f44-61442cb27ca8","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f3bb028f-15c0-414e-b671-500bd1c77640","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72778fcb-78cc-4840-9461-d41ffaaf206e","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":37,"box":{"x":68,"y":45,"width":800,"height":11}},{"id":"b826541a-5014-4005-8a24-de49cfe9d274","block_type":"box","text":"shares of the Trust.","page_number":37,"box":{"x":69,"y":60,"width":138,"height":9}},{"id":"0fa32ba9-8605-4a6a-aa31-31bee3f71ed4","block_type":"box","text":"In addition, pursuant to a shareholders’ administrative services agreement (the “Shareholders’ Administrative","page_number":37,"box":{"x":102,"y":83,"width":783,"height":11}},{"id":"5b8c92c3-37ab-49c2-bbde-334be6438b93","block_type":"box","text":"Services Agreement”), BlackRock provides cer tain shareholder liaison services in connection with the Trust’s","page_number":37,"box":{"x":69,"y":98,"width":779,"height":11}},{"id":"196f846f-3555-4926-b867-54ab2dc9b012","block_type":"box","text":"investor service center. 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$3,608","page_number":37,"box":{"x":370,"y":221,"width":526,"height":11}},{"id":"6b75b415-0d0d-4cb0-b9d1-211a0cfc0f08","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . .","page_number":37,"box":{"x":70,"y":237,"width":294,"height":10}},{"id":"cef6ccce-731d-49f9-87df-ef650f99c7ed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,952 $1,536","page_number":37,"box":{"x":370,"y":236,"width":525,"height":11}},{"id":"f76b68b5-3893-42ab-8910-90ccd670f83b","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . .","page_number":37,"box":{"x":70,"y":252,"width":294,"height":10}},{"id":"c0889068-d4a9-4f3a-bb35-ea2fc04c940f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,697 $2,315","page_number":37,"box":{"x":370,"y":251,"width":525,"height":11}},{"id":"aea5e7f4-a169-4515-ab55-7d1c50c0619b","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":37,"box":{"x":69,"y":283,"width":335,"height":11}},{"id":"c5fb537c-3f2d-4404-a4f7-3e0a14c6222c","block_type":"box","text":"Sally Du, CFA and Ibrahim Kanan are the por tfolio managers and are jointly and primarily responsible for the day","page_number":37,"box":{"x":102,"y":306,"width":802,"height":11}},{"id":"a7ec2566-af9e-4365-8c0f-d82357e5b373","block_type":"box","text":"to-day management of the Fund.","page_number":37,"box":{"x":68,"y":321,"width":229,"height":11}},{"id":"dda04a50-b9a0-4b3c-b11d-2295a4b16bd7","block_type":"box","text":"Other Funds and Accounts Managed","page_number":37,"box":{"x":70,"y":352,"width":257,"height":11}},{"id":"216c68f7-841b-422d-93bf-a972d5c2151d","block_type":"box","text":"The following table sets for th information about funds and accounts other than the Fund for which the por tfolio","page_number":37,"box":{"x":101,"y":374,"width":790,"height":11}},{"id":"4e59ef3a-81fc-4aec-9b1d-3ba20964e49c","block_type":"box","text":"managers are primarily responsible for the day-to-day por tfolio management as of the Fund’s fiscal year ended","page_number":37,"box":{"x":69,"y":389,"width":786,"height":11}},{"id":"fc34fd87-36cb-426e-97b1-44ec10765bd1","block_type":"box","text":"December 31, 2025.","page_number":37,"box":{"x":70,"y":404,"width":147,"height":11}},{"id":"f7e2de5d-0846-40c1-811e-9718b85b7ef9","block_type":"box","text":"Number of Other Accounts Managed","page_number":37,"box":{"x":369,"y":433,"width":211,"height":8}},{"id":"b35af3f4-5c4f-4e2a-9685-147ae55c77de","block_type":"box","text":"and Assets by Account Type","page_number":37,"box":{"x":392,"y":443,"width":165,"height":9}},{"id":"d19323df-1c9d-4adc-9452-ba0326f47f85","block_type":"box","text":"Number of Other Accounts and Assets","page_number":37,"box":{"x":656,"y":433,"width":222,"height":7}},{"id":"0f8cc00f-9f6c-4479-adb7-62cf60676697","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":37,"box":{"x":634,"y":443,"width":265,"height":9}},{"id":"beb3cecb-9ec8-4d60-9f31-0393c8efc56a","block_type":"box","text":"Name of Portfolio Manager","page_number":37,"box":{"x":74,"y":486,"width":157,"height":8}},{"id":"d75de84a-ff56-4654-8031-d00d19c47848","block_type":"box","text":"Other","page_number":37,"box":{"x":359,"y":455,"width":32,"height":7}},{"id":"ccf85037-d662-4182-9b01-afa1c6ec2f62","block_type":"box","text":"Registered","page_number":37,"box":{"x":344,"y":465,"width":62,"height":9}},{"id":"27601d5e-341b-476f-b403-c0f4d522603d","block_type":"box","text":"Investment","page_number":37,"box":{"x":343,"y":476,"width":64,"height":7}},{"id":"4513600d-8f12-46a5-a053-ac28f9c5b802","block_type":"box","text":"Companies","page_number":37,"box":{"x":343,"y":486,"width":63,"height":8}},{"id":"9e6b6154-1f95-4575-98ea-0e2602863477","block_type":"box","text":"Other 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Pooled","page_number":37,"box":{"x":720,"y":465,"width":75,"height":8}},{"id":"4f7fd0ff-d227-4761-a911-b245b2ed338b","block_type":"box","text":"Investment","page_number":37,"box":{"x":726,"y":476,"width":64,"height":7}},{"id":"b0159aca-57ef-4c20-96fe-471f08edba1c","block_type":"box","text":"Vehicles","page_number":37,"box":{"x":733,"y":486,"width":48,"height":7}},{"id":"e8426e77-4a3b-4290-8276-204393916241","block_type":"box","text":"Other","page_number":37,"box":{"x":842,"y":475,"width":31,"height":8}},{"id":"bea1ac4e-da31-40e4-8811-b19093d0ce4d","block_type":"box","text":"Accounts","page_number":37,"box":{"x":830,"y":486,"width":55,"height":7}},{"id":"8c1cdd22-e48c-4748-a31a-0ab06259d99a","block_type":"box","text":"Sally Du, CFA 12 7 0 0 0 0","page_number":37,"box":{"x":74,"y":499,"width":787,"height":9}},{"id":"36122a7f-2e70-4f65-aa08-80f30196654d","block_type":"box","text":"$21.10 Billion $7.07 Billion $0 $0 $0 $0","page_number":37,"box":{"x":335,"y":511,"width":530,"height":9}},{"id":"31020844-aea4-41cf-ac83-930454398331","block_type":"box","text":"Ibrahim Kanan 2 4 2 0 0 1","page_number":37,"box":{"x":74,"y":525,"width":787,"height":7}},{"id":"0609b2ab-8d3b-47cc-8031-41e55ca27ead","block_type":"box","text":"$1.11 Billion $2.94 Billion $63.10 Million $0 $0 $61.73 Million","page_number":37,"box":{"x":338,"y":537,"width":561,"height":8}},{"id":"344d7270-76ca-4e44-a09e-252a46eb710d","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":37,"box":{"x":69,"y":571,"width":304,"height":12}},{"id":"7e6705cf-94b7-42ad-9b8b-5982e120a7d8","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of December 31, 2025.","page_number":37,"box":{"x":101,"y":594,"width":700,"height":11}},{"id":"848d727e-a9e5-46ff-8e7f-25ef6ee98373","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":37,"box":{"x":102,"y":617,"width":774,"height":11}},{"id":"037df586-4c0b-4849-a5c8-ae21fcc57634","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":37,"box":{"x":70,"y":632,"width":837,"height":11}},{"id":"e3560825-ccb2-4a41-ad03-77a1487680b7","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":37,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"fdad9839-c0e9-46ac-b2c4-e51d745a2b6d","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":37,"box":{"x":69,"y":662,"width":799,"height":11}},{"id":"e1673125-2486-4373-935a-3ada0851f9d6","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":677,"width":670,"height":11}},{"id":"5f3a8d01-f2fa-46cd-a238-75a2495404b2","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":700,"width":148,"height":11}},{"id":"534ef3b1-5b23-4d05-a8c8-516ac2afe87a","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":700,"width":640,"height":11}},{"id":"80b0c1ad-0455-4cea-aef6-babd0ef2d66d","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":715,"width":32,"height":9}},{"id":"61c19b84-fbea-46b4-8409-308b34c3a5ac","block_type":"box","text":"Discretionary Incentive Compensation","page_number":37,"box":{"x":69,"y":745,"width":277,"height":11}},{"id":"8bb95ac6-a3a7-4eed-b4f1-bc672dfbead9","block_type":"box","text":"Generally, discretionary incentive compensation for Fundamental Equities por tfolio managers is based on a","page_number":37,"box":{"x":102,"y":768,"width":763,"height":11}},{"id":"181776a6-cced-4831-a673-27eb7b691719","block_type":"box","text":"formulaic compensation program. BlackRock’s formulaic por tfolio manager compensation program is based on team","page_number":37,"box":{"x":68,"y":783,"width":832,"height":11}},{"id":"3c7ab041-691b-431e-8b36-87547f921aae","block_type":"box","text":"revenue and pre-tax investment per formance relative to appropriate competitors or benchmarks over 3- and 5-year","page_number":37,"box":{"x":69,"y":798,"width":815,"height":11}},{"id":"cd4995ec-a68c-4735-9a70-dcddfd7258f1","block_type":"box","text":"per formance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or","page_number":37,"box":{"x":70,"y":813,"width":757,"height":11}},{"id":"b0aada98-93c0-4c49-be9b-49e8d29e5b1c","block_type":"box","text":"benchmarks against which the per formance of the Fund or other accounts managed by the por tfolio managers are","page_number":37,"box":{"x":69,"y":828,"width":814,"height":12}},{"id":"a6bfcbc3-7f2f-47e7-ba34-2c1ebd0b0700","block_type":"box","text":"measured. BlackRock’s global compensation team determines the benchmarks or rankings against which the","page_number":37,"box":{"x":69,"y":844,"width":780,"height":11}},{"id":"18e1840b-1bb1-42db-83a6-f258cd3105b0","block_type":"box","text":"per formance of funds and other accounts managed by each por tfolio management team is compared and the period","page_number":37,"box":{"x":70,"y":858,"width":829,"height":12}},{"id":"8c36734d-a5be-41de-b834-22162e1ed969","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a0ec6608-f7b3-4271-b232-34ecadc590e5","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"880c4e6d-2a30-4e8c-a38c-d2047eff1c20","block_type":"box","text":"of time over which per formance is evaluated. With respect to these por tfolio managers, such benchmarks for the","page_number":38,"box":{"x":69,"y":45,"width":806,"height":11}},{"id":"567d59a9-7e41-4cea-9463-e64449a23963","block_type":"box","text":"Fund and other accounts are:","page_number":38,"box":{"x":70,"y":60,"width":206,"height":9}},{"id":"92277f2c-c25f-4b31-89ad-71bda896fbb3","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":88,"width":105,"height":9}},{"id":"67a8d742-22d3-49fe-a99f-556593dd964a","block_type":"box","text":"Benchmarks","page_number":38,"box":{"x":706,"y":88,"width":71,"height":7}},{"id":"e1b001d2-115d-4738-a713-839a70269a6e","block_type":"box","text":"Sally Du, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":69,"y":120,"width":474,"height":11}},{"id":"098ddf8a-ccb0-4d44-a0fb-3086c8f252b4","block_type":"box","text":"S&P 500 Index; ICE BofA US 3-month Treasury","page_number":38,"box":{"x":576,"y":106,"width":332,"height":11}},{"id":"85e6592c-ea3c-4424-a2d5-6c70412c8d44","block_type":"box","text":"Bill Index, Russell 1000.","page_number":38,"box":{"x":655,"y":120,"width":173,"height":11}},{"id":"1e948955-e8cd-4aaa-8771-b87eb433e1ed","block_type":"box","text":"Ibrahim Kanan. .","page_number":38,"box":{"x":70,"y":150,"width":114,"height":9}},{"id":"3c60fd22-2bc7-4eb7-ae73-a14161de01fc","block_type":"box","text":"............................................","page_number":38,"box":{"x":190,"y":157,"width":353,"height":2}},{"id":"a800b72d-c2cb-4322-ac28-23c6f79c575b","block_type":"box","text":"Russell 1000 Index, Russell 1000 Value Index,","page_number":38,"box":{"x":575,"y":135,"width":333,"height":11}},{"id":"131f4818-a99c-41e8-8cb4-d90b101ca558","block_type":"box","text":"S&P 500 Index.","page_number":38,"box":{"x":686,"y":150,"width":110,"height":9}},{"id":"a0b4b32b-7712-4e98-a12e-d0f4118b7be5","block_type":"box","text":"A smaller element of por tfolio manager discretionary compensation may include consideration of: financial","page_number":38,"box":{"x":101,"y":174,"width":759,"height":11}},{"id":"ecbe94a3-c44e-46c7-9914-c129049f01fe","block_type":"box","text":"results, expense control, profit margins, strategic planning and implementation, quality of client service, market","page_number":38,"box":{"x":69,"y":189,"width":798,"height":11}},{"id":"3939a724-7cfe-47c9-8419-a50d02db069b","block_type":"box","text":"share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation.","page_number":38,"box":{"x":69,"y":204,"width":814,"height":11}},{"id":"ded216de-56fb-4548-8aa4-9fd4ac5acbc1","block_type":"box","text":"These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.","page_number":38,"box":{"x":68,"y":219,"width":798,"height":11}},{"id":"1bf16c44-53b0-4047-b6c3-19bbc36d9401","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":38,"box":{"x":102,"y":242,"width":389,"height":11}},{"id":"03242fcf-1d61-42d1-9c3a-4d5236f119d3","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":38,"box":{"x":499,"y":242,"width":383,"height":11}},{"id":"b508b7e7-a4e9-4155-8e7e-d7c1bcf981a4","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":38,"box":{"x":70,"y":257,"width":815,"height":11}},{"id":"59219b18-1d9c-4cad-a427-a4e24c5de51a","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":38,"box":{"x":68,"y":272,"width":522,"height":11}},{"id":"d856dbd5-81fe-461a-9198-711faed29d2d","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":38,"box":{"x":102,"y":295,"width":760,"height":11}},{"id":"daa6bc2a-9d7a-4d56-a5e8-7210c5f5d08c","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":38,"box":{"x":69,"y":310,"width":795,"height":11}},{"id":"fa8fa146-7a44-4e31-adf5-e4b91fc8a9fb","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":38,"box":{"x":69,"y":325,"width":805,"height":11}},{"id":"226ba759-1a4c-4e1c-b050-ad285fd10fdb","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":38,"box":{"x":69,"y":340,"width":822,"height":11}},{"id":"763f14c7-b1ac-4500-a4c3-d704f2c46368","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":38,"box":{"x":68,"y":355,"width":839,"height":11}},{"id":"d8ccfeaa-2e1d-43ac-b69e-5b0437c06c5f","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":38,"box":{"x":69,"y":370,"width":802,"height":12}},{"id":"c4daa2b0-7b76-4d34-9315-2bb61484b53c","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":38,"box":{"x":70,"y":385,"width":820,"height":12}},{"id":"1fc15dd4-8639-48fc-bdea-45074f9f50a6","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":38,"box":{"x":70,"y":401,"width":801,"height":11}},{"id":"2709ad82-49c2-4c74-84c2-b287b9afa073","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":38,"box":{"x":70,"y":416,"width":831,"height":11}},{"id":"66677973-eea6-4a94-8beb-07bfd8951d1e","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":38,"box":{"x":69,"y":431,"width":479,"height":11}},{"id":"13f4e0c0-98a8-443c-ad1e-2c791c98ad27","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":38,"box":{"x":102,"y":453,"width":785,"height":12}},{"id":"10ca982c-2384-4958-89e2-12d3181c1408","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":38,"box":{"x":68,"y":469,"width":836,"height":11}},{"id":"d311c5a7-daa5-44d8-a338-fec54604683a","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":38,"box":{"x":68,"y":484,"width":821,"height":11}},{"id":"07d1dbe5-d309-4014-b300-7008c193ac43","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":38,"box":{"x":69,"y":499,"width":829,"height":11}},{"id":"ba4bc1f9-a340-4c91-bbda-0422e961db76","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":38,"box":{"x":70,"y":514,"width":835,"height":11}},{"id":"81e67f18-9a44-4103-ae28-87eea336bcca","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":38,"box":{"x":69,"y":529,"width":414,"height":11}},{"id":"6f133bd5-9a31-4031-b08f-dbfaf4923196","block_type":"box","text":"Other Compensation Benefits.","page_number":38,"box":{"x":101,"y":552,"width":218,"height":11}},{"id":"82bd388c-73b4-4b67-8ed8-7786306ea0f4","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":38,"box":{"x":327,"y":552,"width":552,"height":11}},{"id":"364b8bc1-cdb3-4b09-9a81-702a6209475f","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":38,"box":{"x":69,"y":567,"width":582,"height":11}},{"id":"8e02742b-e666-49a7-b59e-eec31dafa6cd","block_type":"box","text":"Incentive Savings Plans","page_number":38,"box":{"x":102,"y":590,"width":167,"height":11}},{"id":"6a874c38-2e44-4a6e-814e-2a73466a7260","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":38,"box":{"x":274,"y":589,"width":614,"height":12}},{"id":"c3bc6024-2c03-478e-a4bb-95790249c399","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":38,"box":{"x":69,"y":605,"width":831,"height":11}},{"id":"39604790-4204-43a9-9d59-6ff515d7fb9e","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":38,"box":{"x":70,"y":620,"width":785,"height":11}},{"id":"c03f11e2-6746-4517-a0ce-5723ca4152ae","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":38,"box":{"x":69,"y":634,"width":830,"height":12}},{"id":"f6882d68-8be2-4d4c-afbc-cd78e6763f09","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":38,"box":{"x":69,"y":650,"width":799,"height":11}},{"id":"0d50cc7f-fcab-439c-a5bb-2dfb12d86892","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":38,"box":{"x":69,"y":664,"width":831,"height":12}},{"id":"64724f0f-16da-484d-bedf-badd916c03de","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":38,"box":{"x":69,"y":680,"width":798,"height":12}},{"id":"0a844e82-4caf-4cc1-9b98-d9066fc675bf","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":38,"box":{"x":70,"y":695,"width":809,"height":12}},{"id":"f97d8f2c-662b-435d-97d9-ce452d720823","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":38,"box":{"x":68,"y":710,"width":793,"height":12}},{"id":"866cedb2-a7c0-4484-a2ca-12b6fac40e63","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":38,"box":{"x":70,"y":726,"width":832,"height":11}},{"id":"6d476d23-4ebd-4cee-b549-8fd178d60959","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":38,"box":{"x":68,"y":741,"width":805,"height":11}},{"id":"52084123-85d2-406d-bc2b-b4f5580c689c","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":38,"box":{"x":69,"y":755,"width":808,"height":12}},{"id":"d3f14729-a024-4615-b468-2203e4ba09de","block_type":"box","text":"par ticipate in these plans.","page_number":38,"box":{"x":70,"y":771,"width":185,"height":11}},{"id":"d74bd82d-659f-4c38-bd33-9f5114f9c655","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":38,"box":{"x":69,"y":801,"width":268,"height":11}},{"id":"16a86e56-685d-42a0-a410-a0a58dc63d88","block_type":"box","text":"As of December 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":38,"box":{"x":101,"y":824,"width":775,"height":11}},{"id":"c58445c3-9325-4e68-b384-93a20e5cf34b","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":38,"box":{"x":69,"y":839,"width":519,"height":11}},{"id":"9d03984c-8d28-4588-b2b9-5083c0a3de19","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":877,"width":105,"height":9}},{"id":"b1f831a2-18c9-4ce6-9dc7-8ddb3ad3b682","block_type":"box","text":"Dollar Range of Equity","page_number":38,"box":{"x":759,"y":867,"width":129,"height":9}},{"id":"5411c437-655e-432f-8fa7-b13e6d0c548c","block_type":"box","text":"Securities Beneficially Owned","page_number":38,"box":{"x":736,"y":877,"width":173,"height":9}},{"id":"044331f5-36db-472a-8228-4cf6b2c9154b","block_type":"box","text":"Sally Du, CFA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":69,"y":895,"width":772,"height":11}},{"id":"aa40584e-8800-42cd-b4cb-7c768a6e30c8","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e86ef3ee-6b37-452e-b87c-8dca304e2c6d","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1973654d-e7df-4511-b097-47348cc1c9c9","block_type":"box","text":"Portfolio Manager","page_number":39,"box":{"x":69,"y":59,"width":105,"height":9}},{"id":"1209d9ec-b04b-4c6c-b495-570eeb17e8fc","block_type":"box","text":"Dollar Range of Equity","page_number":39,"box":{"x":759,"y":49,"width":129,"height":9}},{"id":"88b5c6eb-0f12-4b9a-8d41-c1fd76505d7e","block_type":"box","text":"Securities Beneficially Owned","page_number":39,"box":{"x":736,"y":59,"width":173,"height":9}},{"id":"9253a3f4-b864-408f-afab-10c17d38afd6","block_type":"box","text":"Ibrahim Kanan. .","page_number":39,"box":{"x":70,"y":77,"width":114,"height":9}},{"id":"7fb0589d-ff4a-4539-a021-d12d42fc932f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":39,"box":{"x":190,"y":77,"width":651,"height":9}},{"id":"e683267f-5ea3-4e49-b956-11896948c37f","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":39,"box":{"x":69,"y":108,"width":403,"height":12}},{"id":"52eafbc4-8eba-4405-b3fb-98119fe0c639","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":39,"box":{"x":102,"y":131,"width":727,"height":11}},{"id":"150a85ee-b26c-4064-8ad7-c886023ef784","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":39,"box":{"x":70,"y":146,"width":814,"height":11}},{"id":"148afed9-3666-48af-b68c-dad5e72e091a","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":39,"box":{"x":70,"y":161,"width":837,"height":11}},{"id":"4b7d4c6c-bc10-45af-b4c3-ea85e33e8c8f","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":39,"box":{"x":70,"y":176,"width":810,"height":12}},{"id":"ab026ca2-2b68-4cdb-b82c-3c5c512aaf9d","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":39,"box":{"x":69,"y":191,"width":782,"height":12}},{"id":"1106e0d2-a0be-43b9-90db-5b32c5df3a6e","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":39,"box":{"x":69,"y":207,"width":830,"height":11}},{"id":"1fd154e4-6eea-4426-9b20-328077cd073e","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":39,"box":{"x":69,"y":222,"width":828,"height":11}},{"id":"a9f12015-65cc-4f02-8f5d-31791275e374","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":39,"box":{"x":68,"y":237,"width":834,"height":11}},{"id":"49c54e4d-573a-4bbc-82e1-6b19cd22b036","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":39,"box":{"x":70,"y":252,"width":777,"height":11}},{"id":"4ae6c381-0cbd-420a-9a5c-fd2fa141171a","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":39,"box":{"x":70,"y":267,"width":821,"height":11}},{"id":"0ce1ad98-e195-40a6-aa86-5a7d220f5b2f","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":39,"box":{"x":69,"y":282,"width":819,"height":11}},{"id":"04fad000-b415-4eb5-b38c-16f7fc1d1d6e","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":39,"box":{"x":69,"y":297,"width":832,"height":12}},{"id":"738e82bc-0569-4eda-8345-e7de718f7be1","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":39,"box":{"x":68,"y":312,"width":804,"height":12}},{"id":"18a1ead8-3054-4474-a8af-9fc9454b584e","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":39,"box":{"x":69,"y":327,"width":760,"height":12}},{"id":"00b9fe08-b7e9-4360-b8f2-4598aee0c95b","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":39,"box":{"x":69,"y":343,"width":834,"height":11}},{"id":"d58d08b6-1021-475b-a800-dd1125542964","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":39,"box":{"x":69,"y":358,"width":836,"height":11}},{"id":"511bcb59-d8d6-4885-a8ea-c52abbfe304f","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":39,"box":{"x":69,"y":373,"width":822,"height":11}},{"id":"c80ab087-b354-4e6a-af40-9ecee192afcc","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":39,"box":{"x":70,"y":388,"width":835,"height":11}},{"id":"4907a443-1f84-486f-9557-0ca44563f29a","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a por tfolio manager may be managing","page_number":39,"box":{"x":69,"y":403,"width":820,"height":11}},{"id":"1070ab01-0164-455c-963c-e5d2c8dc1030","block_type":"box","text":"hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts,","page_number":39,"box":{"x":69,"y":418,"width":811,"height":11}},{"id":"2b2b246b-262d-4512-8c3a-604b4f95b3a1","block_type":"box","text":"subject to incentive fees. Such por tfolio managers may therefore be entitled to receive a por tion of any incentive fees","page_number":39,"box":{"x":69,"y":433,"width":839,"height":12}},{"id":"f7c3d247-d72e-46df-9342-9eb0a1c7cb5f","block_type":"box","text":"earned on such accounts. Currently, the por tfolio managers of this Fund are not entitled to receive a por tion of","page_number":39,"box":{"x":69,"y":448,"width":791,"height":12}},{"id":"772d037d-31f5-44cb-a0a6-225e231cba0c","block_type":"box","text":"incentive fees of other accounts.","page_number":39,"box":{"x":70,"y":463,"width":231,"height":10}},{"id":"0eb1506a-f423-4bf3-b654-84009d25b296","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":39,"box":{"x":101,"y":486,"width":788,"height":11}},{"id":"b426d525-1d99-47ae-993a-9c5b08c15c71","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":39,"box":{"x":70,"y":501,"width":839,"height":11}},{"id":"a63d0917-7f39-4a8f-bef8-2a2930506960","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":39,"box":{"x":68,"y":516,"width":823,"height":12}},{"id":"833dcd49-0ba0-4eca-9b81-1ec1dcdf3160","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":39,"box":{"x":68,"y":532,"width":812,"height":11}},{"id":"60a9044b-55ee-46a5-9502-4f9af325c479","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":39,"box":{"x":69,"y":547,"width":777,"height":11}},{"id":"69f2f0a8-2150-4761-b906-24b348ff600c","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":39,"box":{"x":70,"y":562,"width":826,"height":11}},{"id":"5070936d-8ad6-4964-a6c9-99f427932a79","block_type":"box","text":"Accounting Services","page_number":39,"box":{"x":68,"y":592,"width":150,"height":11}},{"id":"aa2e9836-0913-4da9-acd3-b1906dba5313","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY MIS”) serves as the accounting services provider for the Fund.","page_number":39,"box":{"x":102,"y":615,"width":800,"height":11}},{"id":"fe05bbd4-3c93-4d39-8a88-08c4797aa14c","block_type":"box","text":"BNY MIS records investment, capital share and income and expense activities; verifies and transmits trade tickets;","page_number":39,"box":{"x":70,"y":630,"width":819,"height":11}},{"id":"384d5790-e686-45ac-9ef2-1b8a651280ef","block_type":"box","text":"maintains accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Fund’s","page_number":39,"box":{"x":69,"y":645,"width":761,"height":11}},{"id":"dcc4bb61-247b-4a39-81ca-ae8bb766af55","block_type":"box","text":"custodian; repor ts cash balances to BlackRock; prepares cer tain financial statements; calculates expenses, gains,","page_number":39,"box":{"x":69,"y":660,"width":821,"height":11}},{"id":"0dbefc6e-1dc7-4571-991c-115296254030","block_type":"box","text":"losses and income; controls disbursements; works with independent pricing sources; and computes and repor ts net","page_number":39,"box":{"x":70,"y":675,"width":829,"height":11}},{"id":"9215f358-3ce3-48a7-be26-fddb5637ee11","block_type":"box","text":"asset value. In connection with its accounting services, BNY MIS also provides cer tain administration services.","page_number":39,"box":{"x":69,"y":690,"width":793,"height":12}},{"id":"09e470e8-377c-419d-a1e6-c9f03528b1c4","block_type":"box","text":"The table below shows the amounts paid by the Fund to BNY MIS for accounting services for the past three","page_number":39,"box":{"x":101,"y":713,"width":766,"height":11}},{"id":"7f4d5829-8bb1-4454-89cc-6a39484970c6","block_type":"box","text":"years:","page_number":39,"box":{"x":68,"y":730,"width":42,"height":9}},{"id":"1d3fbfed-bfb4-413e-84ad-22b6d894787e","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":848,"y":756,"width":55,"height":8}},{"id":"061b8775-2e44-40a4-b331-809249fd144e","block_type":"box","text":"to BNY MIS","page_number":39,"box":{"x":842,"y":767,"width":67,"height":7}},{"id":"b535818d-6b98-4f29-a20a-b1ea5f7ff909","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":784,"width":447,"height":11}},{"id":"84a1dcca-882e-4e29-920f-903da642b29f","block_type":"box","text":"....................................","page_number":39,"box":{"x":524,"y":792,"width":287,"height":1}},{"id":"b3c0bccf-d717-4e92-abd0-d9e9cd9fc2d6","block_type":"box","text":"$51,370","page_number":39,"box":{"x":845,"y":784,"width":62,"height":11}},{"id":"a7a7827e-5170-4987-be33-062dd6ad115f","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":799,"width":447,"height":11}},{"id":"3e06ed2e-68d8-4954-bd01-2952db8db9df","block_type":"box","text":"....................................","page_number":39,"box":{"x":524,"y":807,"width":287,"height":1}},{"id":"2ad90943-9815-4ab4-bd2c-d3a8f831e785","block_type":"box","text":"$50,549","page_number":39,"box":{"x":845,"y":799,"width":62,"height":11}},{"id":"afa66de5-b9be-458c-8633-106fd72bb2a1","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":815,"width":447,"height":10}},{"id":"2c88f5c7-0fd8-48e3-880e-edce01335e28","block_type":"box","text":"....................................","page_number":39,"box":{"x":524,"y":822,"width":287,"height":1}},{"id":"c34d8a46-5bb1-4117-867b-835a03e192c4","block_type":"box","text":"$48,184","page_number":39,"box":{"x":845,"y":814,"width":62,"height":11}},{"id":"a6fa7fc4-4ed0-4bd0-a811-512f984fbd7a","block_type":"box","text":"Custodian","page_number":39,"box":{"x":69,"y":846,"width":72,"height":9}},{"id":"2949ecdf-3205-4ab3-acc4-9526962734c2","block_type":"box","text":"The Bank of New York Mellon (the “Custodian”), which has its principal place of business at 240 Greenwich","page_number":39,"box":{"x":101,"y":869,"width":767,"height":11}},{"id":"34c4a35a-02fe-4b87-b099-765e8cd2add7","block_type":"box","text":"Street, New York, NY 10286, serves as the custodian for the Fund. The Custodian, among other responsibilities,","page_number":39,"box":{"x":69,"y":884,"width":803,"height":11}},{"id":"112ac853-50fe-48ae-bd09-074989b8526c","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":39,"box":{"x":69,"y":899,"width":832,"height":11}},{"id":"d666fef0-a966-44a6-8b35-257c8227f76e","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"45f4a4f6-3bc5-45c8-9b11-acc9d709b8da","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da198c59-d3a1-4c21-84de-c9fb5c75675f","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":40,"box":{"x":70,"y":45,"width":813,"height":11}},{"id":"64c20e90-7f56-4b05-b6ca-75f1c14468c6","block_type":"box","text":"account of the assets of the Fund.","page_number":40,"box":{"x":69,"y":60,"width":244,"height":9}},{"id":"243ef3e9-2ad2-4b78-9482-2dfd284c06dc","block_type":"box","text":"Transfer Agent","page_number":40,"box":{"x":68,"y":90,"width":107,"height":11}},{"id":"b0ccc3e7-c6e2-4cd5-b9f1-8b4ad15bbc99","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (previously defined as “BNY MIS”), which has its principal place of","page_number":40,"box":{"x":102,"y":113,"width":780,"height":11}},{"id":"a9a31d91-ced6-455c-9e98-35ed35fa4190","block_type":"box","text":"business at 118 Flanders Road, Westborough, MA 01581, serves as transfer agent and dividend disbursing agent for","page_number":40,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"3e796cc3-9eb4-4ae9-8555-e73a3658c16d","block_type":"box","text":"the Fund.","page_number":40,"box":{"x":68,"y":143,"width":66,"height":9}},{"id":"80d62a1c-bc7b-4a6a-9f11-a5787377d6b6","block_type":"box","text":"Credit Agreement","page_number":40,"box":{"x":69,"y":173,"width":129,"height":11}},{"id":"4b03ecb3-eb22-451c-8b89-63fe3726cb19","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":40,"box":{"x":101,"y":196,"width":757,"height":11}},{"id":"393e823a-9bed-49fa-bab0-4f9e1b89de2c","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":40,"box":{"x":69,"y":210,"width":817,"height":12}},{"id":"f8bd40e8-edd4-4378-8bfd-d3eb12ad71fa","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":40,"box":{"x":68,"y":226,"width":743,"height":11}},{"id":"8ee865ed-8f14-4f01-9686-87f4a89d86e6","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":40,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"90f11b53-db07-470d-bfea-5bf6e28248bd","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":40,"box":{"x":68,"y":256,"width":818,"height":12}},{"id":"27373fda-44a8-45e2-83cd-9f7cd9b6b9f1","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":40,"box":{"x":70,"y":271,"width":761,"height":12}},{"id":"76ef7705-f8e2-479f-9575-f68329b09f72","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":40,"box":{"x":69,"y":286,"width":768,"height":12}},{"id":"625441c7-9ed9-42ea-ab38-362315d4737d","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectus and","page_number":40,"box":{"x":68,"y":302,"width":838,"height":11}},{"id":"b8ee440a-8ccd-4885-a52d-816c55f979a5","block_type":"box","text":"SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other","page_number":40,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"e579fad2-77a6-43c0-91e3-2a6fe98082e7","block_type":"box","text":"fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce the","page_number":40,"box":{"x":68,"y":332,"width":825,"height":11}},{"id":"75f2d3c1-5720-4300-a892-6175a250bcf3","block_type":"box","text":"Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":40,"box":{"x":70,"y":347,"width":771,"height":11}},{"id":"741c1eaf-a9bf-4055-96f0-ffcb24eed747","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund is","page_number":40,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"620cd542-28e2-4720-a147-b01a127e5fc3","block_type":"box","text":"charged interest at a variable rate.","page_number":40,"box":{"x":69,"y":377,"width":245,"height":12}},{"id":"cd3ab0af-347b-4f48-861f-7f880936c1a9","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":40,"box":{"x":68,"y":408,"width":491,"height":11}},{"id":"43ebac20-0bc8-48b5-99e1-651cd5f00eed","block_type":"box","text":"BlackRock Shares of the Fund do not currently incur a sales charge.","page_number":40,"box":{"x":102,"y":430,"width":483,"height":11}},{"id":"4d5381ac-b6d6-4e1c-97e8-167555df368c","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”), an affiliate of the Manager, acts as the Fund’s sole","page_number":40,"box":{"x":102,"y":453,"width":780,"height":11}},{"id":"fdbd2eaf-99c5-4419-8f0f-4edd2d622b81","block_type":"box","text":"distributor.","page_number":40,"box":{"x":69,"y":468,"width":74,"height":9}},{"id":"53909ccb-5009-4f78-80c8-737159dd8654","block_type":"box","text":"Pursuant to the Fund’s Distribution and Service Plan (the “Plan”), the Fund may pay BRIL and/or BlackRock or","page_number":40,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"9adafad9-ef44-4ef6-9ecb-11159f7abe93","block_type":"box","text":"any other affiliate or significant shareholder of BlackRock fees for distribution and sales suppor t services. The Fund","page_number":40,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"fc28dde3-6bea-4d03-ac71-c41565993fed","block_type":"box","text":"currently does not make distribution payments with respect to BlackRock Shares under the Plan.","page_number":40,"box":{"x":69,"y":521,"width":688,"height":11}},{"id":"a3e47316-0f70-4761-99e9-b3ebe4b34347","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":40,"box":{"x":68,"y":551,"width":318,"height":11}},{"id":"3b661652-361b-4177-b226-8532942a9451","block_type":"box","text":"The offering price for the Fund’s shares is equal to the share class’ net asset value computed by dividing the","page_number":40,"box":{"x":101,"y":574,"width":779,"height":11}},{"id":"287a6be7-2c3e-4311-86dc-b25222319ede","block_type":"box","text":"value of the Fund’s net assets by the number of shares outstanding. For more information on the purchasing and","page_number":40,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"066e4626-591d-4e61-b32a-06771afc027a","block_type":"box","text":"valuation of shares, please see “Purchase of Shares” and “Pricing of Shares” in Par t II of this Statement of","page_number":40,"box":{"x":68,"y":604,"width":771,"height":11}},{"id":"1bd246de-94e8-4b51-bede-fed39b3bac47","block_type":"box","text":"Additional Information.","page_number":40,"box":{"x":68,"y":619,"width":160,"height":9}},{"id":"c01e7320-7175-432a-ad30-48f8112b764b","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":649,"width":302,"height":11}},{"id":"88293f67-2fe1-49f7-87f0-fc60f80ffa29","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this Statement of Additional Information for more","page_number":40,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"c78d39a2-258c-4024-a986-61c950ad72cc","block_type":"box","text":"information.","page_number":40,"box":{"x":70,"y":687,"width":83,"height":9}},{"id":"ffc1c664-989d-4842-be5c-f68fbe411b29","block_type":"box","text":"Information about the brokerage commissions paid by the Fund is set for th in the following table:","page_number":40,"box":{"x":102,"y":710,"width":691,"height":11}},{"id":"739d0fc7-31d7-4945-beb8-d7e1cebdb6c8","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":784,"y":738,"width":125,"height":9}},{"id":"84db445e-147f-4b1d-9c92-8eecc78df5ce","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":794,"y":748,"width":106,"height":7}},{"id":"88476ac1-52b8-423b-9ce8-950d874c6134","block_type":"box","text":"Fiscal Year Ended December 31, 2025","page_number":40,"box":{"x":70,"y":766,"width":273,"height":10}},{"id":"baf8c87b-9c11-4a96-9da0-5d3384146e26","block_type":"box","text":"..................................................","page_number":40,"box":{"x":352,"y":773,"width":401,"height":2}},{"id":"4f17576f-13be-4ef5-9faa-3935c6189bac","block_type":"box","text":"$821","page_number":40,"box":{"x":828,"y":765,"width":38,"height":11}},{"id":"c13c891a-40d9-4acd-a1d5-ae2dee7d2c9b","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":40,"box":{"x":70,"y":781,"width":274,"height":11}},{"id":"4d1b93a0-4010-4588-8c42-09a6835ef552","block_type":"box","text":"..................................................","page_number":40,"box":{"x":352,"y":788,"width":401,"height":2}},{"id":"7c68bdd5-6871-41a5-8464-6bd25ea3c581","block_type":"box","text":"$316","page_number":40,"box":{"x":828,"y":780,"width":38,"height":11}},{"id":"3f3cde87-58d4-4b67-8ab5-1b84019eaab1","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":40,"box":{"x":70,"y":796,"width":273,"height":11}},{"id":"c743c0e7-5ec9-41c9-8646-dc9b5d3952b3","block_type":"box","text":"..................................................","page_number":40,"box":{"x":352,"y":804,"width":401,"height":1}},{"id":"da776392-7b37-4615-a9bf-d0ca7e3b9471","block_type":"box","text":"$281","page_number":40,"box":{"x":828,"y":795,"width":38,"height":11}},{"id":"20517495-63fa-4f7e-ae76-a8b01889ff14","block_type":"box","text":"No brokerage commissions were paid to brokers affiliated with the Fund or the Manager for the periods shown","page_number":40,"box":{"x":102,"y":820,"width":785,"height":11}},{"id":"29f32e8d-c180-430e-8b5f-c73ee94d9065","block_type":"box","text":"above.","page_number":40,"box":{"x":69,"y":835,"width":45,"height":9}},{"id":"e6fd7a26-fe2d-4441-a89c-a38fa7ec074b","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":40,"box":{"x":101,"y":858,"width":770,"height":11}},{"id":"fc67e0e1-ab69-4842-ba62-b08d0eda7995","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":40,"box":{"x":69,"y":873,"width":814,"height":11}},{"id":"2cd994cf-f4eb-4ff6-9a64-b13bd4651969","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended December 31, 2025. The","page_number":40,"box":{"x":68,"y":888,"width":784,"height":11}},{"id":"a3243535-9a7d-4adb-b537-51bf573a8121","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a5652a30-717b-42a8-9bf1-271fae34ddb9","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98697878-4568-41f8-8dfa-381561dc89cd","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":41,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"cec07f11-6983-4b3b-b111-29d81d036596","block_type":"box","text":"business with such brokers.","page_number":41,"box":{"x":69,"y":60,"width":198,"height":9}},{"id":"5358210e-fb40-4904-8363-15545862504f","block_type":"box","text":"Amount of Commissions","page_number":41,"box":{"x":352,"y":88,"width":141,"height":7}},{"id":"edefbf7d-bc4d-4bea-90fb-b04de199b8ec","block_type":"box","text":"Paid to Brokers for Providing","page_number":41,"box":{"x":340,"y":98,"width":167,"height":9}},{"id":"d2907422-d7aa-4afb-8592-d4fc95de8f82","block_type":"box","text":"Section 28(e) Eligible Research Services","page_number":41,"box":{"x":303,"y":108,"width":240,"height":9}},{"id":"e4b9208a-d6f4-47ed-9fdf-746f0fe6a24c","block_type":"box","text":"Amount of Brokerage","page_number":41,"box":{"x":583,"y":98,"width":124,"height":9}},{"id":"8c407bff-1b2c-4dde-82f9-b11ecc53754a","block_type":"box","text":"Transactions Involved","page_number":41,"box":{"x":582,"y":108,"width":126,"height":7}},{"id":"cfdfd57f-f335-425d-ae83-7a8d14171d8c","block_type":"box","text":"$84 $1,366,966","page_number":41,"box":{"x":409,"y":125,"width":280,"height":11}},{"id":"52946a06-adf0-4f88-9bd6-57cf89a3f6d6","block_type":"box","text":"As of December 31, 2025, the value of the Fund’s holdings of the securities of its regular brokers or dealers (as","page_number":41,"box":{"x":101,"y":150,"width":802,"height":11}},{"id":"07bee8d9-0e8b-436e-9eb9-d2046eea4f7e","block_type":"box","text":"defined in Rule 10b-1 under the Investment Company Act), if any por tion of such holdings were purchased during the","page_number":41,"box":{"x":69,"y":165,"width":832,"height":11}},{"id":"a043334d-5e7c-45b6-9d04-1fb0d4b5c3b7","block_type":"box","text":"fiscal year ended December 31, 2025, is as follows:","page_number":41,"box":{"x":68,"y":180,"width":374,"height":11}},{"id":"3d6a464f-09bf-48bd-b6dd-46caf4ca2545","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":41,"box":{"x":69,"y":208,"width":840,"height":9}},{"id":"1a53bf37-8b51-46e6-b3e0-161852326a2d","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":41,"box":{"x":69,"y":226,"width":209,"height":11}},{"id":"2c2457eb-d536-499f-bcfa-1d4c6a5c6ef4","block_type":"box","text":".................................... E","page_number":41,"box":{"x":284,"y":226,"width":380,"height":9}},{"id":"7673efa3-2a28-411c-add0-e0ac333a7139","block_type":"box","text":"$27,724","page_number":41,"box":{"x":797,"y":225,"width":62,"height":12}},{"id":"37b93370-2bae-4589-b207-d2a9404aae79","block_type":"box","text":"Securities Lending","page_number":41,"box":{"x":68,"y":273,"width":135,"height":11}},{"id":"099f9a40-8e9c-4646-8025-15b469fca8e3","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":41,"box":{"x":101,"y":296,"width":807,"height":11}},{"id":"d64641d6-558b-4288-b12e-534c5c29e269","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":41,"box":{"x":69,"y":310,"width":817,"height":12}},{"id":"1121369a-febd-4e1e-a81d-071868065dfb","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":41,"box":{"x":69,"y":326,"width":813,"height":11}},{"id":"9bad06eb-156a-4fbd-a569-d01249dcefec","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":41,"box":{"x":70,"y":341,"width":838,"height":11}},{"id":"90c1af28-c232-4605-a24d-fe9913449db1","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":41,"box":{"x":69,"y":356,"width":813,"height":11}},{"id":"51fae7dc-ba43-4e34-bf09-81608fef916e","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":41,"box":{"x":70,"y":371,"width":646,"height":11}},{"id":"7ceff16d-bcb1-491f-9d7f-31533551de23","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BIM as","page_number":41,"box":{"x":101,"y":394,"width":735,"height":11}},{"id":"7e0ca333-0f01-4280-b999-fe37f5655a81","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":41,"box":{"x":69,"y":409,"width":834,"height":11}},{"id":"fa73790d-9da1-4841-a4ea-b70a156b138e","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":41,"box":{"x":70,"y":424,"width":822,"height":11}},{"id":"92c545ea-4cdc-4738-b69a-a7c0c10f630c","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":41,"box":{"x":69,"y":439,"width":787,"height":11}},{"id":"49612c01-0a84-47ac-8227-27b605a1b548","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":41,"box":{"x":69,"y":454,"width":783,"height":11}},{"id":"18a81886-6be4-4402-8818-6941a697d87f","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":41,"box":{"x":70,"y":469,"width":800,"height":11}},{"id":"22e54817-4bac-4256-9ec9-cb84fe2c7e44","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":41,"box":{"x":70,"y":484,"width":813,"height":12}},{"id":"de9d4d48-0a7c-42f7-8e0e-0547f12faca2","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":41,"box":{"x":70,"y":499,"width":830,"height":12}},{"id":"ef54927f-427b-42b5-ae5b-60f555d384df","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":41,"box":{"x":69,"y":515,"width":773,"height":11}},{"id":"d9c246f7-7dbb-4105-b09a-5e1c9ac034d6","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":41,"box":{"x":101,"y":537,"width":776,"height":12}},{"id":"88e024c1-6bd1-45fe-8034-14855c88af42","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":41,"box":{"x":69,"y":552,"width":831,"height":12}},{"id":"ba1b0735-cc0e-43c8-8b49-ad2d7a463afb","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":41,"box":{"x":68,"y":567,"width":812,"height":12}},{"id":"bf107efc-3fae-458f-897f-945f234ea4f8","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":41,"box":{"x":69,"y":583,"width":799,"height":11}},{"id":"aa02ea6f-f33e-4b13-9d8a-8d5372e9574a","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":41,"box":{"x":68,"y":598,"width":835,"height":11}},{"id":"21e797cc-2bcd-4e30-a461-ba34365df72b","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":41,"box":{"x":69,"y":613,"width":818,"height":11}},{"id":"495be166-4998-4f92-b6d5-950eed7efa07","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":41,"box":{"x":68,"y":628,"width":789,"height":11}},{"id":"54d9d558-26f0-48de-b478-c9fc223fddcc","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":41,"box":{"x":69,"y":643,"width":829,"height":11}},{"id":"f9b7d408-ac58-4f53-991d-7b3a58950d0b","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":41,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"d208e7ae-e25c-46bc-9f9b-ed0bc0b879b7","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":41,"box":{"x":69,"y":673,"width":802,"height":12}},{"id":"cd240469-cac0-4d63-a1c6-575e8a7a7303","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":41,"box":{"x":70,"y":688,"width":830,"height":12}},{"id":"426d2dba-bf6e-46a4-83fc-d2603ade251e","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":41,"box":{"x":69,"y":703,"width":838,"height":12}},{"id":"1aa20904-8d26-4fa3-a019-192503d9e0db","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":719,"width":258,"height":11}},{"id":"73c41171-558e-4b79-b9f7-9cd23ca11529","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":41,"box":{"x":102,"y":741,"width":774,"height":12}},{"id":"105b8483-4986-4413-ba00-ca30d5ac2f87","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":41,"box":{"x":69,"y":756,"width":790,"height":12}},{"id":"bad5d346-f406-4a76-8c65-9580e2878a64","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":41,"box":{"x":68,"y":772,"width":809,"height":11}},{"id":"c67e8f16-0ab6-49fc-bd08-73f235e01eaf","block_type":"box","text":"Trust and BIM.","page_number":41,"box":{"x":68,"y":787,"width":103,"height":9}},{"id":"645b6e75-4138-4c5f-92d7-4cb439534780","block_type":"box","text":"Pursuant to the securities lending agreement effective as of January 1, 2026: (i) the Fund retains 81% of","page_number":41,"box":{"x":102,"y":809,"width":751,"height":12}},{"id":"6ec6ee0d-5c73-4954-b291-f2ca7965b993","block_type":"box","text":"securities lending income (which excludes collateral investment fees); and (ii) this amount can never be less than","page_number":41,"box":{"x":69,"y":824,"width":808,"height":12}},{"id":"c4b75e8e-f06f-43b2-a079-d2e91054b718","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":840,"width":545,"height":11}},{"id":"a5a85612-cbb1-4e7a-8b49-b4845d36b935","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":41,"box":{"x":102,"y":862,"width":753,"height":12}},{"id":"c3415481-c765-4c9e-baa8-3b88b5f64dd1","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund,","page_number":41,"box":{"x":69,"y":877,"width":783,"height":12}},{"id":"a97116e2-2343-4bdb-acfc-38d44c6dffcf","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":41,"box":{"x":70,"y":892,"width":817,"height":12}},{"id":"7a160549-4046-48fc-970b-b1786a6cc11b","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"80e867a6-35bb-45dc-85bd-0625c92649f7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d14fe52-18d7-4cc1-aefa-7dc544e51772","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":42,"box":{"x":70,"y":45,"width":794,"height":11}},{"id":"6ca0c860-2894-437d-ad9b-25f28cccf5c0","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":42,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"0eee818d-1849-4155-bca8-2bde27bdb713","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":42,"box":{"x":102,"y":82,"width":683,"height":12}},{"id":"0346d746-9c44-4978-a1d1-5c986234ada9","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended December 31, 2025, primarily","page_number":42,"box":{"x":101,"y":105,"width":783,"height":11}},{"id":"c29426dd-d7fd-478a-8425-b1bd8468f8aa","block_type":"box","text":"included the following:","page_number":42,"box":{"x":70,"y":120,"width":156,"height":12}},{"id":"b1566bdb-bc97-4040-963f-ef44efdbc691","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":42,"box":{"x":69,"y":140,"width":818,"height":12}},{"id":"6405b30c-f309-43ad-a77a-c7ecb006de53","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":42,"box":{"x":102,"y":155,"width":333,"height":11}},{"id":"f5c28d86-4522-4463-88f9-d8535a7596c0","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":42,"box":{"x":69,"y":176,"width":538,"height":11}},{"id":"ac9ec071-0b80-41bb-9d25-37d48ff9d25e","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":42,"box":{"x":69,"y":196,"width":330,"height":11}},{"id":"c1b4f256-ae46-44f4-b171-e08876874e53","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":42,"box":{"x":69,"y":216,"width":834,"height":11}},{"id":"d15c122d-836f-4f21-b177-b864fe07f8b1","block_type":"box","text":"of excess collateral, as necessary;","page_number":42,"box":{"x":102,"y":231,"width":246,"height":11}},{"id":"c7e7de14-e270-4682-9c8f-fb326b7e504f","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":42,"box":{"x":69,"y":251,"width":562,"height":12}},{"id":"ebc11dfb-c096-4ee3-8326-aad33076f137","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":42,"box":{"x":69,"y":271,"width":665,"height":12}},{"id":"dbfd2b8a-3337-4195-8a25-854b413cae77","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":42,"box":{"x":69,"y":292,"width":822,"height":11}},{"id":"639ba32a-8a28-4caa-980b-d060a823bf53","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":42,"box":{"x":101,"y":307,"width":803,"height":11}},{"id":"4b344b0c-0ea7-40fc-9952-237e6572f461","block_type":"box","text":"of the loaned securities; and","page_number":42,"box":{"x":102,"y":322,"width":203,"height":10}},{"id":"f648b1a0-8b22-4b77-837c-87ccd1ae2f5c","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":42,"box":{"x":69,"y":342,"width":808,"height":11}},{"id":"5acc872d-a4a9-4059-b9d7-0c9b1a04bf19","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":42,"box":{"x":101,"y":365,"width":805,"height":11}},{"id":"ff56e0bc-a4b3-405b-aaac-ea7ee0f5d68d","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended December 31, 2025.","page_number":42,"box":{"x":69,"y":380,"width":590,"height":11}},{"id":"33951559-7b0d-4a52-8f7c-7dd025978077","block_type":"box","text":"Gross income from securities lending activities","page_number":42,"box":{"x":69,"y":408,"width":343,"height":11}},{"id":"6880a98b-d3e4-480c-a74e-7559e50f12c3","block_type":"box","text":"....................................................","page_number":42,"box":{"x":417,"y":415,"width":418,"height":1}},{"id":"f2e026fc-25cf-4efd-9e73-ca842a4816cb","block_type":"box","text":"$1,881","page_number":42,"box":{"x":856,"y":407,"width":53,"height":11}},{"id":"ce70c046-20c9-4347-ab93-8ab59e7fc604","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":42,"box":{"x":70,"y":427,"width":565,"height":11}},{"id":"ce901cce-1e47-4772-910f-1f29d6d27894","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent","page_number":42,"box":{"x":79,"y":442,"width":555,"height":11}},{"id":"79bced14-37d1-49c9-a901-639695907f68","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . $ 102","page_number":42,"box":{"x":646,"y":441,"width":263,"height":11}},{"id":"7e8a244a-1565-4bbc-8155-c21dba609bd2","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM . . .","page_number":42,"box":{"x":79,"y":457,"width":683,"height":12}},{"id":"52d69e29-f1ca-455f-bdbb-6d67643ae6d9","block_type":"box","text":". . . . . . . . . $ 16","page_number":42,"box":{"x":768,"y":457,"width":141,"height":10}},{"id":"95cef113-5c97-40b8-bf0b-c10a172633d6","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":42,"box":{"x":78,"y":472,"width":519,"height":12}},{"id":"24dee9f5-a2c9-4c4f-9094-f7c3c9c481b5","block_type":"box","text":"............................. $ 0","page_number":42,"box":{"x":605,"y":472,"width":304,"height":10}},{"id":"4b77eb82-7a5a-44c8-9399-f88b9966e8ea","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM","page_number":42,"box":{"x":79,"y":487,"width":526,"height":12}},{"id":"3e99ead6-f2db-4637-86d3-71adfd4a21fb","block_type":"box","text":"............................ $ 0","page_number":42,"box":{"x":613,"y":487,"width":296,"height":10}},{"id":"2e44cedf-f839-4147-849b-790eb92d248a","block_type":"box","text":"Rebates (paid to borrowers).","page_number":42,"box":{"x":79,"y":503,"width":201,"height":11}},{"id":"65ba15b2-1c50-4971-a751-6e12d7b2c00a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,329","page_number":42,"box":{"x":287,"y":502,"width":622,"height":11}},{"id":"35ff53ce-743c-4110-b390-d76a449b6fa9","block_type":"box","text":"Other fees not included in securities lending income paid to BIM . . . . . . . .","page_number":42,"box":{"x":79,"y":518,"width":519,"height":11}},{"id":"87a69b46-52c2-4c92-8faa-b0d6a71d9d23","block_type":"box","text":"............................. $ 0","page_number":42,"box":{"x":605,"y":517,"width":304,"height":11}},{"id":"394110b5-f9d2-4c2c-a61f-5c7beb504709","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":42,"box":{"x":68,"y":533,"width":455,"height":11}},{"id":"9d93043e-0e34-4c6e-89f0-a462807ddcf9","block_type":"box","text":"......................................","page_number":42,"box":{"x":531,"y":540,"width":304,"height":2}},{"id":"9e6fd3fb-c98b-4b55-9c07-47327247eb84","block_type":"box","text":"$1,447","page_number":42,"box":{"x":856,"y":532,"width":53,"height":12}},{"id":"01bde98e-2ab6-4ad7-ae9e-3ea43aeb4655","block_type":"box","text":"Net income from securities lending 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Shares","page_number":42,"box":{"x":696,"y":869,"width":213,"height":9}},{"id":"3c10239f-7969-4831-8929-667484331e93","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"21935fcb-f737-4a19-bafc-5a752f3bf995","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa49b8ff-4099-4c4e-b4ba-96574eac3a25","block_type":"box","text":"Name","page_number":43,"box":{"x":69,"y":49,"width":32,"height":7}},{"id":"ec481988-8b15-43d2-ad0d-d812e9d0765e","block_type":"box","text":"Address Percentage Class","page_number":43,"box":{"x":536,"y":49,"width":325,"height":9}},{"id":"600330eb-ce31-4027-9103-5d8f6b4ffa6c","block_type":"box","text":"BNYM I S Trust Co Cust 301 Bellevue Parkway","page_number":43,"box":{"x":70,"y":67,"width":568,"height":11}},{"id":"ceab54b0-a71a-4b16-a913-9f50a1d9266e","block_type":"box","text":"Wilmington, DE 19809","page_number":43,"box":{"x":478,"y":82,"width":161,"height":11}},{"id":"b512e35b-96ad-49c1-a0ce-fd3a1318d9e2","block_type":"box","text":"5.54% BlackRock Shares","page_number":43,"box":{"x":696,"y":67,"width":213,"height":9}},{"id":"a18045a9-55dc-4c1a-ab04-c3afae2e5f55","block_type":"box","text":"Nor thern Trust PO Box 92956","page_number":43,"box":{"x":70,"y":105,"width":541,"height":8}},{"id":"abfe76c4-d07c-44f2-ae87-3c6e84867a9b","block_type":"box","text":"Chicago, IL 60675-2994","page_number":43,"box":{"x":472,"y":120,"width":174,"height":11}},{"id":"7c6971c8-2d64-46aa-ab13-2416d1a85e82","block_type":"box","text":"5.34% BlackRock Shares","page_number":43,"box":{"x":696,"y":105,"width":213,"height":8}},{"id":"561d4634-7b3d-4141-a393-7e1bf60b6086","block_type":"box","text":"BNYM I S Trust Co Cust 301 Bellevue Parkway","page_number":43,"box":{"x":70,"y":142,"width":568,"height":11}},{"id":"76bfdd08-c4f3-42b7-908f-00075d014209","block_type":"box","text":"Wilmington, DE 19809","page_number":43,"box":{"x":478,"y":158,"width":161,"height":11}},{"id":"3d1df75d-a060-4bf5-b65a-4cbc5ae0d0db","block_type":"box","text":"5.23% BlackRock Shares","page_number":43,"box":{"x":696,"y":142,"width":213,"height":9}},{"id":"45a9a11b-5531-42fb-91ab-62f00a7adc91","block_type":"box","text":"The Trust","page_number":43,"box":{"x":68,"y":212,"width":69,"height":9}},{"id":"a9518153-ba5c-43d6-a08b-18029b93502d","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":43,"box":{"x":101,"y":234,"width":807,"height":12}},{"id":"234ccf95-9d0d-4e9b-b12e-f8f1757859ba","block_type":"box","text":"Investment Company Act as an open-end, management investment company. The Fund is classified as a diversified","page_number":43,"box":{"x":70,"y":249,"width":820,"height":12}},{"id":"6d69874d-6f9e-40e8-82ba-ea00c4eb241f","block_type":"box","text":"investment company. Effective January 31, 1998, the Trust changed its name from Compass Capital Funds","page_number":43,"box":{"x":70,"y":264,"width":765,"height":12}},{"id":"26a24430-52ef-4ff5-a203-16fb00bde387","block_type":"box","text":"SM","page_number":43,"box":{"x":836,"y":265,"width":11,"height":4}},{"id":"0596e901-8b4d-4452-949f-517745983e05","block_type":"box","text":"to","page_number":43,"box":{"x":852,"y":265,"width":14,"height":8}},{"id":"b76f089e-52aa-4127-b9f9-fb220b514531","block_type":"box","text":"BlackRock Funds","page_number":43,"box":{"x":70,"y":280,"width":119,"height":9}},{"id":"0ea98b24-bbcc-4ed8-ac08-f900d097e384","block_type":"box","text":"SM","page_number":43,"box":{"x":190,"y":280,"width":11,"height":4}},{"id":"69038cea-e3e3-4087-82c9-b289492c95a8","block_type":"box","text":". The Trust is authorized to issue an unlimited number of shares of beneficial interest with a par","page_number":43,"box":{"x":203,"y":280,"width":683,"height":11}},{"id":"cee31baa-fd4f-4471-951c-0d3aab4ca553","block_type":"box","text":"value of $0.001 per share, which may be divided into different series and classes.","page_number":43,"box":{"x":68,"y":294,"width":590,"height":12}},{"id":"c9d9768c-8d71-40dd-85c3-c9a0c91efe5b","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":43,"box":{"x":102,"y":317,"width":734,"height":12}},{"id":"e28cb628-4682-42dc-8721-8725f5b834cd","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":43,"box":{"x":70,"y":332,"width":822,"height":12}},{"id":"cd42e802-362c-4fda-bc7c-6e311a15983c","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":43,"box":{"x":69,"y":348,"width":814,"height":11}},{"id":"11eac46b-de40-4f22-b429-e1ae021b6326","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":43,"box":{"x":69,"y":363,"width":794,"height":11}},{"id":"33daa6b9-78b4-4785-9a5e-ab147d10c296","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":43,"box":{"x":69,"y":378,"width":824,"height":11}},{"id":"fc9ee4f3-6377-4576-bd03-743358d75f4e","block_type":"box","text":"provides for indemnification out of Trust proper ty of any shareholder held personally liable solely by reason of his","page_number":43,"box":{"x":70,"y":393,"width":804,"height":11}},{"id":"1822b275-c188-4049-96da-a73b382d2dcc","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":43,"box":{"x":69,"y":408,"width":830,"height":11}},{"id":"a1af07be-1204-457e-9d44-9fbca34d6081","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":43,"box":{"x":68,"y":423,"width":807,"height":11}},{"id":"c5b68798-479c-4392-aa57-a07789640e14","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":43,"box":{"x":69,"y":438,"width":719,"height":12}},{"id":"72e63cfb-ecd7-4d57-a845-624d51c270bb","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the Trustees or Trust shall","page_number":43,"box":{"x":101,"y":461,"width":777,"height":11}},{"id":"3be2ec6b-befa-48d2-963e-76bb74932eee","block_type":"box","text":"look solely to the Trust proper ty for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":43,"box":{"x":70,"y":476,"width":828,"height":11}},{"id":"9e5f579f-39bc-4be8-abac-830de81aa736","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":43,"box":{"x":69,"y":491,"width":827,"height":12}},{"id":"8fae299e-de0c-4811-8b7b-a973977d7fbe","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any business of the Trust; and that no Trustee shall be","page_number":43,"box":{"x":70,"y":506,"width":762,"height":12}},{"id":"dd4dcae5-d8b0-4970-bed4-eaf94f120afc","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":43,"box":{"x":70,"y":521,"width":836,"height":12}},{"id":"799716dc-aeca-4ed4-adaf-3063ae7f480c","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":43,"box":{"x":69,"y":537,"width":567,"height":11}},{"id":"16d6c47e-dadf-49b1-9b76-9efda009c275","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":43,"box":{"x":101,"y":559,"width":792,"height":12}},{"id":"90932116-77b1-46cd-8a44-e71cacefb5f8","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":43,"box":{"x":69,"y":574,"width":825,"height":12}},{"id":"87fc4e93-8a80-493c-92ed-2f45c4bb0de9","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":43,"box":{"x":70,"y":589,"width":824,"height":12}},{"id":"5cf48b8a-340b-4a62-a7f5-e63e8bb97161","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":43,"box":{"x":68,"y":605,"width":811,"height":11}},{"id":"8d06ffbd-f133-4329-8284-555b89b0d0d5","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":43,"box":{"x":68,"y":620,"width":315,"height":9}},{"id":"f7dcebde-f404-4976-8859-9095072873eb","block_type":"box","text":"IX. Financial Statements","page_number":43,"box":{"x":69,"y":650,"width":179,"height":9}},{"id":"f27723f8-f8bf-4b48-a156-e31abe78dc01","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":43,"box":{"x":101,"y":673,"width":726,"height":11}},{"id":"d9373165-1588-4b4a-abf5-f3f31010aa09","block_type":"box","text":"Statements and Additional Information for the fiscal year ended December 31, 2025, as filed with the SEC on Form","page_number":43,"box":{"x":69,"y":688,"width":823,"height":11}},{"id":"b4c3ff99-d06a-4490-91d6-5997edf33cb5","block_type":"box","text":"N-CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the","page_number":43,"box":{"x":70,"y":703,"width":804,"height":11}},{"id":"65fe6baf-a8b6-4eb8-8882-ce9faf736dd2","block_type":"box","text":"2025 Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have","page_number":43,"box":{"x":69,"y":718,"width":837,"height":11}},{"id":"ecfdfd29-87b7-4184-88a7-355a59b1854f","block_type":"box","text":"been audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such","page_number":43,"box":{"x":69,"y":733,"width":835,"height":11}},{"id":"f71f6dfb-f14f-4541-849a-cf3693ad3789","block_type":"box","text":"2025 Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":43,"box":{"x":69,"y":748,"width":833,"height":12}},{"id":"b88936a2-92f7-4b34-93d5-45b266ecf04d","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":43,"box":{"x":69,"y":763,"width":815,"height":12}},{"id":"d0ba8cce-6765-4278-80e0-897c97f83e7b","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":43,"box":{"x":69,"y":778,"width":785,"height":12}},{"id":"7ee51363-6ec7-4d4c-91df-08edba91ce92","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":43,"box":{"x":69,"y":794,"width":836,"height":11}},{"id":"29569d5d-7cd6-473d-ad2b-9466b25bf359","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"a580b213-e794-4683-bcbe-136700a7b260","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40f53cd1-ef5a-4e44-8c38-19d1e6f6dc32","block_type":"box","text":"PART II","page_number":44,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"f6fcd5d4-3e6d-462b-ad68-ffd0421b5cfc","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":44,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"31a56ecf-0bf7-4f70-bf00-31cf54950812","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":44,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"2797deb0-16be-4ab3-9d6b-11638a939dd2","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":44,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"753a8ea3-310f-4de3-b60d-6804e1ae3b28","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":44,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"cdf67e4b-b5d2-4f22-9c54-67c587ad765d","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":44,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"a75532ac-44ed-4fbc-a436-1242b0b9d688","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":44,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"4674b63a-1d31-40bc-8409-204196c74757","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":44,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"7ed2b5cd-7b29-4c4b-8e83-679ad7e7074a","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":44,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"5e06c3d9-9c04-435b-b29b-0217f83e0990","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":44,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"06447ef6-1604-45ea-94c4-8d1ecc780565","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":44,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"71c95170-b2b8-4d50-b597-5ac388c3dd57","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":44,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"a799cfb4-29e7-4788-af40-acb7db66e52d","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":44,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"d628aa81-af0d-4c33-bd93-b23760c65a4c","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":44,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"08b6d92c-7823-496d-b4ba-e98caf65306d","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":44,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"ed705332-f633-4a3d-9c8d-832f08904d34","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":44,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"4f0e91ec-d58d-44b6-86cb-e0227309de29","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":44,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"53a2caee-e522-46a4-b33a-a032fb6bc7bf","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":44,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"2981a1c3-0e11-498f-8d19-c30cbd594fb1","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":44,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"5dcc72c3-863a-4384-915b-f9fc85d13ce2","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":44,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"107927c1-bda0-40e3-8ffc-4f0c88b976e5","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":44,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"5465c388-8ed0-4db7-aebe-d37c58fd21bc","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":44,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"31816230-fb62-4ea6-9459-52b4066dc7ba","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":44,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"f4381260-a827-4de3-9e90-678ba92579a9","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":44,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"fe0cc4b9-f963-4da6-affc-a88fc65b8c2d","block_type":"box","text":"par ticular Fund.","page_number":44,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"af42f930-2606-433b-a22e-6035001fefa4","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":44,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"0ce1d010-2e4e-4ee7-806c-a93ef0efc850","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":44,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"82731b5e-237a-4939-b0ae-dea50b6f03a6","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":44,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"48bcab00-b66f-4b0a-9916-1e0f5fc7d82e","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":44,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"5b5f147c-85f9-437d-b103-d9692b1a49ed","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":44,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"ce39735f-951f-4885-b08d-1ee2058eefdf","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":44,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"808facf3-c454-48a3-a573-ecd0862960d1","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":44,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"2fd8bf5b-5325-43e2-9e12-e6fcbb3029f5","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":44,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"e6658b75-ad93-42a1-93d9-bb291e825bbc","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":44,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"5d3daa5c-2c6e-4abb-a9c6-acd1685e1ea3","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":44,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"86c79fd8-0f52-4f20-aa56-3deebe976af4","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":44,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"a04a1c3c-9db4-4cf6-ab79-2ba101224615","block_type":"box","text":"Asset-Backed Securities.","page_number":44,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"4e71831f-5e61-4c91-a1a3-58a620d785f7","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":44,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"caf90880-55b9-4433-aa12-25ac2330364f","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":44,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"f5417e0f-5197-4c8f-8e84-f0eb5c93a6b5","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":44,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"e794867c-4a63-44b7-a4fe-58b87010545d","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":44,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"2b60ae5f-583b-461d-aa83-34dc8e7a161d","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":44,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"371e2865-92d5-4455-9e4c-03ad28d7fd86","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":44,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"975f4ce7-3a85-4c19-92b0-60912f7e6e05","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":44,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"afcd77cf-607f-453e-8441-21bf1e3c99a5","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":44,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"0c14edf7-cf9d-4ce7-a1f0-91fc7ca7bfb5","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":44,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"d9a04778-94b0-410e-92c2-a4eb568f6728","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":44,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"c4b3c2d3-4cf6-43da-99d9-89cdbc6e2340","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":44,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"bfa8b089-601f-4de9-8b4b-0e227e847bbc","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":44,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"21850d96-a40c-4caf-9ae8-b79abbeb76b7","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":44,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"9916e987-eb86-44a8-8fe5-312ae959e875","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":44,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"bd2b4afb-41e0-4e69-ad5f-5a1fe2ebfc58","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":44,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"f0e5f2fb-ea33-4115-a467-0e94a41676bc","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":44,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"043e9f0c-0978-4406-bcc9-c6296c5fb7e9","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":44,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"065b6aba-db12-4638-b94a-23369cdba2d8","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":44,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"2e8db76b-6951-46d8-8bc0-c40cc968db41","block_type":"box","text":"II-1","page_number":44,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"04ab5eab-e725-40e6-a8b1-c92612426ff7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed98b480-7581-4a6d-a095-28a7bd2afe35","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":45,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"566ff2b4-4d49-4181-91b1-48b2e2e69643","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":45,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"69fc8171-364b-4c33-a299-a80d12bebe4b","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":45,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"bdb618ef-7eec-4a25-8692-e9fbe942353e","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":45,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"72940ba2-d765-4932-a135-d03c315deb4a","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":45,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"09a9eb86-c29f-45df-9094-0021bff413b7","block_type":"box","text":"Asset-Based Securities.","page_number":45,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"aa4ba5ad-680f-4c8d-89fe-b9f5742c3b92","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":45,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"1fc1ab09-e09f-436b-b437-22a2ea50450a","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":45,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"f610e566-9b68-4388-8b2f-d4b35a549ee0","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":45,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"be4daa5e-d018-458b-8ab3-933aeba5ef18","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":45,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"e502a4e5-3577-4141-ad78-01a1cade87f4","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":45,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"e73819dd-b06f-41bb-92c2-1ef633f34272","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":45,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"85bfd8e6-8bae-43d6-a4fb-8337827fdf3e","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":45,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"46a6f10e-7edd-4b75-b890-ef1d3ba69113","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":45,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"66781f98-84a7-42f1-adf0-d21b9820793e","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":45,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"769e69b0-5334-4382-96cf-edb15963889c","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":45,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"2bdf4304-10a3-44a3-8ec5-82ae98c83f39","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":45,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"a4a4c428-c642-4745-a865-a9497830d2dc","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":45,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"e6ce6942-c1c3-4457-a2f0-d633fc9bf588","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":45,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"0b1ec67f-e5ef-42d5-af44-e9aef3e8f715","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":45,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"24fb8975-27f1-4cd5-8ee2-a041e5e4cd07","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":45,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"b16e5636-6542-4062-9f19-a67e99e50c14","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":45,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"8288592f-13e9-4bd9-a3c0-fc9a9d9517b7","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":45,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"ee0e7f86-630c-45f3-8567-6c40b35f022f","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":45,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"ad84260e-c152-4880-bf66-63cd170122a6","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":45,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"883d1d49-4eba-4c8f-8c02-28a6d5cb9d97","block_type":"box","text":"appreciation in the underlying asset.","page_number":45,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"d85b0230-f7c3-400c-919d-c4d587c6668e","block_type":"box","text":"Precious Metal-Related Securities.","page_number":45,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"b1af3cb7-55f0-41ad-86da-cb1bcf7947c7","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":45,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"92a641ca-1d1d-4b70-b912-aa2d80574eee","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":45,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"a4dc6b7b-424d-4943-bfe6-eb73e77c4a84","block_type":"box","text":"e.g.","page_number":45,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"55c0b388-cc77-4d19-adb0-c7912ef9a7ef","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":45,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"bdb1a1f1-684e-4fbb-99e2-12c39e3c273e","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":45,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"e8cad31c-b071-4a64-94a2-bfb68ba38a80","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":45,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"75ece234-e9c5-4530-ae81-5001dcb68b9a","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":45,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"5f1f6ab4-2a1a-47a2-8502-183ed4a3c7f0","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":45,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"20961c24-2bbb-40a6-bcfc-bba20877b087","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":45,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"25c719df-58de-4e9f-ad5d-1fadc8b11a9f","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":45,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"c2800c3c-8f31-4fa6-8b63-dbb6c89d9fd9","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":45,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"001a16a1-216b-4957-b216-51ea66133480","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":45,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"98bda6a1-8090-4d00-8697-6fc9637b2206","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":45,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"bef6d6eb-150a-46f8-b735-e3808bb366bc","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":45,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"67f1a576-cd8a-4945-80f7-8cafccda8caa","block_type":"box","text":"South African gold production.","page_number":45,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"3d681ca5-470c-438c-83fc-90316504df9e","block_type":"box","text":"Borrowing and Leverage.","page_number":45,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"70ae3953-f186-44b0-b27c-3e1730beacd7","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":45,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"e46326c9-0e76-423c-bf4a-dc8ec4703f38","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":45,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"f98d4ac7-6388-4ea0-ae23-0602c394196c","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":45,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"63f6050b-fc92-4ee6-899c-b2e0082dffd4","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":45,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"fbdd8bc9-87ea-455b-b473-c83e98abde77","block_type":"box","text":"other securities transactions.","page_number":45,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"89b0c1b4-56d4-473a-9702-94443f9efeae","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":45,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"511b060a-8296-478f-90cc-d5e40ae5b3c2","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":45,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"d4a68ec0-c72e-494a-9c13-28283a370ecc","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":45,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"6054a1f7-bf95-44f2-9d40-dc70ba57f23f","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":45,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"18303a32-4308-4471-b5c0-015174118970","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":45,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"8f93f6df-23d1-4457-9692-c76c9cd1a304","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":45,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"eba9d362-9dad-45d2-97b4-6196a34a76c3","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":45,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"448642cc-0170-4b01-ab14-b9df50b9f8f2","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":45,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"ffa43714-0d47-494a-8c5b-5193ad3080d3","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":45,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"4f862e83-9c96-4cb2-b50e-1978b959876e","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":45,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"d42a0959-b561-4763-8d74-6f6de545ee00","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":45,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"7b340610-10f6-4ccd-8472-5ad9e69e389b","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":45,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"35e091ad-2d8c-4440-84cf-ff5f3ac91d1f","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":45,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"e4834acf-d7d1-4223-a6ee-6c3f98f82130","block_type":"box","text":"II-2","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3efd3123-e879-4f59-b42e-aa313997b9e5","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c3dc50e-c9ec-45c3-a170-c99058f8e0f5","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":46,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"009744af-fc74-40d9-945f-dd787f770af0","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":46,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"06f39840-56f1-49be-b773-2b86dfc93411","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":46,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"cb467784-0323-4918-b4df-3bd99e9c85bb","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":46,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"fcf95985-6a17-4ae7-b565-2de80aeddb26","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":46,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"c4499bc1-4480-4028-85bd-505c2360cac0","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":46,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"ac7c8172-bd74-4132-8fdd-a4f4dd691f45","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":46,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"9ee89894-8425-4494-9dc9-e3cdfd5bc900","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":46,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"ffea31ca-5f5e-45a6-b805-ed1b6990fa0b","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":46,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"73ced5e2-028f-49ad-a7c4-d573bf64c493","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":46,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"7b2d87ee-3f4a-4bed-a289-fb564d0800e7","block_type":"box","text":"Cash Management.","page_number":46,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"5c000931-1a2b-4afb-b75b-f783469a1eae","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":46,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"262d9254-e30c-47dd-ba08-5f4b36811beb","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":46,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"36de46ee-29c6-4752-a577-4bbc7cc4e559","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":46,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"79f3278e-9633-4895-ab38-aca329845a35","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":46,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"2bd8f0f8-3675-4c87-98c2-2f15ff96661d","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":46,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"dc49f823-59ee-430e-8c74-7b73536bc7fa","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":46,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"aa355328-cf52-4cd3-ba21-b07f667e5fa2","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":46,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"682f836b-8cfd-4026-86ab-2d51a0f561ad","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":46,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"53dec189-83f2-48ca-8c4b-8195b4f160e2","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":46,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"02b794a3-1beb-4956-925e-fdb67a963036","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":46,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"ae1a1e85-a24b-4b68-a3c3-398f1c679479","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":46,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"ce6a1b54-616d-428f-878a-e4a2cd2a5078","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":46,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"60708b37-6aed-428d-93a3-969e26a25f34","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":46,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"2e220ff7-4299-45c9-b7ef-81a9d6e879cc","block_type":"box","text":"Collateralized Debt Obligations.","page_number":46,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"aa1fd05d-1b44-4fce-8d73-54fd98c24115","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":46,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"f2bea7d2-7e0d-4188-8c61-cba3ccde8cdd","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":46,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"9da7e0dc-0234-45d0-bcda-955f166dfd1a","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":46,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"33dfaa7c-96cf-4bca-b192-c368d3d4a408","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":46,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"bac8f8f3-58d9-4dee-a55c-3d4f1846003c","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":46,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"62e8c079-b964-4894-bb29-4b896ceba9b8","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":46,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"1f50a69d-ba88-48d1-8de2-71c15f80df64","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":46,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"aa5108c7-7d48-41fa-bc41-ffd5d4d2f259","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":46,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"51326779-f675-495e-bccd-46e2593a8c8f","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":46,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"e7257f12-2976-4b27-b4ac-2e8d592e7a9b","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":46,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"f7082a73-cb2c-4cea-af0d-d73f734e7c18","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":46,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"9710851b-a37c-4129-913f-094706ceb27c","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":46,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"28d1373d-9bda-41ab-b582-4836d45b97b9","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":46,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"29c95bd2-b3ca-4b2a-9300-c09a2bcaf890","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":46,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"de786e1f-63fa-4627-aa83-5c2d0d76631b","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":46,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"270ec101-d890-4b07-b433-f5f3e81bf630","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":46,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"1b924a05-17f7-4562-bc2d-651d87d47947","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":46,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"6713dade-28b5-4a01-8595-de344947e4ed","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":46,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"31271974-73f3-4eb9-8f16-f967235f9207","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":46,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"2b03792c-8055-495d-85be-f4ff9d759c33","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":46,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"9dba98aa-67be-4b89-a21e-198ce8d84171","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":46,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"79fc4806-af7d-48dc-a0e1-d45b5e0685e5","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":46,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"e9df687b-69a7-4c15-adef-b583cf37a98d","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":46,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"d173ac70-3f8d-4ef4-8ab0-d27a885afe85","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":46,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"db6f7208-77db-4044-b0b9-f7b76d7b265e","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":46,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"4e157efe-e29c-453d-b873-629d05e040e9","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":46,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"4cfd7a99-4640-4ee5-b117-675ccde7511e","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":46,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"946ad69c-9005-49ea-be60-fc0553bc2b9b","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":46,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"ee493526-3125-4ea0-8633-d91739b78937","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":46,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"01ead5a8-70b6-4785-ad6e-389504d00b96","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":46,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"6f463001-3afa-41ba-88b1-c3cf288856e7","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":46,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"840e9b8d-1d64-4843-8e5d-3f16de719205","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":46,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"eee3c082-e5f7-452e-b5f5-3fa37327c433","block_type":"box","text":"II-3","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"74dd851a-24c2-4d8e-95d2-631b23a84b18","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e30f6ddf-5c1c-47aa-9329-022bd06f648d","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":47,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"44e05ac7-30ab-4e06-8375-0ff5e3a12ac6","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":47,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"5d50c9a1-5d6f-4e69-95ee-56328cafbad7","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":47,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"e3dd76dd-c55c-4830-9ece-2da725315951","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":47,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"af88ba4d-900d-4265-914b-d775a5487541","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":47,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"a19f8b34-5169-49b9-9715-50e5e4b033e0","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":47,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"24afffce-0a9f-4c57-b14e-7995fe79f392","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":47,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"839d42b8-fafa-4112-90fe-566deb6f3ac2","block_type":"box","text":"Commercial Paper.","page_number":47,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"a8f26823-748f-44bc-b743-8fa97380774c","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":47,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"bedabe56-57c9-43aa-851e-5a3319e3101a","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":47,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"0bfa058c-2e44-484d-bfa4-544c5b70272d","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":47,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"0ffa8175-6379-4e49-9d29-fbf9463a29ce","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":47,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"9556c6e1-2beb-4189-9c10-6a27a500aef2","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":47,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"014a2d47-51e7-4c03-8312-004417350613","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":47,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"98588e2f-44b1-407e-85ea-d1be62da3939","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":47,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"2d9c4ff3-1ba8-4792-ae7e-447838319dc3","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":47,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"6eab6374-ba6a-4597-bcf2-4a77a3aa2c6f","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":47,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"a0c02839-e7b5-49a0-9ae3-23c465753399","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":47,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"8307f478-63d4-4f2e-9dc0-1ee72f4cd027","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":47,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"ddc58307-98a6-4651-b25f-f627b16b54a9","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":47,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"002319f6-bc7b-4724-94d3-d9949b852147","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":47,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"a4273470-9b63-4d1b-a691-66c5799803f9","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":47,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"223c48f1-c1e9-42fb-9218-16b2301a3325","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":47,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"c0ce1f28-9f5a-458b-9760-ec0ee80f0dda","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":47,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"078751cc-7b55-4a83-83d7-d19913546ece","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":47,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"af88c099-0267-4396-9db1-2622bfda5298","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":47,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"f0a015d1-ee3c-463e-bde3-27f0f1c072bf","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":47,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"659acfcf-eb52-4f52-b991-c0ccdc3d1822","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":47,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"943cb138-3941-4e27-8a20-4717671e7a3f","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":47,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"1f950545-ccec-40fd-926c-f78cc128c8ef","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":47,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"a45282d7-9feb-4f41-8785-3fd522ec92cf","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":47,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"c2720bfa-3712-40fc-8ae7-f7fa90152ed4","block_type":"box","text":"variable.","page_number":47,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"aa7dff36-dff6-4f97-81d9-ef36aa9b7b88","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":47,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"3bf64449-bc24-42f7-8a2c-dad61c8b726b","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":47,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"4e266dae-2ad8-4708-90a6-b81cdd71109f","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":47,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"e968cf87-b4b9-4ed0-a949-fd83e7e60cbe","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":47,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"80a640c4-1824-48bb-9317-6fc999cf0b56","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":47,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"b498628e-fd49-47ff-90b3-756a542bc871","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":47,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"a0404026-2d27-4a58-a50f-87ad5690eca3","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":47,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"91f20340-2384-460b-8b90-ba7a9afb7bb1","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":47,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"071d8a56-970f-428a-be56-598e209b0eb3","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":47,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"b5b4f05f-9a81-4d4c-8813-3c4831037b04","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":47,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"088f3d3b-3f08-4876-ac97-a2075535a7d9","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":47,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"348b7deb-a831-4629-8226-bef2fa1131b6","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":47,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"d5781c29-ce18-4c1c-b78c-42d8e4c3c8bd","block_type":"box","text":"correlation with stocks and bonds.","page_number":47,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"1e5a54f6-06f7-46bc-8c02-79b84b030e36","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":47,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"c5d03798-e209-470f-bfef-cb948cabe85e","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":47,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"9f5b2be7-70a3-4765-84c1-098d1af715e9","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":47,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"9e123645-4392-426c-9f94-446e4f8c14b4","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":47,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"89e2aee5-e991-49ec-b5bc-b2d84f615392","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":47,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"9de56ec0-06a4-4fa8-b1b1-73cb6e715a27","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":47,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"8ad493bd-e4da-4f8c-83c2-5209e323a16e","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":47,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"c982e130-4ed3-4c08-af43-85233282bac6","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":47,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"8790eb08-d06a-4976-9427-0578fcfd1409","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":47,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"d62c584d-617a-44df-aade-0cdeb9a47774","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":47,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"01a1faf7-350c-4c55-a949-51349a49e5c7","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":47,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"df24874f-8856-40bb-830e-5c19c82362e0","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":47,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"eee50e6e-df1b-4558-8af1-282fb950c0f5","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":47,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"794af811-5ba0-42bc-a0f1-380baa9b61f1","block_type":"box","text":"II-4","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d98856a5-1ae9-4e06-968e-7a9126f60c11","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5a13443-83db-4628-a0dd-65bd6b783b6e","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":48,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"d536f4d6-5469-46b0-b2a7-f690ff35da44","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":48,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"2737316a-7024-4a59-bb94-842b41628d56","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":48,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"90b36c34-d7b0-41ec-b1c7-a578dc843c7c","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":48,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"f2d5d75f-0189-4912-b8d5-097c88a39f91","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":48,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"a2130c10-e4c1-44e3-9264-8d1bb5609bf4","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":48,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"a7d8fc8a-8807-49be-9151-98455695d3a3","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":48,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"2db41b8c-4fab-4386-b7fd-1fd7c3bece0c","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":48,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"a91158de-dedd-496d-a9d6-3949e1ae182e","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":48,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"359a2151-3ee3-42b4-be61-d5fdd2325be1","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":48,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"17e3e162-d31a-4ef4-9b1a-a7aa2164a3df","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":48,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"6190e2c1-8918-4db8-bc14-c31a0ff91c7c","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":48,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"8f8b76a3-dda8-4a85-9ab2-37931d59a321","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":48,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"68c5a7ab-60a9-41b0-ab24-5f95d417bae2","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":48,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"c2842a4e-8f4f-478f-b6e6-7af6d82931d4","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":48,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"984bbe0c-4edb-4441-bc54-ea63f37bd9fe","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":48,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"c2a01aa5-eff1-42bc-8008-f3113ded94de","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":48,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"ba8545b4-f266-4cb7-bd01-926179475e52","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":48,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"10e42437-0f2c-4f17-99ef-0552f7c9f1ff","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":48,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"6994ff14-0815-4133-b67a-de1da243cb41","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":48,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"d704ebf4-1cca-4579-be41-a3492fc91f05","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":48,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"7e668ee5-1987-4c5a-8744-0dffd602d19c","block_type":"box","text":"the Manager believes are relevant.","page_number":48,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"1a3f47aa-2e58-4cb1-9ad8-318833160bb5","block_type":"box","text":"Limitations on Leverage.","page_number":48,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"b7fa581f-1b1b-4beb-a2f3-709538ded2e1","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":48,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"b75c8e86-3883-4ddc-8208-c492b12d4229","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":48,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"cfbbe029-bac0-4f54-beb9-9ed5050286a1","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":48,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"a7609b3f-3a83-4d56-8afa-fbcc7f961856","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":48,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"5140fc83-650f-4041-9ee7-b5f17dd5dbea","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":48,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"becfd0da-c581-4329-9640-5f01776a691f","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":48,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"6798f899-1992-4faa-9ba4-842e83fc9820","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":48,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"fb840f50-3298-4b8e-b6fc-dcf047533b67","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":48,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"9961bd76-8a02-4929-8e5e-535e9d1b604a","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":48,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"fc161cff-90d0-44de-a996-e9ff4d294fcf","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":48,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"984b9322-1a98-4c17-a59d-e772845e066b","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":48,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"9a8e477e-e021-45f3-9961-1ab07ae99488","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":48,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"9ea47a8f-45bb-4542-8609-3d80874a71dd","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":48,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"01bb2679-1aa3-418d-8238-1d85aeed1ade","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":48,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"528c0f07-ec0c-4665-aa11-0af7abae4c04","block_type":"box","text":"Counterpar ty Risk.","page_number":48,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"e4da6d08-7c58-408f-864d-298ce0f26ea5","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":48,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"bcd10fa4-6fdc-448b-a6e3-21868dada486","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":48,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"33b00eba-4af7-4744-ba5b-07b623a17897","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":48,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"b2198423-bc34-4299-869e-05cb637886c6","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":48,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"26c3284f-d089-4440-a8ab-07377cfb4bff","block_type":"box","text":"e.g.","page_number":48,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"f72f4adf-49d7-4e0d-ba47-5db22f9c168e","block_type":"box","text":",","page_number":48,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"fc8added-a00e-42c2-a28b-9dd75c9e8415","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":48,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"32dc5b51-62e2-4b7e-ad2a-444c3626a680","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":48,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"ca0c203b-c499-4902-95c2-8964359d6c43","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":48,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"2661e617-657a-4537-b6f2-8bcce4d1f6e1","block_type":"box","text":"obligations under the structured note.","page_number":48,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"6024e57a-ab3b-4480-899b-e3b25c2c7465","block_type":"box","text":"Convertible Securities.","page_number":48,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"caeeb3c1-979a-40a8-b33f-b0030d0819e8","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":48,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"096cf15e-4ea2-41b8-8a16-3215fa373de3","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":48,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"f1648152-8dfc-4ed0-aad9-3c33be685654","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":48,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"e8c99a5e-2484-4d98-817a-2fd7fea61d1a","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":48,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"033a9c22-0934-401e-9fcb-e81b27c8a28e","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":48,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"be214fbb-bee8-4fa8-9a68-c8d96e3c000c","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":48,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"49c95135-2e0b-4b46-980d-31f72baff25f","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":48,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"67bf2aab-b24a-4114-b37b-eabd9fa5e5f0","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":48,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"a7256ba7-5740-47bd-acab-e3566e6e9a2d","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":48,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"67dadc4c-5bf8-450e-82fa-6f8832e201be","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":48,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"ef5e7a90-7236-42f9-8571-81b5b9e6ed24","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":48,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"b9b91520-9e9d-4f38-be8b-b08217ce1459","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":48,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"7d406ad7-ead2-4f29-beaf-8abcaba23d83","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":48,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"b0cb2ae1-5c69-468e-ac06-4ea7e8967c55","block_type":"box","text":"II-5","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"84ca7042-4dd9-4160-a44f-e3bc8e9b24d3","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ab0537c-e0bb-439c-8f67-4355ade3b06d","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":49,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"ae33e8cb-883c-46e6-8d10-cd52879fdd55","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":49,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ac58bee9-997d-4304-a465-817fd5c9f36d","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":49,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"7763ee23-b886-4f33-af7d-9bd1809c369e","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":49,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"c612219a-e1c2-4998-9151-7f4136ca3a9e","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":49,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"a71d2ab5-bc4c-4b7c-a2fe-e8e57f626e6a","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":49,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"3c83dd5a-8337-4b42-b9eb-c3ed96c0e658","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":49,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"f87b4c37-3bd4-403a-ba4c-a9953b8161c2","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":49,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"2598fc4f-57c4-4341-9810-a197d3afcfab","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":49,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"d9933cb9-9ea1-4592-99f5-5955d4f534a6","block_type":"box","text":"things.","page_number":49,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"ea2b6557-1699-440d-ac25-76c0ff3298c8","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":49,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"a6c9cf24-916b-495d-b5c4-8cd60580762f","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":49,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"4878f2fe-0c05-455e-9b02-185550281be6","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":49,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"95d1d36c-79ae-4d5e-b863-48ddd804beb0","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":49,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"1b06423f-4baf-4e2f-a927-e1d62c4127d4","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":49,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"06eb5d05-04a9-4623-903a-c6edb94d6ec3","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":49,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"4786bf22-b3c5-4e2b-9c83-74faa59fe29c","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":49,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"404238d7-c277-412c-843d-bdea4229e779","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":49,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"df59279b-085d-432b-8dff-9ca204a06dde","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":49,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"8859b734-43e4-4756-a721-f1f7b39cecbf","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":49,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"e6309262-935d-4ee2-b10a-889eb7c21aef","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":49,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"8b19f44a-2ed5-4a65-90e0-d79a8d9929ad","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":49,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"174832a1-c6af-41bf-9c55-747d3a690dc3","block_type":"box","text":"i.e.","page_number":49,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"e7bd6de3-95d4-4ec7-808a-86f478574ad2","block_type":"box","text":", strictly on the basis of its yield) is","page_number":49,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"29b77955-d513-4fbe-a71d-6cdc438503bb","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":49,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"206f22c2-8d4d-4322-b922-87ce699b85aa","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":49,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"fbf26d23-d15b-48c8-b57d-d79d42cfdadc","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":49,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"28579b1e-907c-4095-bc71-43a9b035bf4f","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":49,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"fd327b3e-d7d2-410d-a034-a9b0a32ead69","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":49,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"bb9526fb-c71b-457a-8db2-e241c90ce54d","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":49,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"5a88d754-b5e4-4e24-8e54-21ee6f7e69b7","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":49,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"845420d3-67ab-4fe1-8d73-864a94d4b916","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":49,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"4cb1f623-dd17-431f-a714-5e14aadfb221","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":49,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"cc9a7b31-6647-4733-839d-fd4912ed9501","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":49,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"0fce5356-d878-4067-bafa-d2ac860992f0","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":49,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"abee8a4d-bb8d-4a7d-a7fd-1f81fd4345da","block_type":"box","text":"than the securities’ investment value.","page_number":49,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"63e41fa4-28b1-4c16-a18e-f617ca0b726b","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":49,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"60034d55-f23f-4552-bd69-a0188f2dcc2e","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":49,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"5ee3e91f-d935-489b-b7e4-e97750f69d3a","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":49,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"260b75ea-3b1b-4825-b7b9-88eb522f7def","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":49,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"657da15a-e3d9-4e78-be1f-0753baa3d641","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":49,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"6da5d636-5c5c-4dd3-af2b-7217ff302fc1","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":49,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"dd8235fe-defc-4353-958b-8dc56740fa38","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":49,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"11506582-c202-486e-b361-2656d7bd4272","block_type":"box","text":"security under cer tain circumstances.","page_number":49,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"f510dcea-e458-4f61-8352-0a9b14a76ec1","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":49,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"ff4e7b72-6b5b-4101-8a36-8b155dd74c12","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":49,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"cff378c3-c8f7-4e49-b96b-18a9af070d42","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":49,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"834de442-5bde-45c2-a171-e7f1493e4761","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":49,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"c2f1b224-3013-40ac-b285-9b2ee9695f8b","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":49,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"c61632ff-bf02-4007-b4c6-f4ad732b98af","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":49,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"f1267b2f-6c17-456f-ae0c-73ec385a027d","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":49,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"4a138c02-124e-4033-bd0d-426036a6c6db","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":49,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"a70df498-d631-4e29-bb6b-2859450939fe","block_type":"box","text":"i.e.","page_number":49,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"8b8387ab-1ac7-41fd-882d-6477e84840ce","block_type":"box","text":", fixed-income (“fixed","page_number":49,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"f1009549-0583-4ecf-af33-b57635d3f321","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":49,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"63f6dfd3-0fc9-4157-904a-6f571c7f6db2","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":49,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"1225d707-4163-4656-8250-b7ef30106e5c","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":49,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"2bcc42f8-1d34-4f7f-8866-3b90ea5fc3f5","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":49,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"1031f945-01b3-4200-a338-5dcb1d01f4ee","block_type":"box","text":"II-6","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"27a2ec06-78b1-47db-9fc4-34a92b164af8","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a4e57de5-3320-4efa-b870-6d6cdcd6bb7a","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":50,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"7e912c5e-eae5-400a-a995-5bb3c982c620","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":50,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"68f6d525-2bbe-4da6-9266-d40fcc063d07","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":50,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"c3e37f24-4892-4117-8c95-df80c0c787c7","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":50,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"731d1a47-fb93-49e8-9683-da4685bdae99","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":50,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"10e45c41-7c87-4c64-8777-49514091bce3","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":50,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"3f4d4ee7-74c9-466e-a5ef-1159425d5836","block_type":"box","text":"component.","page_number":50,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"dd7a0c12-2f8c-43df-b517-2504522e3343","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":50,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"3ff0de99-edf0-465a-9b2a-9bb8b4e2e465","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":50,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"580bb56d-184f-4bfe-a25c-2d44fa2ca862","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":50,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"9675f075-c856-4cb0-a867-bf9b2b123e6b","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":50,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"06d97c5e-e698-4c6c-958a-12e937f99bc0","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":50,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"044c14f3-a5b7-4920-8fb5-18d76e91afab","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":50,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"dd25db81-2e80-426b-a138-a9de4268f604","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":50,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"880a3dd8-958e-42cc-9bad-17da5a4f26e0","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":50,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"156b87be-0ed6-47aa-9a2b-228aebc4f9a4","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":50,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"90bb482b-732c-4cc0-8bbd-66005343fc36","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":50,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"8b784be6-cc2c-40b9-b10e-cd178755ccd4","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":50,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"1e4cbb07-59e0-42cd-8a5d-27ab4bd94ef1","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":50,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"be8990e9-cd1a-48a7-8c9b-744a08139c19","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":50,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"f040aca2-1bed-46fa-847e-77bc00b79984","block_type":"box","text":"favorable market conditions.","page_number":50,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"54a981ab-1810-4bce-adf3-9bd61a8bcdef","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":50,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"f976b345-3bd6-4c3f-9596-5f5e9a8290fb","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":50,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"7d842d73-4558-4812-9a9f-6975fb142cfa","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":50,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"aeb08c06-bba3-474f-a586-93ca13d44c69","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":50,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"337fbcbb-6c7d-429e-ae5b-3dd70b20a6d8","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":50,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"a2fbbb62-919c-4795-81c1-303ed73c10dd","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":50,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"19f7c372-293a-4c6e-ac04-e16a1369ad1f","block_type":"box","text":"Corporate Loans.","page_number":50,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"68373965-4cc8-469c-88e2-263984448054","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":50,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"171edbdb-9f05-43d7-b02f-98431e089f1d","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":50,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"652b702c-4c03-4028-9dbb-43da94e53d06","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":50,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"6a7419c7-b821-4419-8650-e104c548e608","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":50,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"de1b115f-d9e0-4773-8d5d-366f80d54630","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":50,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"8f6fe623-122e-45d5-b5f7-6bf1d1a880a6","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":50,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"85e103e9-b66a-401e-ae9a-25551e15b5ea","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":50,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"543628be-aa5a-44ce-ad1c-ed0e28cf5f79","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":50,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"0d91bbc2-dd3d-4e15-8d15-9f5b347338bc","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":50,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"efc456a3-3400-494c-9556-90026325cc31","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":50,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"1a4682e1-3918-45f6-b1df-64e6d766a805","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":50,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"e2fea818-44fe-407d-b372-84d4c280ed92","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":50,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"d634459b-f7e1-415f-ae45-28711a091516","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":50,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"baa516f5-17f9-40db-94e0-2f655ab1cda0","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":50,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"40e1cec2-86d9-4e8b-a8b9-0dfdd2f946c4","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":50,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"7753bf25-b44b-4cd2-b305-c2c9770f863b","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":50,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"e6775ab8-7508-4028-b30e-d91fa30aa059","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":50,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"c9fad7b6-b2a6-4f72-bfe7-eebe2d17f7fb","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":50,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"05280a72-a67e-42cb-a3a0-60a7b2419c06","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":50,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"c2807ded-e482-49be-8f8f-48e5908119e6","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":50,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"33472088-2221-4152-af32-6819bc2ee300","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":50,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"3f669178-1928-4ce7-bed4-4266a0d53cc3","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":50,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"880fd764-ed5a-40da-b48d-bef2d754a31f","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":50,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"88b1580f-8160-4941-91b3-c58b05ed1321","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":50,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"0ff86eb0-01f3-44c9-bc80-8f35900161a5","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":50,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"a07e84a8-ae83-4d79-8c1e-472ed287498a","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":50,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"98799052-66c4-4587-8290-35b1e96f606e","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":50,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"61ef919a-ec42-4416-98f9-1260a8fae431","block_type":"box","text":"of the borrower.","page_number":50,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"403a1002-059a-450d-bf7f-dee0ad18435b","block_type":"box","text":"II-7","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d90fa1bd-3e61-4c08-96a2-b87ca13d6387","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8821eabe-a914-4ab2-8017-c721a1587d2a","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":51,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"c236cab2-3425-4abc-9905-ab5bcd644579","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":51,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"3ad26851-67cc-435a-b2bd-f69844240ae4","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":51,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"3e3d3b0e-b409-43a1-b50d-05fdd10efe4c","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":51,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"2d0bb7df-196e-4f19-bba2-f1642abe6a36","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":51,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"52f250f5-02a9-41c7-8576-1a2bd8f7be71","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":51,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"512b9849-f09c-48d3-80b2-40ed2c657a8b","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":51,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"4d3043f0-fcb1-4f85-af16-3891acabaced","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":51,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"86d6e583-89f9-47df-aa49-981e7ccb3ece","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":51,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"429232e0-ee94-4b2d-ad67-3d0cabc28dc3","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":51,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"29886699-ae9e-4d12-87d6-992b4581c5b2","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":51,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"be03010f-4c7d-4f70-b224-a2504acf7f39","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":51,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"5fd58c7f-44fe-40de-a81e-9f0ed25b0ac6","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":51,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"951a0810-dfa6-4974-ab55-de1c2bbfe582","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":51,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"7de484a2-bff4-42d7-b94b-591d36abe4b2","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":51,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"d4db3ec9-9d3c-49f1-ae4b-9df1ca554d5f","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":51,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"2787182e-da66-4237-bd77-aa6e7f85d64c","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":51,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"1f1a46a3-f51d-4660-94de-03afafc64757","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":51,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"6106e573-be76-4e94-8059-3d4fe1c088f5","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":51,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"43786c60-1e5b-4fc5-9852-3c8e5ee7b67b","block_type":"box","text":"state law.","page_number":51,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"945dc0af-d696-4494-949f-529db0e6f520","block_type":"box","text":"Direct Lending.","page_number":51,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"68f5c2d8-e7d1-4ca5-887f-35eeaf8e04c6","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":51,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"ef2b2438-a6ff-4981-8fae-0379b4ee215d","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":51,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"4cd0a59c-c985-4b63-bafb-bd424efa78fc","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":51,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"c92510e7-51f1-47ce-b77c-3bfd05ea0551","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":51,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"3817c572-53e1-40ef-aa07-46b21ea38279","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":51,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"1c9c0238-cacf-4508-8d24-88035aa1e4ca","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":51,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"e372a8b7-9f93-4e83-bb8d-c825a5d854e8","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":51,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"809635d7-f68b-4857-bf83-ec9e3ccb00a4","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":51,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"f06e27f2-fc92-4d7e-adf9-6b98f5469653","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":51,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"249087f5-f1e1-4337-9de3-13d5f210cd8f","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":51,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"e8be9f6f-60ee-46af-ba79-7ba548f700af","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":51,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"c06db93c-a2a8-4258-a0be-43cf8e0e072c","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":51,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"62922dc0-e1a7-4e89-9fe6-76092a0ed8f2","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":51,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"12a64168-b032-43c9-9f06-8dc674276fe5","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":51,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"00e0407a-d05c-4ad4-832f-cdbf9924abeb","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":51,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"3e4efb62-4dde-480a-9ed6-f3731e27cb82","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":51,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"90a56976-f872-477c-8080-8c30f4794dd0","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":51,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"be8ccba2-9df4-423c-8571-eda6ece9849a","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":51,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"1058bae3-4bf2-4573-80b9-bb951917072d","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":51,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"d30bef47-ab1e-4769-ba88-e20f4e6e06a2","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":51,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"8694077a-b1ce-47c5-8dc8-3fdc87d5652b","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":51,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"36620d94-0f87-4b08-82cf-70e6cecbf88c","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":51,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"a05b59ff-5ad1-4363-a89b-a09e04a5dfcd","block_type":"box","text":"Credit Linked Securities.","page_number":51,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"b4985f1d-d8c6-42d0-abec-5e9f1b1baac2","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":51,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"b9fb42e6-4f24-4a49-87c3-8e61978df630","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":51,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"d782af55-13db-47f5-8d23-3e75569e8d80","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":51,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"db6149ce-2d4d-4888-b8e3-36c57545beaf","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":51,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"1ae46939-80b7-4fc8-83e7-c53e2bb0c1c2","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":51,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"7c5c79ae-17ad-4727-8fc4-dd258aa1f979","block_type":"box","text":"traditional income producing securities are not available.","page_number":51,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"260dcc70-9676-48b8-a66c-d010ba6487e7","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":51,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"c735f376-4fbd-4d82-aae5-4e8597b78c0d","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":51,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"283ee836-7dbf-4e7d-a49a-a60cc58da5f5","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":51,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"30072fec-e2f9-42e6-a232-8d6be6b76474","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":51,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"de13b9b4-19d8-40d8-a2b7-c0319e08d582","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":51,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"686037e0-0b86-40f3-af04-950fa8a31cc1","block_type":"box","text":"II-8","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"81724cde-34ce-4853-8b3b-b17a4f7f44e8","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16113647-f06c-4b8d-b37f-b29bc0baeb70","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":52,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"4dbe6e7b-fb12-4646-95ca-f1f508354e19","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":52,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"f999eaca-4dde-4113-b884-ae15969bc686","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":52,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"8824e1af-d34c-4664-b8ea-0f221abf8a04","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":52,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"88a80b34-52c6-403b-8faa-d9037cb86dd8","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":52,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"fce98432-6f2f-40ec-9fa2-cb1e8e0aa3a2","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":52,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"08dd357b-bad3-4908-8623-dc37b49d96a3","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":52,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"249992ab-3249-4301-abf9-281dc541d929","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":52,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"4a574155-f663-47c6-9bb5-761e1f1e42e2","block_type":"box","text":"investments.","page_number":52,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"3e2833e3-33e1-418a-b7a0-cc799c279817","block_type":"box","text":"Debt Securities.","page_number":52,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"ef583bab-31a9-4567-8f81-fd0eea3d0abf","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":52,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"ab7f4a00-4e38-443f-855e-e59cd323b11d","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":52,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"b537669a-65b2-4263-b0a1-211814cffb9a","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":52,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"f528f08e-70cf-4e04-a044-85f0d558a80e","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":52,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"f19583ab-9afa-43dc-8a23-f95380a9be87","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":52,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"18ecc55b-968c-4ddc-93d2-a2a994adee60","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":52,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"40deec96-9088-4e1a-99f9-ddc796b5bc4d","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":52,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"8f1867a9-3d40-4fd0-a4c6-f93147333860","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":52,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"7d57d83e-01e1-4af5-ad1c-40c40dc4295c","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":52,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"f4580fb9-a8d9-4fd5-ba2f-61cb08c37dd4","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":52,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"833f778d-2cda-499e-a287-a4fc307ef556","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":52,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"fcc773b9-5b16-4fd6-a062-94664b56a0bb","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":52,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"df8eb1ad-b66b-4514-96ec-96f43169ae01","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":52,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"ae02e39a-9067-413e-91f9-6941622b02fa","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":52,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"ebc03902-97b4-4ea6-85d1-a0e95a9dcd3c","block_type":"box","text":"lose value. This is known as extension risk.","page_number":52,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"ff1f6edf-e4c2-4a43-b97d-ba389aa37e46","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":52,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"b5d2af51-4206-43e9-850b-a4ac07919f7a","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":52,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"ec04865f-b553-4407-adfa-a7a6f18af36a","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":52,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"48741980-29af-4d4f-a259-74f7ca825272","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":52,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"5187a267-f84c-43cc-ad3c-e694856bd1d3","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":52,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"49fb987f-7ebb-4c2a-bd85-328d1f845308","block_type":"box","text":"Floating and Variable Rate Securities","page_number":52,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"923f8565-9cab-4792-b195-88aec8887f31","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":52,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"b23eb6f4-97b6-4349-ad88-22db892f0bbb","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":52,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"fd27029f-1551-452a-914f-b2219f80175d","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":52,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"0f184163-fe0c-4eee-9f89-e054978d0e3a","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":52,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"e601b3f5-5074-4b05-a210-acc74972377a","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":52,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"19dca0a7-3008-4ad6-9a60-034b56c81e80","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":52,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"9391246b-27b9-410f-838c-25652eecb95f","block_type":"box","text":"market interest rates.","page_number":52,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"9e56789c-34bf-4404-bdf5-fed9810fcc9a","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":52,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"30676085-a444-4a54-ba72-960620442f92","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":52,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"749cc798-ee26-44fb-b365-f5c3bfbae6d3","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":52,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"287d7d30-ffac-47c0-93c3-8391c4b145a7","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":52,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"321ccbfe-a4b6-474b-b99e-5d0c8c1368be","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":52,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"565f81b8-40db-4ab1-a1d6-6634d33a4b7d","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":52,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"3a576f4a-582f-4a2d-b312-71e2a6e0ef47","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":52,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"52716d41-ab23-44a8-9808-d4d3f5f2d01b","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":52,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"9fdc643c-b4bf-4dfd-a0ae-b57b8129c6ab","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":52,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"15b9f0e5-11f4-4ff5-b578-b2813151d157","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":52,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"23bacef9-43a8-4c8d-9623-1b5a54a84745","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":52,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"7d8fbf23-e0cd-4300-be72-5607073c5990","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":52,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"91e8095c-f21e-42ac-9922-4c9e0b4e8507","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":52,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"df338d7c-8199-41e4-9899-c75bfa0dd189","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":52,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"3e843fb1-2d00-4ce5-9af1-6b14fa8ea782","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":52,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"f027b227-d401-4fbb-8f16-8309a609bd04","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":52,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"713535b2-e3e1-44a9-beb1-ff996c599a39","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":52,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"472c2087-66d6-4a32-9efb-f128ccf91333","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":52,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"ca2bf181-5751-4706-bbe0-099dc772c628","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":52,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"1b7de4af-032e-448e-a650-b04733be5591","block_type":"box","text":"II-9","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"efa2c895-b476-4c41-847d-8842f6e8bb4a","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9cc797d0-5627-4ca9-bac9-29b13b163014","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":53,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"7008f92b-53ea-4353-b928-8ded06b4a818","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":53,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"9f46ccec-0857-44fd-9140-920b97716ad8","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":53,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"ea949f70-7f69-4532-bf70-4a7e0886ecbd","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":53,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"720dfdca-ce36-4f8c-8452-80a8301f28af","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":53,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"30ee13ab-18b5-4b18-862c-ec28017f86dc","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":53,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"6145a87d-58f8-4a49-ac7d-678704cded1a","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":53,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"3ef3cc5e-39f3-43b6-98bd-049a1e7f7144","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":53,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"6f9ac315-6c1a-4147-a396-2df43b2d3e27","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":53,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"c5d8b575-bc49-463f-a9ea-cc2ce906e8b0","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":53,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"a592eac6-dc93-493a-8fff-83fd40ec2d8e","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":53,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"2ad7efa2-cac1-4684-a109-9514ed18efb7","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":53,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"e90f848d-a03b-48bd-bd05-915d6c704553","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":53,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"bb8a9400-e9f6-43c3-ab91-3bfa5bb6a52e","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":53,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"71914fbe-02c1-40e0-967e-0eac8a619c67","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":53,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"38fda06b-a49e-4c29-b91b-5c37349e151d","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":53,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"97c44cc6-4c11-4f98-a5a7-0df3f48bbac3","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":53,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"f7e07139-944a-4a0d-b723-018db96b5292","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":53,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"761b8369-7eb3-454a-81fa-aa5114548003","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":53,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"31c29470-a520-4c94-b15b-47a28b786e58","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":53,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"10cd70ed-2bff-43f5-9957-d8969dd993a0","block_type":"box","text":"United States.","page_number":53,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"d8e69923-55ed-43f3-8f1e-a4174aa51b8d","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":53,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"cfa1802b-566a-4f1f-8b20-ccda229cf92c","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":53,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"dcbe8b41-7eb1-47b9-bc53-3656efe27e95","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":53,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"8f7153f8-a667-48b4-8f93-266d121f0454","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":53,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"e0cd1f8c-d3c8-49fc-98d1-e3ecf346e70f","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":53,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"7a47582c-8fb1-48fa-9924-94136bd25772","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":53,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"a55c26a0-1d72-48fd-9dda-efcc906c8b9c","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":53,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"b08a3c33-40b3-4697-9a58-be66eb17b635","block_type":"box","text":"i.e.","page_number":53,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"c8613b7e-83d6-4c0d-beb7-64249f29aaef","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":53,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"c7b79e59-3c7a-4112-a684-b75baac5cf6b","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":53,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"550220b9-e3e8-4e3f-9eb8-d850375b2dad","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":53,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"bc8d385d-9051-4143-8b1d-c25a89cfd3d8","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":53,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"900a6ffe-662b-4c88-9dc9-b77804b8c188","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":53,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"67b06c10-c737-47d4-9c97-6ab468b04798","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":53,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"3c6c8cfd-429e-412d-ba9b-b7a066ef4925","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":53,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"f202eda0-ccb6-4993-959c-62a6731ea298","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":53,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"9ed0fde9-3431-4436-a0fb-12caa2d39e7a","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":53,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"bc428512-3c5e-4f2f-8045-b9dbd9cf7a24","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":53,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"7b0c55a0-3af8-46d6-80cf-dfbda493b20e","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":53,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"b0f430dd-e4ff-4dbe-a064-36276e9f9083","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":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"f6dcae27-ceef-498a-96d2-6d7df76724d5","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":53,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"4038bf54-92e6-4064-891c-c5614b70b363","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":53,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"43f4f20a-964a-46f4-93bd-152dd50ba7f5","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":53,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"06016143-3da4-474e-931f-d613ffac24df","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":53,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"16624a99-b745-48bb-a2f0-2d6ff8ef88d5","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":53,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"9bf8b6d4-22ac-4deb-9a02-1cd5e6ec1a07","block_type":"box","text":"risk than higher rated securities.","page_number":53,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"76e65cae-b61e-4f1f-85ca-f59e3f4d1c21","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":53,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"73ec78e4-3d70-4b5f-829f-bef5c754e2a7","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"642c23b0-3050-4f20-b3b5-2346611a642e","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":53,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"c3cde329-5f3e-4695-b347-7f68b9c64ec2","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":53,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"5eccda2f-c9a9-422f-a3ef-fc1328ecab18","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":53,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"7a6964b8-919c-46fa-9900-b5a62882bdb2","block_type":"box","text":"unavailability of additional financing.","page_number":53,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"b2855b47-b004-4ef8-8cff-2b8662561f59","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"943471cc-6f43-4719-87c8-f3db0c0057e8","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":53,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"395ee226-1ae7-42af-8f1d-56d51599564d","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":53,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"0f8b068e-67ba-40e2-89bf-817da5ad999f","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":53,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"44f5d2cf-fe7b-4bfa-bfb6-f12ddd365b8d","block_type":"box","text":"II-10","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8548e58d-a1c0-4df3-9ed2-2503d6fc4514","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8159b07-53e2-4ddd-9c0b-f5a88256a6a3","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":54,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"0bf2ce35-1278-4c4a-9a79-2b7744f2b25b","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":54,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"7b285d4e-0b91-4bf1-862f-d2d5607aed20","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"167831df-4d31-47d1-89f0-469d95f4d935","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":54,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"794db860-b769-42ad-8f9a-46b6eb47c94b","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":54,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"83659b13-adde-4fc7-9130-7bb6701367eb","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":54,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"3a444fce-9178-45bb-b9f6-83f19d2c29ce","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":54,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"abd3904c-ab53-4326-b3ac-90056d6ef134","block_type":"box","text":"investors in higher rated securities.","page_number":54,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"4a38a264-acd7-4c74-8886-5bc94657a6bd","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"e5b7d79d-7516-46d6-99be-c678141d705c","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":54,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"f9306d9d-9857-47c0-95b8-b053ea778b1c","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":54,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"a851dca2-8b90-445a-b191-9f17199c6127","block_type":"box","text":"lower yields and may lose income.","page_number":54,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"6a3655f7-30a2-456f-bdf3-d9ea3a6e3d41","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"ed754385-ea73-473a-8c17-8c8efed9fe17","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":54,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"1bfc5f85-9dd5-4613-91be-18ad5d2ce928","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":54,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"58e30f24-faaf-4b40-a9e4-6fad0836c2b8","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"982688c7-d0c1-470a-98c5-708c9081b876","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":54,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"6bcbedc4-7ecc-4e5e-be94-a496eaa330bb","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":54,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"e1734990-a97e-4f71-9e3b-609fa3869349","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":54,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"06dcf1b4-4ebb-44f7-a05e-e62a6344c937","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":54,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"2005841c-259d-4143-a187-3f9daa75c594","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":54,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"11f32247-61b6-44a9-9740-7758a009d748","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":54,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"15bf30ec-2d3e-4cad-b1b9-cc47c1e37b63","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":54,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"f6d2d580-6cf4-4164-a419-7d1d439cfb04","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"029c1ea2-563b-4463-a230-680787991491","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":54,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"090b19ee-6793-48ca-9c96-a280b6da313b","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":54,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"05fefa7c-3eee-4350-bd47-f65f1d883697","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":54,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"cd884ed6-9701-4f1b-93ae-d1826d2b8d2f","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":54,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"12971125-e314-49ca-ba83-fe0e36607c62","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":54,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"510b7187-8a19-4d54-a78d-c72cb97c0b54","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":54,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"2a0f81af-9b2a-4bd8-a368-fb7c19f66eb8","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":54,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"3b91c09f-443a-4c60-af28-ebea5c9029dc","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":54,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"32390e16-e1b7-4b7a-8f04-6e67b4a82091","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":54,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"def46997-9355-4c0c-8431-4d6976a0e3c5","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":54,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"96726e76-e350-424d-b99d-c2821c31da74","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":54,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"e553876f-49d3-41f1-957a-a7a3486e3210","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":54,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"6d30108d-38da-43d4-987f-4cafe4f43401","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":54,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"78f3910a-92b6-4496-92cc-3ee30adc9c3c","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":54,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"d2e1d505-5020-4647-8fd1-a68b42b43ed6","block_type":"box","text":"role in determining such valuations.","page_number":54,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"84a076fc-182d-490d-8dc1-9389dba650fd","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"9eea9b6f-8c0d-422f-a1d0-2562cface72c","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":54,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"2148764e-d860-41bc-aef3-6aeb37163500","block_type":"box","text":"a defaulting issuer.","page_number":54,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"be0e0bab-0e25-4362-9009-82cec9b7bfb2","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"0e53b7d2-5e78-4ecc-823b-d36bdb8a214b","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":54,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"f3f47daa-97e5-43d8-afec-13dfd279e086","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":54,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"4cfbed6a-16db-4b9e-bb23-9589383ca544","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":54,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"1a64ba77-51d2-4b84-89bd-84fb3b3396d6","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":54,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"fa94cac0-9e44-41ce-a735-934d73f1333a","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":54,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"af7f6afc-ffc6-43ee-b3ce-e839644e91dd","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":54,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"aec8c8c8-3752-42c1-9354-df1594eefe96","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":54,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"7ce1c9a2-4cb2-47f3-bb63-b310c3078bd3","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":54,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"199f9bd8-6e2c-4174-9448-621b1c13309d","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"1a2a6c2b-3c24-4c6d-a28e-55af52bb1c88","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":54,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"99b2aa25-a8fe-449c-94ea-5f20aa65dfa4","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":54,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"f532d812-0ff5-4772-8126-1197ffd9398a","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":54,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"be7943d2-7c1e-4d65-a9b0-fe0d3d68f7a3","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":54,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"049605ed-e99a-4e91-a794-8a39c71977c5","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":54,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"e1b0ac22-31fc-4ddb-804a-e37e6a89761b","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":54,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"e75859e2-e086-460b-a95b-db6801dfd412","block_type":"box","text":"higher-rated securities.","page_number":54,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"b2e77cc6-f1a0-46a7-af63-5081ab06f7c9","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":54,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"53b885d4-7a17-4a99-96b9-aacd0627eee4","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":54,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"05b0f236-566b-4957-815c-199b46958eea","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":54,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"e93502c7-b78c-4288-8ce4-5efc28cc5a94","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":54,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"9fdfed88-7b9f-4d8b-9183-47e71f8fa70a","block_type":"box","text":"II-11","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"04f96a99-94a5-4402-8cfa-0d54b3180c21","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fb04534-290f-4f42-9827-0aab5948d7da","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":55,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"24bf5154-88b2-4242-a41d-cf0430e40f44","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":55,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"589523ca-0209-4bf2-a76b-6022efbe6d91","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":55,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"0f6fa0f0-49c8-4c36-8f36-1c8d884cea45","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":55,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"6e58c611-0a9c-4d50-a628-ba4ebb2a1bff","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":55,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"9b03cd36-2ee7-4366-a86e-cc5e806043b8","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":55,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"9cc78cc2-31f1-4813-b014-58cf215e0eb6","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":55,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"cc9a6300-03f4-40f6-b8ec-c28780b74a61","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":55,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"5cdb7f27-c447-4483-9454-4f629b308a2f","block_type":"box","text":"Mezzanine Investments.","page_number":55,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"7eee43ef-c741-4af2-ae1e-03b3ca8d61bb","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":55,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"f4b67544-93ea-4a04-ac1c-cd62f744932c","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":55,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"35dd9bc5-d85f-459f-8669-a7d9f13aa531","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":55,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"437368d8-e172-4fa3-9bea-a6b63886664e","block_type":"box","text":"e.g.","page_number":55,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"68986bb4-bbac-42d3-a0b4-043d39ebd828","block_type":"box","text":", with","page_number":55,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"7b39de99-6c07-4aa3-93de-2efd5e000ff3","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":55,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"b48e1ec3-0029-4109-b838-c14530c93a94","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":55,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"004c13e3-398a-4987-93d7-867703ede447","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":55,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"1a6f46f8-4d37-4163-ae50-4c27e52dd182","block_type":"box","text":"other obligations of the issuer.","page_number":55,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"e67083a5-f2d4-448d-a857-3c1df60b64ee","block_type":"box","text":"Pay-in-kind Bonds.","page_number":55,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"5c2992c6-31f8-4c22-8cdd-b5123637da62","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":55,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"dc8d46c4-a065-4eea-b48e-7d48a15bfa54","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":55,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"7e566463-9b43-47c8-be62-72432c8236b8","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":55,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"c3869698-94dc-42a7-a6b4-c058601823a6","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":55,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"4ea0a617-38ab-4095-b61f-a3e1c72c07da","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":55,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"47fbdf27-c37e-4f1d-9b62-a9dc039025c5","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":55,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"21b0af13-a2a6-4f04-b887-0c00b44b957f","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":55,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"b5a69768-88af-4a01-a927-5bbbe03664c5","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":55,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"e273e58d-2df5-4a7e-be41-d850e4aec162","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":55,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"a1b4d093-5cce-454a-a943-cc8db7c8bdd2","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":55,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"02f59c78-11d9-4bc8-a2ed-81706a7f310f","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":55,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"eac5a165-9dcb-430a-be23-a9b9907a6dce","block_type":"box","text":"Supranational Entities.","page_number":55,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"cf228580-d6f5-49b5-aedf-535f1f85af3f","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":55,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"c1b0dfe8-c8ab-43f8-9cac-7b778446c784","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":55,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"3bab16ff-6511-46e1-8b4a-0ebd72c300b7","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":55,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"c7461d5d-7c4a-4e1c-ac09-c78f67e953a5","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":55,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"b2f5e51c-3bcf-427e-8d4f-6e6cc1a30bd3","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":55,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"b2a7ba3f-21a2-430e-9516-bd5b3123f7db","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":55,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"61c5942b-6707-42c4-9149-1e183abed092","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":55,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"64508069-e910-4fe6-ad3d-4f9233eec041","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":55,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"be9fa70e-d3d1-4775-af3e-ca46c675c466","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":55,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"c32002f5-8e26-4179-a1bb-55f0003a647c","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":55,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"176e641f-6099-45eb-973d-6eaedb4d0c4d","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":55,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"74d73b1c-3f63-4297-a5b3-563842ead414","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":55,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"1fffe18f-6b8e-4443-b638-9d64348ceacf","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":55,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"7c4f46d1-3c8b-4a4d-a16e-3ad2d8c56159","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":55,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"7a182407-9353-496f-8d55-983e6139c7d5","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":55,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"07db0fa4-3e9e-4230-a127-c26f16a29d5d","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":55,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"c86d0c88-87c9-417a-abaa-a9142cf803c5","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":55,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"6bfeb0c7-e7f4-4ced-bb7a-c9878f3d4d80","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":55,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"3be852dc-37df-42ab-a162-66f2975f0ba2","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":55,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"bce9a987-e78d-49f5-9f3e-442094bd35e4","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":55,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"03b40ce2-8fb9-4408-ab36-6067d2ca9808","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":55,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"c571a980-0fce-4e36-a508-dd3b82426574","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":55,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"9a71ef19-b0ae-4538-9111-1249280a5938","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":55,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"00713898-1d44-4761-8fec-28d1680c7ef3","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":55,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"9bd90810-b74d-41de-87e8-06f5a36436a9","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":55,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"f111bd87-e9e6-44b6-b23c-1d42f73b1602","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":55,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"31a57077-6b30-4a79-a03f-1ef60f6d2776","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":55,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"74556d1d-b6cc-442a-b55d-3dca3421c66d","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":55,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"fa5a3867-e634-4b71-a84c-31a332ccccc0","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":55,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"192b8b43-be48-44fc-9b72-bd4839ed7792","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":55,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"fd05d8bd-ab8c-4fb5-a30d-9fb653342482","block_type":"box","text":"II-12","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"66f6d87b-c7e1-44a8-94af-7c145695452c","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0e47235-7770-4c76-9cca-7647f57897a3","block_type":"box","text":"Derivatives.","page_number":56,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"0cd371d9-574e-44fe-8bca-f9eddef211cd","block_type":"box","text":"General.","page_number":56,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"937b4649-b8aa-496c-a712-00ab67b49522","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":56,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"26a77126-d0d1-4928-a2d6-6a1ecc1d54d8","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":56,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"740baa5e-cdc6-4a0e-8a1c-1f807c4c38c7","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":56,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"810771a7-71f3-4d83-9126-b8a9937e8207","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":56,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"d3e85aea-a9d3-4f01-bc07-5f5196bdaffa","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":56,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"b4eb7158-d48a-4fb3-a341-e79bcc2d9a47","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":56,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"84ad7262-5d02-440b-a379-981789e77bbd","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":56,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"dacd2c0f-8a8c-4d86-96dc-163201e21e2d","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":56,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"1383ae94-63f2-419b-9964-be0e84ac1837","block_type":"box","text":"i.e.","page_number":56,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"1e76197c-dcea-47f5-9222-db38ef1283d8","block_type":"box","text":", the payment","page_number":56,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"f9994489-9fec-46ad-b6d1-0d851b63e892","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":56,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"921eeb38-b1ce-4189-95c1-03f30f508cd6","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":56,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"d8b23984-5ac7-45aa-ae84-c1079296c691","block_type":"box","text":"Hedging.","page_number":56,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"d1e0e875-2bb2-49d3-850e-3e90c10b09e2","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":56,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"3788838c-8995-41e2-8f58-b9cb36406df4","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":56,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"bcad31a4-7514-498a-963c-64945419c3cc","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":56,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"4d81ab3b-e14b-4ce0-b8bd-3d980913eafe","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":56,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"d7993e5f-d81c-4810-b363-82e0740e4f41","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":56,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"c237df01-90e4-4456-bb8b-938f85c5a90a","block_type":"box","text":"correlation risk,","page_number":56,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"3932cfbc-acf6-4ee8-b1fd-f83a4736259e","block_type":"box","text":"i.e.","page_number":56,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"e7d7c1d1-1815-4732-8ff0-3d813e47f36d","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":56,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"e593ba73-a3f6-42d0-aaf9-5360a6e37bd8","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":56,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"e04e118a-8c96-497d-b3e1-8d8ed20c99ff","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":56,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"717832ff-b36d-4e64-89e3-6e240b54364c","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":56,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"dea08094-8d86-44eb-bab7-33c9ea83a4a9","block_type":"box","text":"Speculation.","page_number":56,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"40c86fd1-1409-497c-b072-db9cee937ea6","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":56,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"a7da638a-3ca9-4b57-b5f9-8b58e92002af","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":56,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"3a4f1c00-47c1-4f6f-ac7b-1b2a26a6a6fb","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":56,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"53f7acdd-a572-4d48-abb0-dd54e966cde5","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":56,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"3fe656a4-c352-4a45-84f3-f11965fefc62","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":56,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"e4264c0f-810b-4cf7-9346-276b761f6b4d","block_type":"box","text":"Regulation of Derivatives.","page_number":56,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"9b5140e7-a5c3-42e6-97c3-44529731aaa8","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":56,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"e59bae17-326f-4a3f-91e4-4f45d24871e4","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":56,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"5c1478c3-3ac9-4b64-af15-77259e1dd84a","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":56,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"bf3bb010-efe1-4a2a-bf7b-06eeece3e52a","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":56,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"515855db-8d52-40ad-9c2c-a7f77b8c4732","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":56,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"dcee229e-2ef8-41b4-aaa5-721d97d180e1","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":56,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"48c5377d-ee9f-40ce-af77-2a00c07a794a","block_type":"box","text":"coverage”).","page_number":56,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"5df8c176-530c-432e-a379-be83e7fed170","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":56,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"37df3137-f6ef-4427-979d-b905f23ed813","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":56,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"c33cd66f-b5aa-4d2b-a77a-c33bf56e6d2e","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":56,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"c6f41166-753d-4d1d-9d8a-a4cba1fcc701","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":56,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"4684c04e-bc58-4d37-a264-675ae5aba646","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":56,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"04b85f98-55ee-4277-b8bb-c085547e42f2","block_type":"box","text":"financing transactions (","page_number":56,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"6bb2dfd0-d146-42e0-b469-b05346d4a247","block_type":"box","text":"e.g.","page_number":56,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"5b5295db-921b-4b90-83d8-2805c93e1b30","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":56,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"31ff894b-924b-43be-a768-4cc36449b8d9","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":56,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"bee9d455-e862-49e8-84c0-9782df97bab2","block_type":"box","text":"securities (","page_number":56,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"92c08cac-a4a1-48ef-81f1-21540def0cc1","block_type":"box","text":"e.g.","page_number":56,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"fc8b756c-9b81-45cc-88e9-6f0fc9a65c7e","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":56,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"2c8ef5e5-6d6a-4eab-952f-6865ec1a3459","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":56,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"86c6ba2e-92b1-429c-a168-8fddcbf84fe0","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":56,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"915b07a5-8502-4845-91c3-188e479fa325","block_type":"box","text":"Commitments”).","page_number":56,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"5a914780-8e49-4068-b2e0-517378878411","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":56,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"69d91c07-85ea-47cb-94df-1c27481788db","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":56,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"75a69bce-39bc-4e0b-bb7f-dd96626f8b6b","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":56,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"b05dde8c-db52-4402-b460-d52796b3f54c","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":56,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"13b59d9f-8c3a-4b94-9e21-2d68c0c9f56c","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":56,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"40ac3a3e-942f-4ada-851e-b3b04f1cb237","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":56,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"59b2dc5f-3eac-4648-b71b-f8a08e7f3d23","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":56,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"6e9b481c-aa0d-4b6f-aeb9-7a74e31953d9","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":56,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"1a2e118e-84ae-4e3d-b69a-2abe0579ff12","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":56,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"2703226d-da6a-4adf-b793-eff4c3e3eb0b","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":56,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"c3e8d56f-b1ff-4a52-8c6f-dcf310959a8c","block_type":"box","text":"II-13","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"699de9a4-cd6b-40bd-adee-77a34a42808a","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a32d6c5d-de18-4738-837a-5e514405abaa","block_type":"box","text":"Dodd-Frank Regulations.","page_number":57,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"031eaa01-4de3-4bd5-9f47-29b4c3d38946","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":57,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"16ea030b-c14e-4510-aff0-e0bf5643f6ec","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":57,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"1bfb0659-0869-4e3b-914a-ab3a48e05ae2","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":57,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"d778b9bb-c756-4ba7-bd0b-1cf9f49ca922","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":57,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"90860e9e-2366-4c6f-b875-90bd083641f5","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":57,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"113d6347-a643-4f78-bf26-b1b08224a1b0","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":57,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"12217126-1e23-4e42-a97b-ae1d6fcf65db","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":57,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"c8c17944-0b1c-4759-836a-bc4752bbbe48","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":57,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"c08f5a89-cb20-4f7e-9540-4870d65ee612","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":57,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"81fa6347-57d6-4226-9a9f-04021135a361","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":57,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"76795e87-fcbc-4ddb-9553-f174d0a6346f","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":57,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"b6b9c0e9-47cb-4e7c-8515-71dbd61b8b19","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":57,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"e9efc50e-890f-45a9-a38f-45ca7857dc05","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":57,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"bcfcffb5-6b9c-4375-a0b9-b8d43ccfdd74","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":57,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"6dec6e82-6ed1-473e-b1c2-8c651aff22d5","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":57,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"e7987c4b-7ba7-4136-a6cb-c6191fb63e0d","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":57,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"41f13d63-74fe-4f98-a1e1-a31e27ba4b88","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":57,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"96b0699e-cc81-49be-9f2f-9be7af9c2095","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":57,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"eaa50bde-3531-4fc5-ae02-e8bbc5daa504","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":57,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"4d28fb97-8795-4ebf-afba-84ff402c5c6e","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":57,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"4093ea4b-3446-4077-b51f-e082c33cea34","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":57,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"9cd9b41a-a672-4eba-87ea-6001580d0774","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":57,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"a6324b7c-635b-4f97-9db7-0a3827326a63","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":57,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"161de656-b73b-46e5-b054-1ca85c87575b","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":57,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"beab6cf6-bb38-42f8-a3b9-183ddb3adff7","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":57,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"025c55cd-c1e3-4b2e-9503-754abf336a48","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":57,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"eb60b4a5-06f0-4eed-a753-944c4d91b433","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":57,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"0dd0b0c6-9adc-41a1-9eb5-2236f7aa0c8b","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":57,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"7953563e-1c28-43e1-9143-519b5b7e5110","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":57,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"d83ae3c8-7ccc-4448-9302-5b64b865d4bf","block_type":"box","text":"member.","page_number":57,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"a4426b78-76a6-45fe-a57c-b8bddeff94ec","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":57,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"b689a18a-a0ad-40ad-80fd-2818cc0895cc","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":57,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"c2f2d056-b4dd-4f94-9542-348c858a5e5c","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":57,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"25a12b17-ee02-4720-a938-91b164ba646b","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":57,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"8afa1d03-05b3-4f3a-83e6-a2b088512446","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":57,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"8a4c8a00-354b-4a53-9cbf-199984d5662b","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":57,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"3dae25ed-45cb-4e92-bc07-e419049c4fed","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":57,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"a38c054d-97b4-44ea-9115-5dfde4268e35","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":57,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"8fc78b25-1b50-458c-a7e3-826e662bb9eb","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":57,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"1fad3d48-d2ba-4a16-b238-13b77b2b3bc7","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":57,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"b8b1ff65-aa26-4d2a-b707-2f595d3117be","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":57,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"87e56ebb-351f-4a33-a402-888510d45678","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":57,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"bb0c44db-234f-4eab-9a16-f8cbdf86ff10","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":57,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"ccf0deba-1771-49d2-ac7c-8b2ce76a373c","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":57,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"8d6948f0-518f-41d1-bdf3-dec26f877492","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":57,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"bf35f75c-f7df-4cd6-b4a0-f1113674775f","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":57,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"31182409-17a5-4f79-9c64-f432ac18995a","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":57,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"c5b06b91-dfa6-4892-9ccf-23de85552f12","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":57,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"159f353f-73bb-4aaf-b5c7-770d8e8e0f43","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":57,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"3cb01ea8-8e15-496e-ab55-80a92c1fed5f","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":57,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"a3957abd-0cf4-4145-9315-8dbcab3009b7","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":57,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"23320096-cda9-47a9-acda-0ef30916dfe9","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":57,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"adc66620-1397-4f0f-8e9f-a45e1d7e42ee","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":57,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"fc42df56-495c-49a2-9583-da1431263824","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":57,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"1195a1a1-3e1d-4481-bed7-4f85956e4450","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":57,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"691ce038-83b0-459b-861f-e477afb8360b","block_type":"box","text":"II-14","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5f9ebca-349d-4be4-b342-a628edb1e3e6","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f00d98d-81e6-4a76-baa9-ad0aac95afa7","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":58,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"55a91c45-140a-469e-b4d9-9efee8c5b4d5","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":58,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"f712ceab-bb0b-41f4-a63f-da29167fb176","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":58,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"4a6a93ce-fca1-42d0-8bda-b6e597db6d7b","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":58,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"19ada5f9-6203-4c51-ba25-b622162eac62","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":58,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"68694783-1a2b-4aec-90af-dda2fd38e9e6","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":58,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"a25747e1-5e94-4e41-89c1-453de1d2491f","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":58,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"83b9a54c-c172-4b20-ae6c-57d271bb8899","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":58,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"a58ee5a5-35bd-4512-b438-893e183c6a8a","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":58,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"5fd1ffb8-415d-40ee-baa0-a566005d458c","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":58,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"d2e1c208-a438-453d-a7fa-f5b2b3db359d","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":58,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"7aed55f3-30ea-4841-b05f-f444a9931934","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":58,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"ff96f09a-e258-4cf4-b48e-a9bf51005f74","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":58,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"92edf766-a2ed-41de-a5c0-790ccd3b866c","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":58,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"392fe801-1b5b-40e4-9ab4-65808f46ce8e","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":58,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"c4da7911-7c0f-4ff0-b276-065cc483e85a","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":58,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"70259290-3fa2-4fcb-98dc-4026ec78cb5e","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":58,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"ed9abf57-06fd-4b64-b642-e84742beac3c","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":58,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"be4a437e-3623-4d8d-b58f-067e9849be21","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":58,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"4c663712-d3d8-4a5c-89f9-f2dd6d668704","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":58,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"b9538550-216d-4192-9c22-8b1191688a1c","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":58,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"662fed0a-ad78-415b-abea-39284c8eede3","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":58,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"bf01ca9c-8b83-4430-b82c-a20c6a83f785","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":58,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"39b2a20f-90da-4428-9825-e9fe4dd4a40c","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":58,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"fb711ef7-9e53-4d7b-a465-3adf91ab7c06","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":58,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"a7dd3415-56bf-4e1d-b847-e08a642e85b4","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":58,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"862da07d-bb76-41d2-86be-8fcd11c3955c","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":58,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"0513e862-5a55-4b40-a9f4-0548ab02c646","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":58,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"054344ee-ce58-4c6b-b498-e9e213523487","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":58,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"e08e4db8-d5ea-420d-8586-f2e7560e3836","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":58,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"e11dbfa5-d486-4a0a-a5db-bf0925023caf","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":58,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"a49a216e-0c94-4e76-82b1-3c83729cf005","block_type":"box","text":"collateral received under such contracts.","page_number":58,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"18a28e88-2bfe-492b-934f-abbf52ab2195","block_type":"box","text":"Risk Factors in Derivatives.","page_number":58,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"16cf623f-9514-4128-8638-b20e39ba8a15","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":58,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"3a0fdf15-d926-4816-810f-38486477ce39","block_type":"box","text":"Correlation Risk","page_number":58,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"ca63e059-fe85-410a-aaf7-63a55b7be6ac","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":58,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"b56ff1fc-83cb-481e-9a44-57d2ab6128a2","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":58,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"c3afeade-b8f3-4408-ba62-dbf35d9854c5","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":58,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"80d1ab50-219f-45e1-87f5-d3dbbe014aca","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":58,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"18a7102d-a82e-4946-820d-4ca84f66c27b","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":58,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"375437bf-f1ad-4d46-8f4b-9e9df077cc61","block_type":"box","text":"Counterpar ty Risk","page_number":58,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"7409a7d3-f449-4285-a198-96b7a0122a41","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":58,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"47cd6526-105d-4711-a375-29161c69e5e0","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":58,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"4af93f78-bc19-4a87-b3f8-d1d4962f2506","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":58,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"7700f558-e747-4c5a-bcb2-e68fc5c26a09","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":58,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"67284e28-98f1-4556-b9af-72ddf5520a55","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":58,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"14243756-fbad-41e5-a589-09e4b46188d6","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":58,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"381eb6d2-9fe8-4b7d-a074-e5828e8f57c8","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":58,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"c9a99f67-ba53-4a03-b899-0589af5b82b3","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":58,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"e0581a82-1c17-4f4d-9dee-17fc9ad22e1b","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":58,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"1981a5e1-4138-49b3-a34f-3c09eb18aa27","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":58,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"dbe0c2c9-7b4d-4ec5-aa85-3b1b50696ccf","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":58,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"9fdde074-c3e0-47a3-926c-7a66e3ad3903","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":58,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"bed0959a-cf14-477c-8bce-3153b7844381","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":58,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"db0510de-beae-4f3f-96fb-2d907f0a6c59","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":58,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"de627358-c02b-40a2-b493-3a448aff4409","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":58,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"27cee018-9bb7-4063-8a97-29fbd0f7e032","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":58,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"3a02e81c-ddb4-471a-88fe-0ba0ea5b83f4","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":58,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"f4ff5c7d-01c1-48ef-9857-052b91e61860","block_type":"box","text":"II-15","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"99147d82-4b5b-4b5a-93e2-eebe6034e10c","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"665ee5da-d8c9-4316-b7bc-d2de2b4e88dc","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":59,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"3e22204b-0328-427f-a03c-eab3605253d2","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":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"7c4cca62-50e2-4c07-a77f-7420acb48de7","block_type":"box","text":"by the clearing member.","page_number":59,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"aebe86c9-9252-43da-89d7-556f81494be8","block_type":"box","text":"Credit Risk","page_number":59,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"c194b407-5ad7-4bc6-9d9c-7bf197c2f30c","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":59,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"7a61a36b-2d01-4bc7-a5b8-fc26b3bb26ea","block_type":"box","text":"honor its financial obligations.","page_number":59,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"81baf038-ade8-434f-9038-a4e8f29ad096","block_type":"box","text":"Currency Risk","page_number":59,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"9b46254c-29b3-4def-8863-80b628ecd84a","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":59,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"d1bc5431-21a1-4f63-8199-3e74c1ac183f","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":59,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"b4ba3fb0-cdf0-4207-9542-b7f193c79c0f","block_type":"box","text":"Illiquidity Risk","page_number":59,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"05654e77-18a9-492a-be32-6124171cf774","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":59,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"a28cfdec-589f-4968-8791-e6c09e05b74e","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":59,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"9a2bc32c-c4c5-44e4-a47c-6556dc47b88c","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":59,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"6c9ca999-aabb-4d05-8152-c9432aa9eaf9","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":59,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"7abb0cdd-c96d-4b81-9414-bda434a3cdb9","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":59,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"e2aa0ebf-de3c-4bcc-bce8-e2d4b3ff7933","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":59,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"455c27eb-4dc2-4264-8e8d-6b9071dc4375","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":59,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"a095441a-3af1-4605-b782-c034fb2aa5d6","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":59,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"3d416e3b-4aa0-44b4-b506-b8104bdcc8c7","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":59,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"5f6aa8e8-cf2c-49b9-99bd-f6ee82d762ed","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":59,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"e3600131-d217-46e9-b203-7807fee978de","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":59,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"e94ba334-af6c-442d-8fc6-c1b5dcef4dc4","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":59,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"ebc8cb7a-e29c-4cfd-9485-aaf4dc77e7d1","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":59,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"8fe8ab2b-dca7-4f6d-8550-27b066925acc","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":59,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"628e2d16-ed38-48fa-9817-d06b74c0fe22","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":59,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"cb72f221-4498-4ac4-a009-cc7d7da36ebd","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":59,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"8bbc08dc-0561-422d-9b9d-d66860669b93","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":59,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"bbc556b1-e88b-473f-8ac3-88a9d6bdf680","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":59,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"7241463c-c463-4c1a-84da-fd5f926ff4bd","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":59,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"0221488a-7559-4c3e-a32b-a334a81412b6","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":59,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"f5a7a925-b69f-4fb3-a7c4-df3b85348958","block_type":"box","text":"may be disadvantageous to do so.","page_number":59,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"b97a5848-c5d2-4b0b-a8e3-1c8df0f8dc17","block_type":"box","text":"Index Risk","page_number":59,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"53d16f84-f689-4212-8998-9983072fdc20","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":59,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"f121b425-ea1a-41f8-b12d-e1b5dc2dbdce","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":59,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"e82b567e-8c7e-48ee-bcb8-cf47df936c80","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":59,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"e7e751e4-48ed-46b6-a5f0-990acee87f75","block_type":"box","text":"Legal Risk","page_number":59,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"6e89e4ab-ea19-4f94-b998-852cce64df4d","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":59,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"ae5b6561-3137-448d-8496-4c0d14e6406c","block_type":"box","text":"or enforceability of a contract.","page_number":59,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"d5a0f5c2-de1b-42f6-9e02-45345e5674b8","block_type":"box","text":"Leverage Risk","page_number":59,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"b8dfb07a-4ee8-4d82-9c31-a91fca07d191","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":59,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"99fc8e31-c4d2-4347-979d-d662cebd4816","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":59,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"d7da65fb-4d74-450d-b8c2-bdae8c57df85","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":59,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"6cf49035-f0cf-44c6-985b-9e493bf9ab33","block_type":"box","text":"Market Risk","page_number":59,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"fec8ea0f-3c11-4428-98c2-d00e0f6fcd31","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":59,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"b697c960-974e-4142-8864-e8816f107b41","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":59,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"025e6fad-5908-4003-ad38-7bebdbffff1d","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":59,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"b4ae89da-5ecd-4dca-a5f8-140013c9635f","block_type":"box","text":"affected.","page_number":59,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"f5409772-1ed6-4d61-aa8d-161f46a99c00","block_type":"box","text":"Operational Risk","page_number":59,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"49648961-af46-4bb2-88dd-597fd44eb9d3","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":59,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"ec51918e-7e0a-486a-ba72-ec22605d6614","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":59,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"a224b769-a3fe-4a16-98a8-3009e1c34bb4","block_type":"box","text":"Valuation Risk","page_number":59,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"cbecde7f-a0f6-4e06-89fd-5100a10b4a43","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":59,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"8fd33300-7fb7-48a0-904d-0b1abda2e68f","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":59,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"abc6ef8c-0c4d-48d2-9983-debc523c7076","block_type":"box","text":"complex instruments or quote prices for them.","page_number":59,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"e84a32a6-af03-4220-90e2-7efd30eb05e5","block_type":"box","text":"Volatility Risk","page_number":59,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"24bc62d8-c61a-4c4a-afea-70fb1cb8a4ea","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":59,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"22820e7b-2308-4958-a892-f545b8bf255b","block_type":"box","text":"Types of Derivatives Transactions.","page_number":59,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"f4c2ef2e-d052-48d3-8df3-e8989f9e1027","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":59,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"96daec6d-c2fd-4b5b-b824-eed4f139ef04","block_type":"box","text":"including the following:","page_number":59,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"345bc063-16e9-4532-8bb6-29c7ed28781e","block_type":"box","text":"Futures.","page_number":59,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"b164a357-574f-47fa-9566-454218641182","block_type":"box","text":"II-16","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9348c0a7-47a9-4fa1-a67b-aeb5cd0302f1","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb437305-c3ea-41e4-a4e8-2a0eed764fe3","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":60,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"12d150e6-9653-4e2a-b71d-f2ddba3f88ef","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":60,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"f391a75d-5220-4049-af61-cb66f71a22b1","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":60,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"75c28ad8-5b68-4145-b669-b45402d22135","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":60,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"11beb7a0-a1c2-46e1-b2e9-f736d9fe9f9b","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":60,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"86f85320-8bdd-4e33-9f3c-079fcb8f9f7a","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":60,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"d726f105-a6e1-4484-8304-c270536a4fbe","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":60,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"b452f8ef-ce36-4cec-996e-94aaa9e2ce30","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":60,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"2ca9bfbb-207d-4813-9913-0f0ad3e8fd34","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":60,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"0a10551a-21eb-42b1-ad92-cf4af25caaed","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":60,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"c3f4b6ad-c224-4125-a4ab-6aeec079c8fb","block_type":"box","text":"of the futures contract.","page_number":60,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"4ade0657-51e9-4208-93e2-e11b57fd6a33","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":60,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"1da0447f-84cb-4664-b4c4-351d283473f0","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":60,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"bf7d7af4-b2c7-48e9-a5b0-e4c980841406","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":60,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"99645392-0b65-419a-8420-17121e059288","block_type":"box","text":"relating to the futures position.","page_number":60,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"a80bd1fd-0a38-42be-a6ca-f17d4ed1f0be","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":60,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"cc04be84-fe3e-4f2a-b240-2c3c99f4a0b5","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":60,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"e4bd9ee9-4806-486b-9ee3-b7734c8eae63","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":60,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"17b9811c-570b-4064-abd9-c850215d6dcf","block_type":"box","text":"Regulations” above.","page_number":60,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"6e51e7e8-543f-418d-8440-52f133e9a20b","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":60,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"b40a39dc-56bc-4f15-a649-b6c8c2a94eb3","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":60,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"7f851631-b48b-4082-b668-0f873c750f37","block_type":"box","text":"(","page_number":60,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"80a44ec2-d66d-437e-8494-fc1d6d68ebbe","block_type":"box","text":"i.e.","page_number":60,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"7d848e3b-3294-44ca-bc4a-378189c33dde","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":60,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"cc8f2e6a-f699-40a4-af0a-85d8ea2719be","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":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"524f1cee-db49-4fed-86aa-56c917ee45d9","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":60,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"8b109ae3-8c36-4c1e-87e5-760668ddc547","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":60,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"ebbc2aec-9587-4fc7-9bb2-2da89311ed73","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":60,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"20d3d82e-0d07-44eb-99ee-fc152671e62d","block_type":"box","text":"Fund intends to purchase.","page_number":60,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"5b0de529-f903-42ff-aa28-88534105c0c1","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":60,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"88c25648-db2e-4556-acd4-328056db4509","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":60,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"5ea5b5b9-21a5-44c5-af83-1fb41dd8eaca","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":60,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"cae21ed9-7dfc-487e-a29a-3b99b32f4fa0","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":60,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"979298c9-9ac2-40a0-89c6-a3700cd44c25","block_type":"box","text":"illiquidity.","page_number":60,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"8d1c78f1-b800-4c9e-9f4c-7fe887660502","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":60,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"69cf96a3-b653-406e-8a7a-c671062d0833","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":60,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"6e84e49a-97e3-4877-8e56-e234a134a410","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":60,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"795c7579-78c9-432d-ad6b-5c204599710a","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":60,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"c205b225-a7f1-4719-8402-45263c7d3902","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":60,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"2f4cccf8-e0ac-447a-bf09-8686889fb801","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":60,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"3b709cd2-d6fe-45b5-9626-c60410401b38","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":60,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"faa9f6dd-f441-40e9-93dd-0b66f46084ab","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":60,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"fa69a705-7bdd-445a-bf16-816246037dd3","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":60,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"b9cae340-7cec-4762-aa45-8805d8cd53dc","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":60,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"89c49e69-11c3-4c02-98f0-1d0e54c53e18","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":60,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"5006cb8d-b924-4934-88c3-c5d10339d39a","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":60,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"0ceb42fa-34a6-4a34-8a85-736ef67ecc10","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":60,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"6c781cc4-f298-4666-8427-d3f54e24f36e","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":60,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"0e5a8cb6-3087-434b-b1ec-ad0f44ed0485","block_type":"box","text":"Swap Agreements.","page_number":60,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"c5a8f744-5aa8-46c2-bc95-3005b40fb462","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":60,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"98b20cce-8bc2-455e-aa13-ff7f2c890f6a","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":60,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"fc6db390-2cf4-4014-bbfe-be9d258e2aff","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":60,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"1a37e7ab-29a3-489c-aa1c-de65d6c8274a","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":60,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"66a55c1b-4627-4e28-b6e0-189155f7a669","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":60,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"9180a661-e27e-42e8-8771-111f6cfb2f0d","block_type":"box","text":"a “notional amount,”","page_number":60,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"39a25eae-a354-4e24-a6e3-484d9d3bf852","block_type":"box","text":"e.g.","page_number":60,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"2078b2a4-b4e8-4eb2-891e-1480aabdf16a","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":60,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"aca1b86d-73b7-44f4-bbac-57fcdd3a5565","block_type":"box","text":"II-17","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9bfe37e9-640e-4105-9dd3-20a0909e1f0c","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95cf4630-be03-41f1-9b80-853a79c8cbbb","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":61,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"c2edea1a-70ec-4cd4-bf03-5b1cd5d37248","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":61,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"3947dcae-4d50-4c97-b1d3-6021b34b66f5","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":61,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"df6174e3-b289-4730-9ed1-1838539f53c7","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":61,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"859965e7-0b17-44a6-8c1a-54b73fac8486","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":61,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"3dcee4c4-65e5-4fc4-85bf-a1cf8d19aa83","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":61,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"ac0a0d67-1ac8-467c-9987-0588ca574a82","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":61,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"c2c6ea82-ad0b-43da-b07b-499605b9a299","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":61,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"869b385f-676e-4b9c-bd93-a16bd7e0fbfd","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":61,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"bd052339-9276-4091-bd80-d7593c9aeb50","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":61,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"e7a4d41a-2b45-48fe-8d48-a91b723d3071","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":61,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"9ac8980f-0292-4543-ad89-76099f5af8b1","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":61,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"b6452e04-2f1d-45a6-a3fc-b56f9d90ba8c","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":61,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"1eedcadd-6cd8-42d8-9f16-54a20f09062d","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":61,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"060e8de6-f1fc-4140-add5-1b4ad619485a","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":61,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"e75a45f5-4377-47b5-9cf4-6e8b50d0462b","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":61,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"358906a4-90df-484c-b600-ac272f3ea0e7","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":61,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"00ee3414-d15e-47bc-84ba-b2b2965a1188","block_type":"box","text":"index CDS.","page_number":61,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"ce960a8c-a3f6-4a84-940d-828e3ff6287b","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":61,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"839de1eb-e507-4c14-99dd-5e881d115a70","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":61,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"0318bb07-cc24-44a7-b137-78f77d92be46","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":61,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"77080b88-edc5-4873-aabd-9bd3f8e9bd52","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":61,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"71489983-7c77-410b-9912-c2a3ef60b265","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":61,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"3bd82605-c898-41d3-8ce4-6c7c5d195b88","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":61,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"b5b895de-bc68-444a-9357-1a525029d0a9","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":61,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"337c8b34-cde8-46b4-9e99-9bde25fc3f8b","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":61,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"5d45a777-34dd-4f0e-b5c4-5eb2da325641","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":61,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"953a83c8-13ee-4b9c-991d-38bbc309ce86","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":61,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"3b81a51e-9517-4d88-b86c-68bd14452bf3","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":61,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"31a6e802-d225-435e-a382-be3ea48f9d18","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":61,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"d2b04eb4-8131-4abc-8210-5aed874591c7","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":61,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"a557bef1-fe42-43bd-939f-d891c12b22a3","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":61,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"62e6a2ad-cf14-447f-a604-514fe84f5b30","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":61,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"c4bf708f-edfa-4adf-a4d7-601cf5947e07","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":61,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"b6344d63-d2b5-472f-b04a-2ee866697445","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":61,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"fb440c42-985b-4cfa-99d3-79b925203959","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":61,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"ebda421c-fed7-42ab-8a9f-ea9b586ed99f","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":61,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"5ef0e745-9edf-4a80-b916-c214c3936155","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":61,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"eada354d-5c92-4e15-908d-6b65259bf601","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":61,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"ad3e33b7-e285-4e26-9836-519c765d90c2","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":61,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"c93a2150-74b1-41c3-a836-e3b62b185414","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":61,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"f4d70da3-aa6b-42fc-b9cb-4bdbdd189b51","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":61,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"3ab3b844-7d97-42c8-a55f-ca984e71ef0d","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":61,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"d5cbc71d-7ce6-4a1a-aa0e-1eeec58df18a","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":61,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"31e504ab-b42e-4b17-be79-3d4f4b1bdade","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":61,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"564e53ad-d0eb-4128-b7ca-c9db542e5976","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":61,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"4155e0c2-d9ea-43f7-8dc9-185bb4271a9f","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":61,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"21517d12-8858-4d48-a355-0ff17a2f2bb7","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":61,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"78454a33-ffb6-4ace-8b7c-5bca54d8690e","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":61,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"852689c2-d951-4e94-99f3-8476de16b750","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":61,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"e8cc6c5b-6f62-42e4-920a-bad0d078558b","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":61,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"aaf9f4a8-2db7-4b80-90c1-e78049e420cb","block_type":"box","text":"conditions.","page_number":61,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"2753c317-a981-4109-bd42-12da7f6d5028","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":61,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"bcfb99fe-156c-45f5-9ea3-b806c5274d0f","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":61,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"fa2669ae-46f8-43d8-8f03-4c2bb6347c7c","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":61,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"e685dc55-a3f7-41c6-a56b-a86e6d8b4f11","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":61,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"9e13cc3c-22f5-4ed9-a01d-0c54efadabbd","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":61,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"ca3fa7b4-8263-4c8a-ac03-04990ea0cc50","block_type":"box","text":"II-18","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a55716f-7f39-4cdc-bc8b-d47ac5e229f6","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ece33f3-7c89-4259-bd6f-c94bce24fc7e","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":62,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"95c5fbe9-2809-4ab5-b554-6d5f096e959a","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":62,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"3e950c1c-be0c-450a-8d31-dfbc36453928","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":62,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"9149d557-5089-4052-9c05-70bf9b68b1fa","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":62,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"469ae54c-cc70-47e2-8fdc-861072709d7f","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":62,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"6297a9d2-0628-464c-a73e-55944364a011","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":62,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"31e94bbc-3cc4-4a67-9156-1f1a5ed72f4d","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":62,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"727c6e44-e399-46d6-8a4c-1eeb9456a08e","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":62,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"32f78ef8-35f4-4e88-91d7-2fb3d34d4af6","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":62,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"be3de152-098e-456c-9f19-98f82aa9bd37","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":62,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"92e1f2c1-c71b-428d-8ebb-57cd35843964","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":62,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"15db7489-08b1-4824-8a1e-f36fb54df067","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":62,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"aae88e1f-ac08-41aa-b62b-96543c56c890","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":62,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"9480785a-f1b7-4f64-ad8b-502be96393e2","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":62,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"9386c89a-a0fa-4878-ab74-6f25e23ffbb7","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"65b21523-57da-414d-8d51-33e9f9ceb85f","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":62,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"d143c044-0779-44a0-a584-4cf5e29df6f0","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":62,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"d0e52915-9628-4c03-8be0-393b535238ed","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":62,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"3cb7d904-f1ed-44e2-bd0c-219642fe8fb4","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":62,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"58163b0f-32d9-4dff-9711-aa74e1be3b6c","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":62,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"dc3b26ca-a4cf-4d51-901d-ce6ee489a8f1","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":62,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"d3fb04a5-0027-4e2f-91b6-efc884efafff","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":62,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"b79909a1-7a6b-4624-982d-e9a6197d2438","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"d6276422-2f8b-400d-9689-8f81a2450416","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":62,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"698f5dbb-e92a-4a2c-bbf1-ba77b26d09d3","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":62,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"64d551ce-67dc-4d53-aea1-f19b38ee3d4a","block_type":"box","text":"cleared interest rate swaps.","page_number":62,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"954acc79-c7dd-49e3-84c1-447d49af0fbe","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":62,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"ae8a8fc0-2f98-4555-8f54-84e1f0b2cfd8","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":62,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"3e0639e0-ac07-496b-a738-939924f62813","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":62,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"e48e9f12-9d64-41d0-9de3-98725c414912","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":62,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"4e0179aa-adc7-4bd3-89d4-bc5d353b530a","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":62,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"09b9b6de-c2d4-4196-841d-1592bee5bbc4","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":62,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"8e562814-7cf6-408e-8962-db36bf22d824","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":62,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"ebe9a891-f97a-4583-9e71-bd40b2a0d2b0","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":62,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"8d5a8f05-df01-4381-927b-a32b08091e74","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":62,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"ceaa192f-bb45-4909-a080-d58fdb025f59","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":62,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"bde85e60-4a13-401e-a66f-fb32e7c01233","block_type":"box","text":"or variable interest rate, index or asset.","page_number":62,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"9b89924e-a577-4514-9019-c8f10c06b5a2","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":62,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"81d60ce4-1f68-4cc8-be58-84a5639d5496","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"7d94bb95-a29f-47f5-b17e-be7c492f4f40","block_type":"box","text":"such interest rate floor.","page_number":62,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"369e4b5d-ce50-4b7a-8169-2be3cf4d9474","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":62,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"2f0e4ad3-4889-48f2-b482-c462ea8b6969","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"b54410f4-d005-4515-923f-f06896e98415","block_type":"box","text":"such interest rate cap.","page_number":62,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"e0045c97-53e4-4310-8305-403285d21a6f","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":62,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"9e448ca8-9ba5-4c05-be50-efbc63437308","block_type":"box","text":"commitments to pay or receive interest,","page_number":62,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"572018e8-78ae-47ee-a7bc-47c7d6d6f649","block_type":"box","text":"e.g.","page_number":62,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"7cb470ab-7e9f-442e-9969-d3f20f85a588","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":62,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"4c53cde2-afd8-4513-bb32-90f0bc6b0e29","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":62,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"32f2fc33-4bc6-4ab2-9572-ba9a57d37173","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":62,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"855f585b-cae0-4c16-b578-7fcd185d9fdf","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":62,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"f37ff567-02d9-4472-962e-0a7043992927","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":62,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"4803074b-9323-41a3-b41b-1fd621fe2a75","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":62,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"76571352-50ab-4312-bdb5-20dc1a98fbe9","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":62,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"7114db54-a7f6-47ec-9f45-539eba01f1f3","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":62,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"722b5721-5e99-460d-8e17-8de5030d7f9a","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":62,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"232cfdb2-7a4f-43ba-8250-f71dac91cb36","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":62,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"4fe42910-3bcd-43ab-b23d-efaf4c2f7783","block_type":"box","text":"II-19","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4db39f41-7185-42cf-b333-165c5664bff0","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5574f1d4-f88f-410b-ae72-8bf4bcd81815","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":63,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"f32034c7-071c-4453-a172-56fbdc673173","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":63,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"92bbd5bc-54c2-4dca-824d-f38755b468fd","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":63,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"8b97fdd8-fdfc-4e7a-bfa2-cf4fc2dd4733","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"6bc542c4-ff66-4cd5-9ac7-8a8c85e83c16","block_type":"box","text":"Total Return Swaps.","page_number":63,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"87f37335-ddfb-468a-8e73-b571ec579998","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":63,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"67aa5177-6adb-4c7d-982f-7a42d95fd3dc","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":63,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"d5c1127b-6c95-4b47-9302-8a9361e84587","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":63,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"c1c4de6c-becb-44c2-aaa7-d6466821aacb","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":63,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"2b6826e9-6ac3-41cb-9c59-19ef7b329129","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":63,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"d2a70203-d210-4e85-b3b1-b21db8c10388","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":63,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"748aaaee-a142-4284-907e-6296da85d62c","block_type":"box","text":"“contracts for difference.”","page_number":63,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"5670339d-dd3a-4680-ad83-ea272c02c264","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":63,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"f3c8ebf5-bd72-4450-99a2-1b71f3ec3874","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":63,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"59a98e19-9216-44a6-8451-d106cb76d484","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":63,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"cd8a7146-4f53-4848-9f32-97ca76f9825a","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":63,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"485c0508-f40a-4fa4-b303-4b748e92cab7","block_type":"box","text":"the notional amount of the swap.","page_number":63,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"d966c15f-62e8-48fc-b830-e9e31ecf2c94","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":63,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"902e9d38-88c4-4c32-ac8e-8de8e4dcb37c","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"319d6076-d9c4-402e-b675-8314df431951","block_type":"box","text":"Options.","page_number":63,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"cdde7787-f4c3-493d-8a9c-fd3124c09d72","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":63,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"0bdf5a5e-2dbd-42e4-90a5-6eb53b9b597b","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":63,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"497c6396-6297-46fb-a94a-e844881b456a","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":63,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"bea79291-da52-4c8e-b9c4-a35f9a57c3d6","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":63,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"07aff7bc-3ed0-429c-bfca-75664ab18e3d","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":63,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"c015003f-edf6-4170-b53f-b18c2a8c1b9f","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":63,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"c16a699c-4776-4bbe-b643-1ee129d9cf8f","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":63,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"f0691b9e-73cc-4884-9752-ebd54936eb09","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":63,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"be1e956e-c885-4785-b42a-22c4cfe451aa","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":63,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"0c6c4ae5-9d57-4b6b-a942-54d5d92c9d2d","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":63,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"ca4ee8ad-6e8d-42b4-a1aa-0ef21c878030","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":63,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"13453f3f-67cb-461d-adb7-9bb2884eedb9","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":63,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"a9bd7805-deb0-4d56-9dcb-db09a206a651","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":63,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"5d7c295b-fdd6-4b97-860d-e3f1954d3c9f","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":63,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"40102975-0d23-4c99-9d89-2d898fd1256f","block_type":"box","text":"OTC markets.","page_number":63,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"f7b03405-d023-4617-bec4-39879369f07e","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":63,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"db5ae020-0739-45fd-979c-e18e58e1c3fa","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":63,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"dd2b0676-305f-4991-9379-77775aaa1b4a","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":63,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"89561d0a-afde-4ab7-b23a-0682175a59dc","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":63,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"ea4c5afc-a93d-46b0-a1dc-a2bd0f7e4491","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":63,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"7cb48809-796a-43dc-9036-7bc9dff06b3b","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":63,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"7fcc0a6a-5767-4d11-b129-d0f56e957efe","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":63,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"04ab4c17-1fd0-4a70-9126-55a41900989b","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":63,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"d0cf0ac6-10dd-4edf-9686-1c150167bbc1","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":63,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"aa122956-fa8d-4635-b520-7c5b31c8682b","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":63,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"254cefcb-f787-41f9-9bbc-420402c0c858","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":63,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"c859e1be-4465-477c-b86c-a1ea0fe67799","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":63,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"11fd6636-eec9-467e-90e0-62dc3221edf5","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":63,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"7d0d90e5-624a-4ef9-a0f3-d129142fb74b","block_type":"box","text":"terms.","page_number":63,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"20f2d3b2-13c0-4345-a2b4-8e150ac6e5a2","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":63,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"659b6b30-b34c-4668-9262-b951dfc70292","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":63,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"a119ef5d-0f76-40f0-aabe-91fc6fa44650","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":63,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"5bb7b98e-4498-456b-9544-db12d4618c2f","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":63,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"e0f21f0d-1775-4b42-ba5a-2058b8e09b32","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":63,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"487ab9dc-e059-44a1-9e54-40160cb4874a","block_type":"box","text":"II-20","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e2d238a6-aae0-47b9-9c7d-0df1bc81210f","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bef20886-6520-4425-a904-19a0cd13d730","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":64,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"e690abd1-c665-448e-9cce-aba36f5594f8","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":64,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"7fb5064a-2f8d-4f66-bcc6-1cb1440cc4da","block_type":"box","text":"Call Options.","page_number":64,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"7e3e31c6-9792-4603-80f6-250b3c474adf","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":64,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"ea55adf4-0fe5-4282-b6d6-c789c9513fdd","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":64,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"38e075b5-f6ab-4c8d-82e4-f762685cecec","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":64,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"17670823-729b-4fab-b839-d1677f6ab4bf","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":64,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"ccba9c64-22af-4e3b-aa3e-ea20ef1f451c","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":64,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"51577eb6-c11b-4e50-857d-5babf66ec48b","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":64,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"82e47255-2d36-49a8-b7bd-ee42f307650e","block_type":"box","text":"of the option.","page_number":64,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"f15f5b97-9536-49f4-bd07-2cdf3ace74c3","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":64,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"3d3c127f-35cf-4ff1-89e9-6c06d1d7c98b","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":64,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"8a63a22e-e7a6-4f71-9813-66f489f3aaea","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":64,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"b31e6858-db06-4ada-a7ad-474a2bb78015","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":64,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"9698c234-6d0d-495e-836e-1d5998906e11","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":64,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"8e102f9f-cda8-48d3-b454-034d7eeb6f10","block_type":"box","text":"A Fund may write (","page_number":64,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"371ba7f7-be10-47cd-b6c9-bb5fec610d3a","block_type":"box","text":"i.e.","page_number":64,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"042ebc64-fc24-4254-b3db-e441b5764247","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":64,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"31348e93-280c-4c22-9a2d-6d93c0a3dfb7","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":64,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"54670ee5-9fb5-4ca2-a9b5-87cd6716ec44","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":64,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"5ac76817-0c69-4550-a0f9-a0966ffcf847","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":64,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"dcbf2ea3-eb8b-47a3-ac1a-32dc2950024a","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":64,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"481e77b9-9780-4f18-adb5-043175f257c1","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":64,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"ef4db30a-f682-4a55-b5c9-662f9bcae7af","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":64,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"6a00fbfe-d6bb-4157-9a94-ba1853c64eef","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":64,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"091eee73-1306-4dc5-b509-7620682775bb","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":64,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"e2609c8a-6664-4f5c-ba96-e5b5cb65c5b1","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":64,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"a84ca151-1925-47b6-b87b-6e82748fbf48","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":64,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"f339f309-2778-471d-b31a-168b54613111","block_type":"box","text":"A Fund may write","page_number":64,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"8e53d032-18fb-439a-bec4-7669c2196d6a","block_type":"box","text":"(i.e.","page_number":64,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"b0a33d08-7a51-4da2-8cff-4124891d0d7e","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":64,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"4b6f8a94-9f8c-4338-b183-0770a407b3d3","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":64,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"e20984a1-3bf2-45ec-abc6-91345dd499db","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":64,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"1cd34fb2-4243-4f94-9df2-4a21c2f5ed6e","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":64,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"93f0b62c-d70a-4b47-ad4f-f8283af8b597","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":64,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"7559ecbb-8ac7-4987-a624-798a0eea8d5c","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":64,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"d667be8d-5197-492e-b1a9-d909b81cf8d6","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":64,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"0b552752-e877-4a90-9903-437281954adb","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":64,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"f37e9c83-d70a-46a0-b2f4-33d264d8b43b","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":64,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"3d5b3b2f-3bb7-40ea-b148-80f3c79bcf4e","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":64,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"4a47e9d8-b071-45d2-8fac-ba166707ec73","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":64,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"3ee53d7e-7545-40a0-ab54-645733ceb65f","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":64,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"cba78728-d365-4f18-8fc1-0c55a50e7eb4","block_type":"box","text":"Put Options.","page_number":64,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"208e114a-945b-4914-9a62-dd963c4a069d","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":64,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"e770a692-3f02-4ebf-b1e7-3514c8f04235","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":64,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"981867ce-8082-4862-9eef-22613b413525","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":64,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"c61fd702-6dd4-47d0-adf5-a9acefcd4515","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":64,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"ad6688f5-a9e3-4c92-a919-2141e1f23150","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":64,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"329546c5-c58b-4174-8aee-7d85fa404797","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":64,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"cd27384a-e942-42cb-89fb-001f049f9ea2","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":64,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"54c24148-219d-477b-8540-9248ba17b41c","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":64,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"72ec4ff4-35e1-4d93-9e3f-5d7e6f68e19a","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":64,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"3e8a937a-6af2-42b5-86aa-f1c9d610e438","block_type":"box","text":"purchase uncovered put options.","page_number":64,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"22e168aa-0044-4e73-99ab-6f6e5a938747","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"d8bcdd8f-3089-40fd-9941-221d1afe02e3","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"93584d8a-d1ff-4fba-bd76-bbf2fc610940","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":64,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"73f03f4f-cd36-4ed9-b0cd-2a68b9fa50e7","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":64,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"5cc3c4ed-4779-4300-b40b-8391e35c824c","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"38e15fc1-82fc-435e-aad8-74d44b74e7e0","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"f2ade273-5d4b-4555-911f-a521fe660c83","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":64,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"c0374df4-dd44-4d76-b08e-f3b27e627325","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":64,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"c159e9fa-0e1b-4295-af46-527465214064","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":64,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"80ce9a7e-5bf8-4a5e-8530-fa6a3d02283b","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":64,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"2708998f-4556-4bf3-8428-e2a4cfbb7d90","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":64,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"91120e96-e19c-4830-b62d-558f7ae9c37d","block_type":"box","text":"II-21","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"efbd94b2-7e92-4531-8690-c8263b625a76","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9220d48e-01b2-46d2-a177-9b7d570c0113","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":65,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"58b72129-b9cc-4297-af59-06207bcca753","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":65,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"9809d24d-ee9f-4f48-a7ff-1aecef17d3e3","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":65,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"e0daeca7-378a-41af-b715-275b8804ff41","block_type":"box","text":"the exercise price.","page_number":65,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"a3179a1a-f864-4b3d-b7d8-14acd10d6ddc","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":65,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"b1ed2ca4-7da5-409c-8c56-43076dc750a0","block_type":"box","text":"The following information relates","page_number":65,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"a51dd9eb-2e11-440e-8da9-9d204fc08182","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":65,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"77f6e899-b912-4ffd-aab2-10e0fdb2c5dd","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":65,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"7362e69f-67d2-4753-b0ac-2f1d5ea10dd2","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":65,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"d1e03550-623b-4ddc-8b97-84fe66bea9e5","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":65,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"692459ca-b9a4-48a9-b561-f7d6c88083e7","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":65,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"7d425c89-634e-4214-a451-386cc149a64f","block_type":"box","text":"market in order to maintain its “cover.”","page_number":65,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"e3f959be-217f-4878-ba5e-f7f859742a05","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":65,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"44d44211-0b8b-4c3b-86f2-d67ec2454267","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":65,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"1df426a2-c46e-445c-a12e-9b4549280e81","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":65,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"a8ce1901-f76f-44b2-b8e8-82ab971a6996","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":65,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"5b0285c8-673b-403d-880d-5f3ff6a77345","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":65,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"01f1fcfd-0fbd-4568-a875-93eabeef7fd5","block_type":"box","text":"and incur transaction costs.","page_number":65,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"3f8c6d44-4b4a-482f-99f3-9e7203dc765d","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":65,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"ee175c69-cc72-40b6-9eec-278f2c093693","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":65,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"d9d991f5-e0ef-42d1-801f-d4ae519ac1f9","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":65,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"ce223792-3960-4fde-900c-ad03594fb3e8","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":65,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"ad9bb8d7-10c7-4dae-b017-f05311797ab1","block_type":"box","text":"i.e.","page_number":65,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"5d8f2fb2-0438-4115-a2fc-797c1b387b6a","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":65,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"9f3c382a-057a-4fe5-bab7-608acf2a52f4","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":65,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"909002be-fd7a-41cf-8963-ea65f6ade58a","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":65,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"d2fb0110-3d99-401a-b1c6-005ac99c5cf7","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":65,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"4d314590-2a1f-4c22-8b30-76191b66568a","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":65,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"91c24ac8-28d5-41e6-8dc6-3d8844c545e4","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":65,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"8f3fa9ec-bfa7-451a-b2e3-f18632671d2f","block_type":"box","text":"required, to be cleared.","page_number":65,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"c168798e-0947-4d91-b495-a0d94a43600a","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":65,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"093ecfba-9c99-48e2-8ae5-806e51b755c0","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":65,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"f0d0a484-10d3-482d-ba57-a4fa1f21561c","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":65,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"1ac154e6-ff56-4c40-ada1-7c5fbc2d20e6","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":65,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"1c216a6a-c15a-4fe5-ba00-e8d8cd3607bc","block_type":"box","text":"Derivatives” above.","page_number":65,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"ca5f1240-0018-4045-b612-dbb2223e8bf2","block_type":"box","text":"FLEX Options.","page_number":65,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"bbf575c8-3ae8-4d98-820e-100ff37b642d","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":65,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"dfe52117-bcc0-4b97-8a4d-a539bb2381c0","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":65,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"7c8ef258-2f84-4c3f-95e8-168d500ba685","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":65,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"8467908d-e534-4022-b78f-71b12a9e4061","block_type":"box","text":"exercise prices, exercise styles (","page_number":65,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"4e8adecb-1eb1-49a7-85b6-9ffb3318e873","block_type":"box","text":"i.e.","page_number":65,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"0c6ccda5-a4dd-47c2-aec9-3481d1485935","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":65,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"c6838b68-e231-40bc-bf7f-b8d66e0248e7","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":65,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"4ddf8381-6410-4b84-8f8d-8f7876e9dd19","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":65,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"7d337f43-8414-4021-926b-599a3d1b0b85","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":65,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"6839676b-1b63-4957-8a0c-54669150acfd","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":65,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"1244d275-2c32-44ee-8175-b53d53e448cf","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":65,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"cb1fdf8b-82e4-4945-88b6-638fdfe78770","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":65,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"92381293-1a43-4737-bfeb-4171d77f31cc","block_type":"box","text":"FLEX Option’s expiration date.","page_number":65,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"3aed94ae-cf62-4dfe-acac-12618d0404ce","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":65,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"b41ca4fb-88c5-4c43-ab0a-83b9660cb4a0","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":65,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"a8edb412-6468-471c-9325-2f86c133e479","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":65,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"34bb5d58-f401-496f-a6c5-4a5394abbd98","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":65,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"f7b82363-938f-4a3a-9c23-42521297d53e","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":65,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"b3daa876-06cb-45e7-8846-d3efd2aee908","block_type":"box","text":"FLEX Options contracts.","page_number":65,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"e0d2da2d-8c54-4969-9928-1e2395c9e633","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":65,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"61496346-a9a0-4202-a6dc-b496527d2a12","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":65,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"0c071eea-448d-4dab-bffc-ff2d0105c6a7","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":65,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"2c91c1a9-e8b1-4ef1-8777-e9e5ee4548c4","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":65,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"d697c95b-24e2-48f2-aa3c-c07d9da9d423","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":65,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"b359a3bf-9e88-466a-8fc3-b8097894ac97","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":65,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"194c422c-cdae-404b-9fb6-d6156d717ce7","block_type":"box","text":"II-22","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"09257fd2-3142-4519-baa6-60df5e8bfc83","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a779179-9321-414b-a9e9-6af638f1da05","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":66,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"b50ff57f-c7d9-434a-9d5e-c4b07bf03d54","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":66,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"12396801-a399-41a3-99d0-572c71248851","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":66,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"77138085-96ae-487b-a385-0f05272b5b6b","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":66,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"2d63e38c-1870-4f61-a856-04b253201575","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":66,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"106bed3c-fc08-471d-ae1d-ecb32e5aba3e","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":66,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"1f35705f-9d2f-4c51-96db-259d90913174","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":66,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"64bef45f-9d8e-43a0-b4bf-05804eebbc0c","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":66,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"7f2fcc5b-6c84-4202-9321-851cdb78620d","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":66,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"1a189a5f-ef5a-4286-9325-cb5cc73d5004","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":66,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"a0d266d9-f647-48a7-9181-06e07394624f","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":66,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"b92ed80d-09bc-4d6d-9f96-90a7110e282c","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":66,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"05014191-7f15-47b2-8d19-05ed61a3e4fa","block_type":"box","text":"expire unexercised have no value.","page_number":66,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"fb7b3ff2-1225-4ba6-abb3-c5be3fcf3d2f","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":66,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"8a0c5bb3-3d52-4921-b222-631f087ec872","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":66,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"1e9a3c3a-5812-4f2a-b1f7-8320baa8b916","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":66,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"ffd4c619-c483-4c0f-913f-7b01f3c90d9e","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":66,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"2fd043d2-5f05-4887-9bb7-5412fa3f2a02","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":66,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"fe9d7070-b70c-40f0-88ba-09a409814faf","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":66,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"6f198ab1-0916-4d29-b266-930ed1db43c4","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":66,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"80227666-0bf1-4d0d-be62-b9df2fb28a34","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":66,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"3ef50122-b228-4752-b1be-fe61eabea9f6","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":66,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"324aef20-4c09-4e1e-b083-27639c06c20b","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":66,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"98984b05-1122-4f25-8ccc-2402f0e2fdf5","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":66,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"ffbd8a26-bc01-4334-a493-c3c6d12aa2df","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":66,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"ac42ec7b-060a-451e-a7a3-8e718a776283","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":66,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"fa502816-3a07-4fbd-afbb-a7b1e7e30b1e","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":66,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"7344ed1b-af5f-4d18-8e1f-d28c5e8f9f51","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":66,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"7cbd8909-b6dd-4fbb-bfdc-2595e12cab49","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":66,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"b6073d78-e865-4602-b70b-88d5af2936d3","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":66,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"ea2cee68-fb0d-498a-b658-4ae0a7c6c6a2","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":66,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"229ec69c-9782-45cd-bd54-5264efb11379","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":66,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"aff2b232-56d4-468b-b0c7-d7db7cb210eb","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":66,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"5f6f5aea-b105-484b-8a79-1f4443c5ee29","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":66,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"d4793a40-3196-4b67-aef2-3769268c0833","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":66,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"087107cb-1063-4e77-9074-416f1fd9265d","block_type":"box","text":"Foreign Exchange Transactions.","page_number":66,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"281bc9ba-ded3-47ba-b1df-364c18af1281","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":66,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"731a8a33-b85c-4fbc-b5d7-ecf4083fbd9a","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":66,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"a4bc4281-46ef-4eda-889e-de7013d9e94e","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":66,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"eb1dbf8a-d13f-460b-befc-c755ed86c82a","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":66,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"53322225-8422-45c1-bb36-a02511605a61","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":66,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"2c269973-74d8-4eaf-9215-d436125af40d","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":66,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"628c7267-4a9e-49c4-a376-c2e8e9979e83","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":66,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"9456a2ba-f89a-4eed-b551-27a186d9d923","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":66,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"cf5bbff1-ae56-4461-bcba-9c8e7879e1c1","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":66,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"7c6804f2-9d5e-436d-a491-6bdb387ec2b5","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":66,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"3779415b-0811-440d-a5a1-a1fa39317e50","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":66,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"542dceaf-6777-420a-b0e9-b6c1d8572931","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":66,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"bca8fe04-c0ff-48ee-99e4-af354f0f1ffe","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":66,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"84dd6440-1beb-4323-803d-c72520b1b99a","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":66,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"994dbf3b-6fac-4d47-b39e-d0e4dcd62ecb","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":66,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"c72336fb-a12b-4a4e-a748-f6289b529473","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":66,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"29a957f9-2fa1-4bb8-814d-3041b7da1b7c","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":66,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"a6fbde79-235b-48c3-9a1b-28c0fe9448b7","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":66,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"3a722bf1-b632-465a-8710-63b09a42d5b9","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":66,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"c8853f85-2694-422b-813a-1f5585207ba2","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":66,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"e11427af-62d6-4cd0-9bff-b17f676e020a","block_type":"box","text":"II-23","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b25422b-1df4-4abc-81e8-9cd6d1139175","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc2f15c5-d461-4106-826c-98bf144d386e","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":67,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"699ca35d-4c5f-4bda-90e3-b92496cc953d","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":67,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"ea0f8531-6817-4c34-bb16-fade231a076d","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":67,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"b3c0d69c-a429-4f83-adb1-dd0a9b4ed23d","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":67,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"976c0a90-ad97-4a77-a750-b33649e1ab74","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":67,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"26cd9e4b-3a34-4f80-9742-84c297b521a9","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":67,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"418c14d2-f833-4f6e-a694-5af3d6b13094","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":67,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"be927dd5-f48c-45da-8147-8c31a2aca88b","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":67,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"3cf6c34c-0cf1-4098-8947-dae1853b213e","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":67,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"f58700f6-715e-4cbe-b68d-55ea230dafd2","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":67,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"507f4398-df79-4288-835d-abcb46474cb7","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":67,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"d93c3e78-ba07-4d03-9c9e-8cf7837d3930","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":67,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"f49096ee-eb04-4f7f-b21c-b26f90fcd960","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":67,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"2524b13e-0a32-4aef-91e8-2777883eef5b","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":67,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"f90917bd-9371-4ea7-8e45-1355d4562012","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":67,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"a34a8f5e-1d16-4639-995e-675c26f8c180","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":67,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"681740c8-0549-4895-b119-30fb8f9a8869","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":67,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"ca774465-2e57-4869-887b-54881a9069a8","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":67,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"1e851720-4337-4f03-aaf4-c9ffa14b804e","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":67,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"393b8aa7-fafc-495a-bc58-176ebcc55b0f","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":67,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"2adf3847-7739-47cf-ad95-3de110756b27","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":67,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"8a745aee-49c6-43e6-8333-63283cd83947","block_type":"box","text":"involved.","page_number":67,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"9db4a56a-a448-4a71-83ef-dfb6ca386174","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":67,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"f5ca6197-3f5a-443c-91e5-6ae5c002ae08","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":67,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"1fe75863-ee69-44d1-bf46-f43e009b4e1b","block_type":"box","text":"denominated in such currency.","page_number":67,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"834a89f7-554d-4ce9-8616-35bb7eb0737f","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":67,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"0e421d08-0d85-408f-b850-93e15fbeb86c","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":67,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"d24d8704-166a-4094-bd49-dd8e36984575","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":67,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"5100d006-54e0-42f5-960f-7ea67b79110d","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":67,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"1708e767-4f05-42da-a8de-17d8a9d9d574","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":67,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"143aab81-1a28-4213-b7d4-bf68f81a194e","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":67,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"e3d2e047-793c-45eb-a09d-bae3911eb974","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":67,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"69a566c4-a49c-4981-ae0f-0dbb9d7cb1ea","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":67,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"45a1e6db-f392-4d47-9d05-0859578d6cf7","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":67,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"c8611574-8035-4a7e-9d55-38525153bd0a","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":67,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"00e2da3d-4146-48da-a030-32930b1214f0","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":67,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"47263465-1754-4e85-897e-3c3b5517bbb9","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":67,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"e2d9a27a-6207-4dfc-a7ed-e65aec718da9","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":67,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"aca66cfd-3c9c-43e3-a0dd-8ee5b20f149f","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":67,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"9ac19bc8-0352-4815-8ee4-1a425db614cd","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":67,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"15cc6a2a-2288-4683-9543-15bc8d64eff9","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":67,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"77274142-0bf7-47af-af4a-7cef52af8c7e","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":67,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"76a2499b-aeea-40e1-857b-e0eb3e48f36e","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":67,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"2aa6ea1f-fb59-48fe-9a55-a437c59cf48f","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":67,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"4dad8cf1-e460-4e98-9c93-40a39c1bc518","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":67,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"b5fc4abd-4dab-496f-bdf0-d8fd1f526fa8","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":67,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"2ffc1a8f-bb43-4d93-a8b6-f6762b100937","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":67,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"d4de60c8-b7ee-43cb-805d-8e69064a3f5b","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":67,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"6de75572-2c48-493c-b413-409e83c110c5","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":67,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"c3475eab-d294-408c-bbfe-0fadb5b66f4e","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":67,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"48c6bdb3-8e0f-4b58-b662-d85cd4692319","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":67,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"5bc10640-60f0-466e-ae75-18c9c812e87b","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":67,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"9773c2d5-61a9-4cce-8256-190f2887da57","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":67,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"a2ed94ef-1d69-4ac7-8c4c-841905941016","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":67,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"ef08957b-23e2-4dad-a908-651b3fe47d1b","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":67,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"dc1261ca-d6e2-4af0-b5f7-a1c005712cbe","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":67,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"7a00dfad-c110-4517-a75b-68e784ec27a7","block_type":"box","text":"II-24","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b3773785-6164-4d84-82b6-6abd9d5585f6","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86b7c1f5-3b8c-4ddb-871a-bdcb003fe128","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":68,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"101d0a2e-4e7f-4a3e-b95b-a6f1c005a362","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":68,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"ae45181e-02d9-4ca7-98fa-56a935f6339b","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":68,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"ead193c2-36eb-42cd-a35c-1f551f9d491c","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":68,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"084c7456-5a64-4a33-ba87-53dba81a9182","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":68,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"5b5cc6ee-0648-4dd4-a307-28d7aae4f000","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":68,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"0693fe28-7f38-4cfc-a86a-d9d80fd75e7a","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":68,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"a7b125dc-e233-48bc-83e5-0035b2c676cd","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":68,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"2375e167-685d-416f-9a78-636464cc34e4","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":68,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"cc408491-863a-486a-910e-5286d8dc030a","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":68,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"075cdc75-7b2c-4d52-9021-c8b0f8284e79","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":68,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"aed7441d-75c8-4363-b925-4db3577ec111","block_type":"box","text":"traded.","page_number":68,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"89faebd0-43ef-4ef5-9f26-91df870adfec","block_type":"box","text":"Currency Futures.","page_number":68,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"303ec795-9e46-45d8-8c07-22d30e49e279","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"25ec2eeb-4a73-4b94-b155-24e2319ad501","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":68,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"e542f6e2-1843-4ff9-bdbc-256729c16084","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":68,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"02acc36a-86e6-4ed5-9a4d-6626fe51fe02","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":68,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"ba8404b3-2226-4cf5-8cda-e5aabadda8d2","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":68,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"d802ec34-e114-4f12-9afe-1ff6b024150c","block_type":"box","text":"Currency Options.","page_number":68,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"d5f151c4-e4e8-452e-a901-2c93b3bbc6b6","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"a9de6720-3202-4faa-a2a1-b188fe6a4f49","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":68,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"925bdb18-2c7d-4115-82d8-f473324f2f10","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":68,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"f4b7966c-c66d-48ab-a941-2d60e87a2ddf","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":68,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"3d0f0bcb-31f7-44f5-9e80-1cb5b8dcf1bf","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":68,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"c7e286f5-2165-4537-9501-20cf76a9941e","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":68,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"4ec2a07a-af85-4fe0-bead-a727a63210a2","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":68,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"b8e0e139-0091-4b37-a76c-89dd24154151","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":68,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"e257e0ac-60ff-4570-b551-654ea69799aa","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":68,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"6c01c1b3-3e13-4e82-baff-92e40d7b50b0","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":68,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"bf893f91-c3fd-4b58-9dc2-d8e90f582080","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":68,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"899d5763-dfdb-417e-a8de-0d54b7cc2658","block_type":"box","text":"Currency Swaps.","page_number":68,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"549b240e-9d0a-4349-9e29-bf00ddc3f93f","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":68,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"d85a6ac9-654c-4475-b41f-dede64c6ca59","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":68,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"fe8146df-a8d9-4b88-8518-4090457e5d0b","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":68,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"5fce50e3-31ef-40b3-a502-1503dfdcb827","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":68,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"cf91c088-f684-48b8-a019-ba2256f5f67e","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":68,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"129b960d-1f32-4a10-8387-229425bef32c","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":68,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"56ab35e0-5bf9-49d8-86b3-be8abd41132b","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":68,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"761c74ca-329e-4a72-8b01-3eda49b67b12","block_type":"box","text":"Distressed Securities.","page_number":68,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"7ac7d62b-7281-4bcf-8473-6690e7ebb916","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":68,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"af1eeeb5-bbbf-4683-af75-e1fdbd75603b","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":68,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"89a0262c-7519-4d27-9dec-c543139e7c6f","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":68,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"c010ffb5-5362-4481-9ca9-16ec7836fcb8","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":68,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"b2aaa8d7-d879-4365-a2c3-ce8695156458","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":68,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"d3f9893c-8aab-445e-b708-4f445ce82a87","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":68,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"04e4db22-1cb6-42b2-a244-12c5d13823cb","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":68,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"40c061f7-3d85-4e61-b667-0911243e7a1b","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":68,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"36734bf5-0ef9-4ffe-8843-f62effbd2f05","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":68,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"75ca5cab-1e9f-4252-b9f1-83e17d9361a7","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":68,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"ea05f5f1-9eb1-413e-a7a4-a8d0569d5015","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":68,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"38192022-fe50-4022-94d4-becc4126decf","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":68,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"bcdb9371-49ea-4c0b-a759-068aa59a18b6","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":68,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"c5fadfd5-2ddf-4050-b394-ce3f1359c3b8","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":68,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"420b5c79-4bbe-4268-bc58-51b9152c8520","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":68,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"6716cde7-76a1-4d97-82dd-c69fd5e07df4","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":68,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"a1d34f15-930c-4032-a28b-2089e1b213a6","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":68,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"99ace063-ecd9-464f-9ab5-cd424b3dd0a4","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":68,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"97afefbc-278f-4c38-b687-b1343945278b","block_type":"box","text":"satisfied (","page_number":68,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"4974b270-5cdb-486a-b583-4939044e8c40","block_type":"box","text":"e.g.","page_number":68,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"0979f7d1-ed8c-474b-b651-d238112dd0cd","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":68,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"be812dac-439e-47e4-9b6d-ec28e6dbdac9","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":68,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"75cc6605-100c-4a17-a8bb-e0ba0feea49e","block_type":"box","text":"II-25","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92c0b8a0-515f-43a3-bc37-32eb56cb16de","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c85bea7-6f7a-45b6-b4a3-fb52ed130a43","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":69,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"b01074e8-9e13-4205-9438-9a8077d5d117","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":69,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"ecbfbab8-f153-49b5-a0ee-b03f17eb3d41","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":69,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"7e9ac7c9-ed1c-4d84-ad51-3b841ab620ec","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":69,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"3af0b1ce-8a99-4c15-bf00-d67c5dcb90a1","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":69,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"ff5673f9-2b28-4a9f-8076-c50827e60243","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":69,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"265fe11c-72d9-438e-9122-c34e8710d601","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":69,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"eded6eb3-a24b-44e2-8038-6759b0463b63","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":69,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"5fa97dc7-f63b-442c-989c-077fbc082583","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":69,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"7c58d0a6-762c-4f3d-88d5-95bbd663c86a","block_type":"box","text":"affairs.","page_number":69,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"fbd67e40-cc2d-463c-9bdf-72560fa3ca83","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":69,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"0796f529-8871-42aa-b809-c43d188d9056","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":69,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"12848d66-c569-4573-8794-87a790f5e331","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":69,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"1eb08212-c3eb-4d68-b73f-df7b463e162b","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":69,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"ee14dfda-6349-4f73-b3a7-19e7b82c3633","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":69,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"5511766a-061f-445d-9dae-c46a6e7dea46","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":69,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"7a8b712b-0558-478b-ae1a-11cfb0a9a994","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":69,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"c079fc31-1dd4-47f5-ae50-624c229dd0a8","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":69,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"39a2a571-4887-4e6d-8abb-2e41b43850f9","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":69,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"0c51ed9b-fb27-4c9e-86eb-447d5f93bcac","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":69,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"8f26001a-321a-42b5-82b8-5e8b15685045","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":69,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"5fc95f2a-d81d-4962-8363-631a96b85825","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":69,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"51b2985c-9d79-41b7-92e3-9ca73046aa68","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":69,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"2e7a4ba9-f9e0-4fb7-85c6-3a0475895dbf","block_type":"box","text":"Equity Securities.","page_number":69,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"a8926e54-edf9-4462-8dc0-8b37ab2dc958","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":69,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"339a333a-d899-4077-ae7e-792233f93956","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":69,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"c11cacd5-c411-4363-ac12-f89fe82f39c3","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":69,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"ce740f40-a0e7-420f-afd9-1f0dfddbabd2","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":69,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"2d5c7dfa-d2a9-46ea-a062-ee59e539973b","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":69,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"fc0a24f9-e747-42f6-8938-4dd3824cd073","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":69,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"66645565-b1d4-49bc-a51c-01bd1179dc52","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":69,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"57042556-b883-4764-a20d-ebd9449b2bf3","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":69,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"30c68844-1693-400a-abc3-020949bb2c9b","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":69,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"47e8dce2-15dd-43e2-b8e6-c5cd6a260986","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":69,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"5fbc1011-c8b0-41de-82b0-46305e14afe7","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":69,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"3c988534-afae-4c09-8c6c-7ea2f2fef5dd","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":69,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"6a03f715-bcae-4e31-94a7-9274b239a7b4","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":69,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"32bd11aa-a17b-43ef-a523-e2bac5c02d6e","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":69,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"2790da09-9bcc-415d-9ee0-f0526f6f08fc","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":69,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"a0ff1e92-05a7-43a3-aeaf-0e6cb97e3907","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":69,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"e73bb584-8190-4bf0-9c95-2bdfce33da22","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":69,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"5e3ae09d-872f-4770-9839-6f3840346b04","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":69,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"b7f16a1d-a480-4b77-83d4-57eacc73aeb9","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":69,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"891051a7-ac1f-49db-9e65-e70885ad056b","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":69,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"53348ade-9e23-4bc0-9371-d2236a4ad833","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":69,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"5a2ac9ad-f044-4b53-aa7a-e81bf5181883","block_type":"box","text":"initial public offering.","page_number":69,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"6ccfe94f-2bec-4c9a-8b78-b10332e2b764","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":69,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"58d6e1d4-b7b0-4c9a-a80a-f7e8076e113d","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":69,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"2ec98124-46bd-45f5-b938-3f3ca65ac059","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":69,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"2f8ff8ce-e8d2-46f8-81eb-e68750c7daf5","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":69,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"e8e7414a-0590-43d4-8a8d-4780d40fabd9","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":69,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"fd3dc4fe-efa4-4c47-a42e-f828b8fce347","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":69,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"c672f15e-c8af-4ff2-b30a-944cf1b89369","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":69,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"80a0286d-ea80-4e0c-a2f2-2886bbccdb0e","block_type":"box","text":"more established companies.","page_number":69,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"30f514de-7d10-4bc4-9ecf-8ba86218bc5d","block_type":"box","text":"II-26","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"add10eec-5c50-492a-ab60-25ee49f27a69","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc023715-da02-4860-b7a1-cea0a8a5844b","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":70,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"0a3aef3b-089a-4745-9f13-c4509cf24ba1","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":70,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"e663eda7-29af-4dad-8197-6b0a1835b02a","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":70,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"0b7657da-67dc-4037-ba29-00f0b935cedd","block_type":"box","text":"below.","page_number":70,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"2fa982c5-ca17-4eb4-9200-ee9c4fc4e5e9","block_type":"box","text":"Real Estate-Related Securities.","page_number":70,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"768df20b-b7bd-4a0a-b6e0-114c1dcbabd1","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":70,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"0a385c86-c9ad-4c40-9357-422844360a3a","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. 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These risks","page_number":70,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"aefa51df-987e-4385-ba7f-448e4f14b0f6","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":70,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"7ca47028-0a98-47ee-af8d-942c8ddec33c","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":70,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"7f0c3652-862e-45da-ad71-c566cb28cb39","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":70,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"8ab1cdbf-40c5-4e53-a3de-4a817fa59425","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":70,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"da2fbe8f-1520-4a9f-9aea-99124c22fb7d","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":70,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"89fde5da-4491-48ee-941d-fc59107b6f62","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":70,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"3fa33de0-ca1d-41d3-afbe-29c654e398b4","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":70,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"9cf7046c-1fee-421e-bf4e-5a69dab26169","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":70,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"3ee803c2-a1cb-4677-902f-276819e06c4e","block_type":"box","text":"interest rates. 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The securities","page_number":70,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"50416697-d838-4f9f-8643-b36463594b83","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":70,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"b1735935-c19f-4440-9f3b-d25df04da864","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":70,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"3cc1727a-341d-45a8-bc9a-6d42321c80c9","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":70,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"55cfa9ea-e6a8-4d59-a427-1696afcd0d16","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":70,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"0d27ac70-4195-4f52-a288-ae1f445508e4","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":70,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"2c8a27c6-1537-477b-9435-92f42104df45","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":70,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"4c28bf46-8e78-4bbe-a156-f792fef01451","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":70,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"7c26732a-b76c-4131-a04b-594d0b1179fd","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":70,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"cde1e83b-4f31-4344-8cf2-34f9d1744daf","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":70,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"88a65ade-784e-4270-8c40-8d6feeaf501a","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":70,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"3042e016-57d9-4996-9224-6317d6fb1b40","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":70,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"23c3e135-e20c-4ba5-9c05-b01456ad90c6","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":70,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"b1f76e4e-d2b6-4b6f-9b4c-205ff923653b","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":70,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"e723956c-6e6b-4ce2-84e9-ce7657b1f79a","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":70,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"b7e800c7-1478-4739-89cd-f3402ee7f2bd","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":70,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"f4d82d08-7e78-4909-9c4f-4c5d3a670358","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":70,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"a0c51fc7-d862-40fc-8f6c-84586c1da7db","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":70,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"905abb19-ef56-46d0-9738-08925701c0c8","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":70,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"87a2b674-b93b-4a49-9ed2-1437ca9edd8c","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":70,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"9b0e6d88-154b-4266-ad37-ce2a89c5b661","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":70,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"1dd1695c-e1cd-4300-9f03-0b63c7480b69","block_type":"box","text":"cycles.","page_number":70,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"0fa4626c-e602-45ee-883a-fec698ae7ca2","block_type":"box","text":"Tracking Stocks","page_number":70,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"e784ff1d-3c1d-4c3e-937f-0f8355ec781d","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":70,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"666bef61-6ef2-4f4a-830f-e5e66a061eb7","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":70,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"db66de4e-a797-4159-a92b-279f22265b17","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":70,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"b9f40ca1-f82a-4853-b2d6-fb2586e86851","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":70,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"d5c38c63-7de0-4e0b-b5ca-0b251def1a97","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":70,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"2890f7e1-af2f-46d2-8a35-dad08be63a0d","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":70,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"3a170335-edc2-4a9d-9f5d-5a2f2890d038","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":70,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"f7cceb25-38c6-4ceb-9959-7ebb8ddd230c","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":70,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"e74b4080-bb6f-4b72-93b5-60cbcdb15c91","block_type":"box","text":"II-27","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01eb3812-1a8f-46ca-a2f1-2d182cd661a2","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9676a61b-00aa-4a52-872c-b53f474c27d3","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":71,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"6b56bd1a-a015-4ea5-b9a3-f368413fc2f5","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":71,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"c56780c9-4bf1-4574-bf71-e94146ce2c36","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":71,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"cd41cb55-55db-4a1f-a5bc-c093f894bbdb","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":71,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"7c13a979-d647-4582-b134-5413f9039131","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":71,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"5d660292-520f-4a3d-b31c-c9179f5addac","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":71,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"e4f10107-b653-4a6c-b779-722514d11cbc","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":71,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"7985219d-8540-47fe-a7b9-9294ba17742f","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":71,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"9ddea878-e9ad-4d42-8ff5-45bdc942662f","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":71,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"b7471f1a-8f86-4023-85ac-4a02a73d3232","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":71,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"04c868cf-3ce0-4d9b-b0a6-05481b37ed5e","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":71,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"2ec3bb60-8c0a-46f2-8507-b8f5130afd56","block_type":"box","text":"ETN.","page_number":71,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"c523e075-9da5-4e6d-a22b-7818f6f74810","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":71,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"8bd7b97f-209c-46b8-97e0-5364fc78371a","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":71,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"3b1eabd1-26cc-4bd1-9538-c4fa8ba788e0","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":71,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"26a4a870-1468-4151-b2f2-1f83a7a4b0d1","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":71,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"d4edf564-003a-4f0f-a93e-5fc35e79cadf","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":71,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"4a6d6dd8-9da9-4b08-97c5-abd0797c24f4","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":71,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"4c62ce6e-375b-46bf-964b-c4585c7dd822","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":71,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"81f86c76-c3a7-49a7-bcda-90be5111cd6c","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":71,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"63a81313-fc78-4189-8d4c-e33bafaaeeba","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":71,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"3654f917-a63a-4d74-9264-f8d98b9360b4","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":71,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"5af4e267-8b7a-4af2-b27f-2b471135430d","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":71,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"421a52af-0980-44fe-858e-ef1ef5d3c3b7","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":71,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"87fc36e5-ef5e-400b-a206-606762c69738","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":71,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"b1e871f0-9883-4ca1-8e80-b783f1f38a39","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":71,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"b7f3934d-3709-4ed8-a4bc-119e89e9e32e","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":71,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"7e1910b5-0246-4bf9-b8e7-22613d845551","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":71,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"1b1d7675-934a-48d0-937e-0a38a6d3d073","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":71,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"48d1569f-e131-4296-aa31-870bdcdbcdb8","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":71,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"f55f2fe1-9d55-4471-9f7a-637774c0f948","block_type":"box","text":"Foreign Investments.","page_number":71,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"db79396f-7703-4451-9b50-7f32a8dfee55","block_type":"box","text":"Foreign Investment Risks.","page_number":71,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"cadf5045-0ffe-4b98-b23c-6e6db7f0d8e9","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":71,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"c97c68a7-e831-4ff3-94a2-452e16a35b88","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":71,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"72df2bf7-9e0b-459b-9e8c-86e31975e7d1","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":71,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"f7c6a3bc-57f8-4ca2-b13e-5906b8e4f71a","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":71,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"5f135ff9-9aa1-4fae-88af-f004e751fc49","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":71,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"39089a0f-1d0f-44f2-bb88-23f35cfc8757","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":71,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"00a7f428-587d-41b2-82e4-8e13b95df093","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":71,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"242ce0ef-843f-4ab8-8324-bca0134614fd","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":71,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"7218090e-8579-4718-9d82-6ddae8ec7d23","block_type":"box","text":"benchmark index.","page_number":71,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"6cf784df-5528-4c70-92d4-2fc58ea308aa","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":71,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"8aacd00b-5666-4bfd-924d-ab438cbee012","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":71,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"37a83780-e719-4412-a697-c302b7c3faba","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":71,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"62560671-bdf8-4911-bafc-8d594c18b01d","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":71,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"64e50cae-c79d-4ca8-8f6b-c1b80349b544","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":71,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"701bf1a0-84e3-48b2-8074-a3c760f66671","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":71,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"297a73cc-963f-4e45-be9d-478f18174be1","block_type":"box","text":"securities and zero-coupon securities.","page_number":71,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"4b545eef-e934-417a-a07a-829d913390d7","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":71,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"9a162160-2083-499c-a376-aae576a9542b","block_type":"box","text":"taxes.","page_number":71,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"19c2d3c5-2ff7-45f4-9ca4-06f16df186bc","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":71,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"53c7549e-0d03-4925-9048-08a310486a66","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":71,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"9833888d-c8ef-45e2-9153-6e091600bc7f","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":71,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"999748b6-e1fb-4cfe-95f0-a2e22daf884d","block_type":"box","text":"II-28","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fe500a9e-9951-4716-8a49-6261b522137b","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"714b0ab9-19dc-4446-8fe1-fa95d754c9b4","block_type":"box","text":"underlying security (","page_number":72,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"841c923d-5e00-4e8b-bc42-39a994bb21f8","block_type":"box","text":"i.e.","page_number":72,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"8215d791-64df-472d-b1bf-3ef20932e8ce","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":72,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"e061bf6d-6381-49c3-be28-0bcfd626b3fe","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":72,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"db42368c-b245-4781-9c32-612571b22f2b","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":72,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"cf6fd9e3-9b6d-4f89-bc80-ef53cfef858d","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":72,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"6f0ba739-7af2-4dad-9281-4fab85557f1a","block_type":"box","text":"Foreign Market Risk.","page_number":72,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"fe909c69-d9fa-48d7-aadb-2a949c0f4f71","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":72,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"a2ff50a7-b4b6-4eb6-a0fa-8c15063a829b","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":72,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"698ce576-21b0-47f7-95ae-d96c5ec31cee","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":72,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"c4633fa3-1d33-4d4e-b1aa-6352fc05564d","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":72,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"26c131d4-aaca-4c21-9fce-3b572c563a20","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":72,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"a51f6eec-1737-4630-91ed-82824dab98da","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":72,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"500b0a68-65d9-4409-8f83-aa339ab10c5a","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":72,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"609bfa82-fac5-445d-9e3f-83bb0fe2059d","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":72,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"648fb8f7-0190-41f8-b450-a28cffdf5ee9","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":72,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"a99d627b-12a3-4c1f-8cde-71e418cb6782","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":72,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"0110e9e7-a66f-48d2-800f-bf8ddbabd01a","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":72,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"4c1d950a-f64f-4674-9cd1-e921cfc7b1d8","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":72,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"f98b2bee-bc9f-4a21-897c-2c5375860ed1","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":72,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"1b0f2e8e-4874-458e-bdd7-cbc007c42abd","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":72,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"06551c31-34c1-4a4e-9bf5-904a3403decb","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":72,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"fbdf69f7-07e9-46b1-8ec2-6563dbe9f48d","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":72,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"c9cad861-e63b-428d-b00b-93d1b5e2c426","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":72,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"dd074605-1133-4ac4-b504-4547afdefe14","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":72,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"e64a23e4-1e55-4334-9f64-0ff5ccfdade2","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":72,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"794c5abc-5d4a-480c-aa99-a42aa3a27e01","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":72,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"21a6919e-c69b-485d-9cc4-aacc07491fc5","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":72,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"74970a33-522d-4009-ba56-676209e8acfc","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":72,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"d03663d2-ba7e-46be-8a45-21aafc5141b3","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":72,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"c9d0980b-fd9d-4049-aa36-36b738b5e9e7","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":72,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"1aab4f82-14a5-477e-b9ec-b45100aebee6","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":72,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"1af63728-8c84-4cc3-bce9-429876780a4d","block_type":"box","text":"Fund’s operations.","page_number":72,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"5c2b603b-806c-41bd-b047-67ac5ced43c9","block_type":"box","text":"Foreign Economy Risk.","page_number":72,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"fcc61646-e1f4-4cb5-b25d-ba86bb9429a0","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":72,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"bb057850-0b8d-4391-9239-3ad07650e425","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":72,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"297ebc9d-6b31-438e-8203-d5f97c39fed4","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":72,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"c08d1bec-d969-4419-a4e6-2d42dae510a8","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":72,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"51fafab7-f1c4-4700-a3fe-334353f9c449","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":72,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"39f00f7e-45ff-4732-96e9-490553bb6cb7","block_type":"box","text":"measures.","page_number":72,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"85460ab5-0c70-4302-93a5-e1f482631716","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":72,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"4d8df001-5b24-4c9e-8051-dfc6a0f16809","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":72,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"cebb1173-619e-4383-ae0b-7dc37cfe7da8","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":72,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"4cc87879-8805-432f-944f-ab87e10b34b6","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":72,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"309bf34e-4d3c-4105-ac51-27abcf8f3d7a","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":72,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"63cada5a-20df-4c8f-8bc4-f2fc9b822e7a","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":72,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"e38f26ff-0e8c-4a7b-b1a1-7ec552f303d0","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":72,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"bbc9b10e-44ac-4e3d-8370-62865bec7fd0","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":72,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"e5da1f0d-8e75-48c3-b46a-08120c568d89","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":72,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"ae08f8f6-31c4-438f-8605-3ef40e0a8504","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":72,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"1175a57d-859b-4dbb-91de-403a116a68ac","block_type":"box","text":"United States or abroad.","page_number":72,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"c9023223-e76e-43d2-92a4-8b015d91cd16","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":72,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"899921b8-d35c-48ee-91a6-686f3b3988d9","block_type":"box","text":"Many foreign governments supervise and","page_number":72,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"7a12d46b-7ee4-4ea2-9b63-0174e0fe4d53","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":72,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"52359eb9-4417-406e-b3c9-1644a32ecc46","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":72,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"dcf629a2-4cdc-4e15-8a20-f8cd9a6bb51d","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":72,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"b718d3ae-5a5e-4a46-bdd1-bd098548a05a","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":72,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"93ab6c61-fad8-4edf-ac5a-7e6bea0b9857","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":72,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"6411a21d-5f56-4dd7-a554-13b34f686dcd","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":72,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"02ef419a-432a-42c3-bc44-2360cc8dcd3c","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":72,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"340a2904-3d37-4e85-ab1c-cd3197243470","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":72,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"11c78384-84d0-49c8-bd92-3e612042355e","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":72,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"0c95d832-0a47-4141-8843-00ff9960720f","block_type":"box","text":"II-29","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b9b8885-587e-4088-a4a8-379676c19011","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"160b3d99-5f5d-4385-8135-e00e66662c72","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":73,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"f7ae87d5-b5ad-4ae8-91ab-12475daafcdd","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":73,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"cacfc3f3-cc4c-4317-9d1e-8e4a1896bab4","block_type":"box","text":"investments.","page_number":73,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"ceae5a9d-5ed4-47f3-abd5-3cbcc420e754","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":73,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"1233100c-2666-4d5e-af81-68b2b64e4af9","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":73,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"e0d7a25d-ed49-476e-bcef-3197f97384bb","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":73,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"b01a0893-c914-42b8-94e3-62d290a0bed6","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":73,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"31218e90-120c-4f60-81b9-7d0844ac1c5b","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":73,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"f9ca3e3b-84de-4f4c-87ce-7a53b867bace","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":73,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"fb9a5557-4a69-4381-aadf-0b27dd5bb018","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":73,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"2b9736a3-7bcc-4ced-bdea-4200cb957be3","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":73,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"acb7c5be-5cfe-480c-b661-ac9cb482beaa","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":73,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"ce33428c-636b-49cc-9eb5-d41790cb76c2","block_type":"box","text":"States.","page_number":73,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"1dea0153-3750-4990-82ba-ccb7ebeaa486","block_type":"box","text":"Publicly Available Information.","page_number":73,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"2660b035-a299-429d-a9fe-d0d452b0d922","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":73,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"cb251834-9e42-432e-b63f-b97420935ecc","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":73,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"83d793df-7a22-4a34-b687-c2526a8a212f","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":73,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"f033377f-4dc1-4cc2-873f-bf350ba00e53","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":73,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"2c51ff2c-b597-4d11-bc1b-ed8f60bfdd3d","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":73,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"fca457df-f078-45cc-88af-55bd5b380b40","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":73,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"8c78bbdd-1857-455e-bfef-5648e4d8aea3","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":73,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"1adffe3b-ee46-433e-bd0b-30bffbea429d","block_type":"box","text":"United States.","page_number":73,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"a5604840-e988-46fb-8d58-3c70f67cf9fd","block_type":"box","text":"Settlement Risk.","page_number":73,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"a195571b-2f62-4bf7-956c-5c2284f08fa7","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":73,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"953eee91-a0bb-47a3-9178-39ed2f94be76","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":73,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"8657b60d-8426-4a2f-8b9b-b2ce4c236b73","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":73,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"2175be5e-1062-4a0c-a1bc-ed9537b55e67","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":73,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"c07250ab-eb62-47fd-9391-ed19b95b8d6a","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":73,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"99f0baaf-c76f-4e7f-b211-63cddc292c5b","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":73,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"1cd227d2-0995-4db9-a0bb-961c304ba5ef","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":73,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"e371e81a-1fa0-40f6-a227-c02d0ea0eff7","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":73,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"84291ad7-22b6-4ed0-94a0-96ae9f803b64","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":73,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"ca5b086c-544a-4d91-a697-8211be250ef1","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":73,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"b7438746-dbb5-4963-baaf-7776124e1199","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":73,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"0d347838-bfc7-4f45-9fcc-fb7dd28efce8","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":73,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"ef9e98b9-7384-46e9-b5cd-5fbf742fadc6","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":73,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"60bd7cfb-c738-49ea-b478-3ef26450d493","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":73,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"3c3e19e1-5a5b-462e-ab1e-cb69658d0c8a","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":73,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"6742e22a-bc0a-4376-8c6e-7ca22db90eed","block_type":"box","text":"Sovereign Debt.","page_number":73,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"e8a8ce8b-10a9-4e99-9648-345e154d2bec","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":73,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"919881e2-9deb-443a-a4d6-f7af766431e6","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":73,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"88c3ad0b-cb27-4428-9703-218472875239","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":73,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"c23b95cf-557b-4d0c-895c-d7b1aa56c31f","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":73,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"82506e7d-0c5d-405e-89d8-508eb6a0a022","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":73,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"8a1d4bfd-3e21-41da-b3be-36265339389e","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":73,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"2e2090fb-724a-4ab6-99de-a6bfb00cb392","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":73,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"96a0f500-46c2-426b-ac0e-b688bbb3c659","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":73,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"69ef460d-d7a8-463d-bf8f-ea8a909114a2","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":73,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"946cb82c-8a26-4b1b-be00-62172ae1f59f","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":73,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"c853c041-06c6-4e95-a94d-91aea98e47a4","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":73,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"34644ca3-7c2c-4567-8b91-29968ac18177","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":73,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"95225752-d7ec-40ea-b14a-4f0f5c576793","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":73,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"b10bb939-03f9-4353-993e-2b0b4a01a258","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":73,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"6453db31-f305-4871-b7c7-86a5db02ebfd","block_type":"box","text":"debt.","page_number":73,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"1d5bdb8c-9d9a-470e-a7ab-ab6d4b469d6d","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":73,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"050d6826-6ed4-4337-8d0e-f90695af4f21","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":73,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"adf88e3c-c2d2-4f8c-80c6-59c6b985e9c1","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":73,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"7aea0754-6884-4b5e-88fd-e048e52bfa6b","block_type":"box","text":"II-30","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5da891e3-6106-463e-8b81-d7f86dd7b97e","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e978e8b-22fa-421d-9743-2a316510f079","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":74,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"ebb6d52f-7197-497d-bda7-fee390f64556","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":74,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"d1b36f67-f1a3-4220-b517-1f2ffa7f4748","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":74,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"ce004553-55c0-4a3a-9acc-91bed6fff52a","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":74,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"3b94cc96-a072-408a-8202-2da655bb7d3a","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":74,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"e228b668-bfed-4f88-ad0e-c8c38f2666c7","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":74,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"45d8e9b4-a036-4e36-babc-2642a6897a8c","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":74,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"f2c8ef14-261d-496e-8c56-b712c8534a70","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":74,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"6eeb9815-ca91-4b72-8619-6d51e9c19128","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":74,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"48843be9-7363-4739-b02a-36b09c59f6d0","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":74,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"7d9e0f85-8dc4-432a-a2dc-c00b4e49d430","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":74,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"808be7ce-a330-431c-93fa-b33c76a016a4","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":74,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"8fc7d350-a642-4dc9-9124-041d0867c7fb","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":74,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"e416fe99-0061-490f-aa75-5c08693e823b","block_type":"box","text":"in the Fund’s net asset value.","page_number":74,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"e275c7f8-f784-4e36-8158-069f948f35e0","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":74,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"21ff874f-8d39-4f9e-93b0-1a8955b71493","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":74,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"c6521a08-6d88-4d7b-8bb4-7288dee85393","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":74,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"32372916-2d1e-4957-9d59-8d42529508d4","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":74,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"1c7812bb-7ab8-42bd-8fc2-ca3685903dbc","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":74,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"febd7f7b-2576-4be6-8bfc-3c3672ef74ff","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":74,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"4a7be2ec-e0db-4dd9-b7c8-7a7c255af8f3","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":74,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"dc9d492f-9984-43fc-926c-0a266f7f3f1a","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":74,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"011d4e04-8c27-4437-a01a-428e938ba25b","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":74,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"005bcf5c-2511-468f-b11a-b0b0c1d2a217","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":74,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"1a986841-9919-4cb9-a4b1-71c9ea4b4afc","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":74,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"a5235382-67df-4e09-bd1b-1fc0408b4a9b","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":74,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"15e1a6ee-c24c-4d06-afda-8b8aa10963b2","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":74,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"b0802690-1b2b-4279-8a71-fe7c4e4eb959","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":74,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"f856b67e-f7ba-4931-94f7-b8825f815ad5","block_type":"box","text":"Fund may invest.","page_number":74,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"2fc62e18-b2cc-4fd6-86c3-afa24fb6271c","block_type":"box","text":"Funding Agreements.","page_number":74,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"db2f7771-1357-4fa2-b893-0e1d0dfc9df4","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":74,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"ff743f51-fa45-47e8-b92a-cd6d66a7e9bb","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":74,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"8ef45124-5f4d-475c-a9bf-4c20bcfb4735","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":74,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"9077af07-979f-4c4f-9bb6-7527f5f3f65f","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":74,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"cfd76260-86dd-48af-96bb-ab7b220adeb7","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":74,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"bb02c75e-2a6b-4e52-86a0-9c353618b764","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":74,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"53ec9bd6-83a8-4397-997a-05f97bb88276","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":74,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"1dd9b4f7-f03a-4eff-bd86-b9dc33509ee2","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":74,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"42e773ae-68f4-41ae-a7ef-10188480e9b1","block_type":"box","text":"Guarantees.","page_number":74,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"a94fbb8c-1889-408e-b9e0-2de8724e72bd","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":74,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"1d28b2ad-e030-47f6-bdb8-bbdb9d0ab63a","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":74,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"eedf3871-789a-4d91-8469-b695b4a1d86b","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":74,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"1fbdc174-3c6c-4f7f-a883-b37c66bbf414","block_type":"box","text":"Illiquid Investments.","page_number":74,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"66df9a0b-7ea9-42ac-84f3-12aaf04f2596","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":74,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"d4984c5c-1660-4851-b2ba-462f06eab4e7","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":74,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"73015dd6-3410-4f44-814c-5ace65c7549d","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":74,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"53b6038b-250c-4797-ad6d-110b5220a361","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":74,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"14965c22-0871-4c6b-9750-4e3d071b0464","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":74,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"c4b32f92-8f51-45e8-ac59-592bfc959361","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":74,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"680d9cfb-17b8-4a6f-8221-dcc3674d9e5d","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":74,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"beefdacf-1560-4179-ba3b-5b72656b7b00","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":74,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"c889fa71-a79c-4866-80f4-e082c13b4819","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":74,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"9f37b6a0-6f45-4e97-8267-7fb4bc4625c9","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":74,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"82f3fc8a-3e5a-49ec-985a-0a77ef87e1f3","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":74,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"44bd9df0-2bc8-452d-848a-38ccfe4fff4a","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":74,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"819f4d25-a682-4c81-b96c-007f7ee50ef6","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":74,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"30ad856d-f65a-4ffc-a301-5d68a77d9bb6","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":74,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"e04a9659-bb6a-4404-860a-c2c07186d99b","block_type":"box","text":"comparable liquid investments. 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The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":75,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"e0897020-f420-4471-a48a-2885af6b56f0","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":75,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"c72d1a4f-ff7f-4613-9115-a5019583d4f8","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":75,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"333a0ed5-d657-4b31-bcb0-3db0d13b74ae","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":75,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"5daf788e-4971-4f8d-a934-4f08517ff011","block_type":"box","text":"(","page_number":75,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"ab6694c5-0cda-4f5f-b27d-7abddaa7080c","block_type":"box","text":"e.g.","page_number":75,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"dcb3679e-4a74-4902-9a6f-d96e4befec65","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":75,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"25030e7a-9a00-4849-9ea8-0d0a8d1dcc33","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":75,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"c0cafbcf-38e3-42a8-a217-6752e35455b0","block_type":"box","text":"par ticular security as an investment.","page_number":75,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"763ce38b-61ef-4899-9c46-3a773c11f708","block_type":"box","text":"Tracking Error Risk","page_number":75,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"4e035418-febc-4687-8037-1e3ebd91686a","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":75,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"74b164cd-800e-479a-bc87-1ba85da48f20","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":75,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"bd64e09e-8fa3-400a-acb7-40d9e9c2aae9","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":75,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"6f0522b0-0ef2-462e-a1c7-82f9870173a2","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":75,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"2ff861d5-f630-47f5-9337-abbc70076317","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":75,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"a232fa43-82b8-4a57-987d-f1585d8afe4b","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":75,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"0dc5651c-7dcd-4b1d-987d-69b5c9923152","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":75,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"d9fee9f1-28f0-46d0-8009-ef139bd13238","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":75,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"4785155f-6d52-431b-a840-4df86a7fc36d","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":75,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"175c29f6-8720-4f7e-b4bc-1ddb7a967ec1","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":75,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"f9b74551-2c29-43ee-a933-ecd805dc9230","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":75,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"7f963ed7-30dd-474e-a394-3980bb944860","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":75,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"968b8cbb-9592-4566-99a9-a2295a3c7d54","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":75,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"0e793fa7-15b8-4158-841a-39bb3da5ae09","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":75,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"f3f747b9-9881-4e66-90a7-e3c7cd51f4f7","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":75,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"9bdd3a41-c073-478f-b9da-949331c78fe1","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). 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If the securities continue to be included in the index, the Manager may underweight or","page_number":75,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"e2f32adb-8007-49c6-b76f-af2b6c397c72","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":75,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"3da7b7f6-f514-4bb9-a8c6-fe405176acb1","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. The application of the","page_number":75,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"4c2124ff-1f67-477d-9c33-0d43e2dea946","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":75,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"2a0c37f7-6515-4b05-be6e-20eab0916c21","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":75,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"3ef21966-928b-4edb-b21e-8a3bb6b96fbe","block_type":"box","text":"from an Underlying Index or a Fund’s por tfolio, and the inclusion of such securities will result in an adverse impact to","page_number":75,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"6e41d171-af87-47e1-a630-c0953098239d","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":75,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"d7c4efe8-ee8c-4794-bc1b-5d658ebdea90","block_type":"box","text":"S&P 500®","page_number":75,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"adc8d424-661c-4434-abae-59485343090f","block_type":"box","text":"0®","page_number":75,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"599ef92c-2920-4be6-8875-bff7da6d40ef","block_type":"box","text":"Index (“S&P 500”).","page_number":75,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"0f0f343c-ec74-47a7-9360-e3c13b2a5cce","block_type":"box","text":"“Standard & Poor’s","page_number":75,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"5659deec-5f7f-42b4-a4ac-599c3b894e22","block_type":"box","text":"®","page_number":75,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"b8743f3a-aaca-4cf7-9520-34c5b9d3f755","block_type":"box","text":",” “S&P","page_number":75,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"99a8574d-c845-49fe-9bbe-70573c822d18","block_type":"box","text":"®","page_number":75,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"fdad8707-3bce-40de-9907-f189185f23dc","block_type":"box","text":",” “S&P 500","page_number":75,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"93a1e628-9a6b-4406-914f-3847fa224edf","block_type":"box","text":"®","page_number":75,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"ba45d9a8-0ead-41a3-8111-6e381f7f9d03","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":75,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"55a2d9bc-f5ad-4a32-a1bb-af9699ca7f51","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by cer tain mutual funds sponsored and advised by","page_number":75,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"fc9cf174-bf17-4c85-8a19-9acd52d25cf9","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":75,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"6a5948c7-6959-40bc-9755-0bfd92e45428","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":75,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"ce4af23a-9eb7-4124-98e8-3b583120c6c2","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":75,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"b7f84fa0-ab31-43a0-b51e-376c8fffdb8a","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund par ticularly or the ability of the S&P 500 to","page_number":75,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"236535c6-433e-47a4-a8d3-d2f6deca4fc7","block_type":"box","text":"track general stock market per formance. S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":75,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"3d85f4a5-c378-4f38-b197-fdaaf0c6d863","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":75,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"71396e35-a30e-4cb5-b7f3-451e2c0dbefe","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":75,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"09c72082-f1d7-4b80-98d1-72024f8ee6cc","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. 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A Fund may also invest in so-called “inverse floating obligations”","page_number":77,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"0c828b48-718a-4024-9851-042f64577a74","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":77,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"42458ecb-0d8a-4b3c-9cc8-a05bb32a13bd","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":77,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"36429390-2cae-425c-b048-9ef3a07a464c","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":77,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"19eeeea1-07e5-4af6-9505-5f709d8ec56d","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":77,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"a948c3d8-3f69-4fd3-a1a4-4ab8286f6120","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":77,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"e84972f1-60bb-43c6-a176-c6135f1d0cf8","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":77,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"adb95bb5-a745-4ab4-a054-4341f5a33520","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":77,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"7a96b373-6cf4-4675-ae75-2df6af7f59b5","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":77,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"a8d273c2-620a-48be-9abf-e10c578e4212","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":77,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"16c5b22c-a76f-4cb2-bf3e-791e03405fab","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":77,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"d5bd5fb7-d802-4e65-92fb-1d4762010765","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":77,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"f48c063e-f03d-4083-92a5-6c2121530cea","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":77,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"ab023521-d63e-4adf-8953-df9af06acab6","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":77,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"46031890-5cc5-4434-8f36-312603a43499","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":77,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"5f228282-93a3-41de-9d86-ca079d3470d6","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":77,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"ac03cee9-04b9-4eb1-9c7a-5cb410919a31","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":77,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"1d0a5b64-2df5-408a-a8c0-d61b88bd1115","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":77,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"db5ecb2d-2739-45d1-84e1-10cb92925a99","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":77,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"a6c67279-4c69-4de1-8b18-47f94e8495a0","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":77,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"ff460995-d471-49c6-98c6-064b84044c8b","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":77,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"9b02f0a7-facb-49ae-bc5c-bb535d73467d","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":77,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"bbaf397d-b3b0-4407-b488-abc544a0e95a","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":77,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"b4caf592-c908-41bf-9646-6186e7893195","block_type":"box","text":"Inflation Risk.","page_number":77,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"77dc6d03-aeff-47bb-816a-b2ace665d60b","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":77,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"72df7f10-b195-467a-9e07-793dda45b616","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":77,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"e5cbb97a-600b-406f-a9a8-2292cc178a68","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":77,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"758bbc7d-e8a1-47ce-a9eb-187a12698367","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":77,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"9683db36-0486-43af-92ff-425b7014d9b9","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":77,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"bc6ce02b-1d48-4909-bcdf-0515036d2575","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":77,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"01825d18-aa60-4756-a277-790a550e1fb1","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":77,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"5d89603a-f926-44be-8ada-5f263dd30edc","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":77,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"d918ee7a-f13e-46ab-b916-9c3836546e07","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":77,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"1ee185e4-2bee-4957-8772-fd33390de146","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":77,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"d273440c-a1e6-4eb0-9957-10e4bce55547","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":77,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"650cd821-4ea0-4703-ae97-62abc5c37c4e","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":77,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"7ee0ea22-008b-4030-b680-9fe48280aa36","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":77,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"a4d0f2ad-0607-4a34-a100-6c50c083baa7","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":77,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"7b440044-2dd6-49e8-84c6-7aa0d6c255c7","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":77,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"c9ab5fc6-3088-43c2-b85d-33019c9d33f4","block_type":"box","text":"II-34","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"386b7f44-0a2e-42be-b2ad-a797c2d302e1","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a710a9c0-bbf1-411b-ac6a-22ee3a92fd06","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":78,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"6b9b569b-b195-4542-9e49-5c3b462273ea","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":78,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"96a0cd72-9275-472f-a130-6e465e05d9d8","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":78,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"958a7c5a-0fdf-4be9-bcf7-a2f7fff77a0b","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":78,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"cd412a58-b61c-4991-8db1-7d4311025f89","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":78,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"66f0d412-a1c0-4c4a-8241-9bbce609f278","block_type":"box","text":"be available for very limited periods.","page_number":78,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"f85c83ed-6b66-45de-9c5b-7a9d2fdbbdf9","block_type":"box","text":"Investment in Emerging Markets.","page_number":78,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"f033d4c3-d2ba-42cb-9065-17f9a9e33636","block_type":"box","text":"General.","page_number":78,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"224a0285-e18d-41f5-aede-5e05a36efcac","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":78,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"5bc49065-d057-4dbc-bf1d-8f36d096f34d","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":78,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"30b7bae4-bee7-473d-97b5-ae56baa579b6","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":78,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"f589d0cb-195f-423e-aa61-5d2eae564016","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":78,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"5061345e-f4f3-486c-965a-dbd7665d9c8c","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":78,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"ce70fb6c-44bb-4c3f-9fc0-a32f35cb0334","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":78,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"2cd3ea27-dd95-4316-a453-0a916b73eb2d","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":78,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"3f6a8ae5-36a8-4c71-b4e2-00f83472a53c","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":78,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"0a072835-e148-4c1d-bc22-a669c2c5eef2","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":78,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"a148d165-f5ab-48f5-9c71-eb7104cee07d","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":78,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"e27eddbd-51ed-4d4d-846f-602b36c45e5b","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":78,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"96e99c92-320e-41b8-a2df-d6aff63b9ab6","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":78,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"aed96321-c47a-465f-907f-2441664cdf8e","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":78,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"817f8376-a903-4b25-9f67-72c73f830ee1","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":78,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"815b8ba4-25f4-4735-bbd8-e1302fcb6a1d","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":78,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"7f2426bd-f852-4aae-999c-b4fef412d5d1","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":78,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"ef205ee6-4f2b-453a-889e-d4fb864978e3","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":78,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"ea3b9f55-c0ff-46d7-9f60-e8143bfbf939","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":78,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"1378bcf3-f5f2-486c-840b-39d34a2f4b03","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":78,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"a0888a50-a4ee-4cc7-845e-5055e6f24aed","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":78,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"75971ea1-57b0-43fd-8225-9aaee5fbad2f","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":78,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"3e17d2e2-329e-4d2d-9df9-0c3b1582106c","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":78,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"1baca898-e75a-4905-a206-36ffef6f6c1d","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":78,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"3c062adf-4e01-41ba-8626-42d17f940452","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":78,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"8757bd8a-8ddd-48ef-85f1-07d01efc91d6","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":78,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"d62b5d42-4860-4cec-b41b-71787cfa17f6","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":78,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"5938163c-52b0-49de-a256-9ee2435aa6c7","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":78,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"8d182f27-fa81-43f5-bf82-175cc99686b5","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":78,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"e22f3dc0-d188-4061-997b-ba50f1f396cc","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":78,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"6381c30e-39d6-431d-9988-53434e2bbd61","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":78,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"6a9d6fbe-0455-4995-b54a-5541045416f3","block_type":"box","text":"volatile than investments in more established markets.","page_number":78,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"36694ee3-8068-45d2-bab5-b7ba2fcd8992","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":78,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"4a380623-839b-491a-bd16-04aab05750ea","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":78,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"a7ebb9ea-0813-4eb1-9100-39743ddb29f8","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":78,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"273d9034-ba32-4b4e-b041-49d732f846a3","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":78,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"a98b284d-9a19-4e06-9645-d2a9bac8e216","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":78,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"f6543aa3-5123-4e24-a863-bcc8414467a2","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":78,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"25da1865-e526-4c6d-b81d-b671c49b0b58","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":78,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"7108967e-1d3b-4923-bffd-68a674d9950c","block_type":"box","text":"acquisition or disposal of securities.","page_number":78,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"357aedf9-496e-4a5c-9eb6-cff51ac4f4c2","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":78,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"3fbb3631-5398-49f8-a0e9-8b58f4ec2e87","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":78,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"f7301fde-ea3d-49f1-9546-bbed7c321b59","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":78,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"daaf3f71-56bd-4e0f-a31f-0ee481c2a8a9","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":78,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"0951ec12-5cbc-45b1-b026-8446f4bb2fdc","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":78,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"3438e316-fdab-4b1c-9d26-5d9c251eca29","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":78,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"df47ee72-b95f-4240-bf77-04f155c92bc8","block_type":"box","text":"II-35","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a496e12-16f4-47ce-8a55-6dd09e2ca8c6","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06886fb4-53e7-4397-ab4f-c042a6574299","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":79,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"d42264f6-16d5-4437-8bc7-5587dad67c43","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":79,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"8ea9d8b1-f2a8-449f-8bf1-5e1872fdff17","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":79,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"d2e111f8-6ad2-48f2-b08c-4283c8457011","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":79,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"f3419760-73e3-4dc1-ba06-e396fdaf52f2","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":79,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"fe65e808-dcb7-4028-bbfd-f3c69b767693","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":79,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"5d661909-77a1-4ad0-888c-99a36961b137","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":79,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"81d67bbc-9a80-4bfd-b00b-8f027acd2dab","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":79,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"fa6a106e-aaa5-4edc-901d-87bacd6dc556","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":79,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"27d95cd5-757e-4346-9638-37ff1242f6e8","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":79,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"b53c7d57-b409-459f-aba6-b02bbce258c1","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":79,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"b3c14070-d856-4276-b56b-5708552540c0","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":79,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"c6d6eaa0-6425-4eb6-bc36-f147927547cc","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":79,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"c75ecb13-a2d0-400b-9f24-c3bbcd061e40","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":79,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"af17860f-a415-4e4e-bd15-f3cab8e9cff8","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":79,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"cd36f2bf-5c30-4477-ac8c-1ee91eb59eb0","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":79,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"45e135aa-13db-4725-a976-83cccc84c318","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":79,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"d6f7b4c3-4038-4072-999f-a6c517bea88d","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":79,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"37ed7d3f-6a24-4348-a75f-3d6d217a191a","block_type":"box","text":"per formance of the Fund.","page_number":79,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"cf3271bd-154c-4e85-a84d-4a9d4b0533c2","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":79,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"c73170e3-29ba-45b5-b4b7-bfe4e1ac2d35","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":79,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"2c431ade-dcaa-45b9-b3ab-90b3e561401a","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":79,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"5f445ca1-ddfa-40a9-8cdb-634156361fe6","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":79,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"582cc17d-8cc1-436b-b4a4-795c1ee99ae6","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":79,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"95f5c3c8-bb21-4ae3-81dd-97f3c2920214","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":79,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"0799b993-c93d-4d28-b95b-ad232212e3f0","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":79,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"1d4c9351-a4d4-4da8-9ee0-6a5ce61cf75b","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":79,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"8b3b21ef-6bbf-4020-80f9-24a72fa1fb00","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":79,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"5a2025be-dda8-4859-aa73-1bb39f2ba55a","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":79,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"e5e581a1-5017-46a6-b8ec-d4120f1a9887","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":79,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"458b6e59-f566-44a8-9829-3cb9d8818b0b","block_type":"box","text":"affected by a variety of factors.","page_number":79,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"fa03e6d0-a595-42cd-95b4-1cea0cf2ab32","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":79,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"cb878bd9-6df3-498e-aa39-6ab3ff73a49c","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":79,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"067437dc-8c94-433a-b642-5e517d3ea039","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":79,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"bb2633e1-15e5-4b34-a657-b36fbcb10005","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":79,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"33f66632-d945-4d71-8675-4fa7f736a626","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":79,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"3b833d51-198c-46d2-9a77-51038fdd8494","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":79,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"233b0eac-dc0a-4461-8dad-74fc0e8b10cd","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":79,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"790dd86e-8530-4c76-a0d7-b4dd8d5708fa","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":79,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"8d6db41c-625a-41c4-bc13-1ab200176756","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":79,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"67c21732-4442-4fd6-8c16-41787f91add1","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":79,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"69985b81-9c2b-4ad5-9646-d5686acb0432","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":79,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"0b25236e-02c2-4bfe-930d-9d90b98fee70","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":79,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"06526b04-1991-44c7-bebf-1fc75d068489","block_type":"box","text":"nations.","page_number":79,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"6b594aa5-a57a-4462-8c45-4e931f3882d6","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":79,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"e805dbc7-917c-4f0b-b1b9-d11108d93bbc","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":79,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"eda54ad4-dab8-4597-9da3-0073ec260b3e","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":79,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"acd5997a-01db-4102-9e16-cab3852aaaee","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":79,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"703d6d44-b89d-4d17-990d-b5577cf6deb8","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":79,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"ca8b8167-da2a-4f46-81ab-6bb8efc9769d","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":79,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"1b48d317-1dfa-4b05-94c6-127614ef2c2b","block_type":"box","text":"market Asia-Pacific companies.","page_number":79,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"cc990490-7e4d-4d3a-9d4d-3c2d520baa1e","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":79,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"bfab378d-45cf-4aab-bf42-5f04986d53f0","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":79,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"4d639098-3902-4c5b-bfc6-482573f49b35","block_type":"box","text":"services for such securities outside such countries.","page_number":79,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"d94b83e6-5fed-4c16-a2e3-a54febb996dc","block_type":"box","text":"II-36","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8257291-afdd-467d-89a6-9494c3d441be","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1bfcc3e3-0097-41f2-96cf-85d45aba77c2","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":80,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"f0f549aa-4505-4e02-98de-fc14ba7cc773","block_type":"box","text":"to commercial banks and foreign governments.","page_number":80,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"a009882e-cb7a-4743-aead-aa333809301e","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":80,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"f1ffce22-de5c-49f0-8dab-ebd0e6e096f1","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":80,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"f2cacebc-92ad-4d69-adc6-af8a15fa1e7c","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":80,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"49902c48-e39c-40bc-b368-a435d64d6d1c","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":80,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"00131665-bd7f-457b-bdcc-f375241ad91a","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":80,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"83f08edb-7da3-4383-9113-0403a1f47e88","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":80,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"1cfb3299-826a-4aae-88f1-49f306734daa","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"53eba11a-f232-42aa-9034-e20820db6145","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":80,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"72f2809f-2693-4fbd-90bb-cb38d187e1e1","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":80,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"e779d7fb-319a-481c-bad4-a6598c5fc5a6","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":80,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"dde2a8bc-7124-4868-a448-95d5d7a2c9ca","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":80,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"90250f2b-689a-4fd6-8fee-9db75d122a45","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":80,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"1d518278-5f74-470c-bca6-4a2876626560","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":80,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"2dd5c082-4d46-425e-9c30-da951d2d29de","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":80,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"250de400-bfff-46df-9548-abb3cf44ec95","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":80,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"45090e5d-6ed6-4e3b-be28-7deece6f3423","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":80,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"eb6ae72c-62db-4dfc-aeb3-26685741f972","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":80,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"6a3f5c81-d368-452e-ae00-d3da0935945e","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":80,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"87a416ef-47d3-44d4-b472-b01d8ba701ab","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":80,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"481ba070-de20-46a6-8a7c-d451669fca8c","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":80,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"b1157f52-aa92-415e-b958-d1f0eda1f5c3","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":80,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"cb74e740-846d-4d38-a237-d8ec30a31282","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":80,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"130a358e-6d8b-491e-b768-8ec113768ff0","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":80,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"8a6c2d70-941e-442f-86bf-ee63df55cfc2","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":80,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"c4b40c46-7bcb-41a0-a416-a004e9ef79cf","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":80,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"4ece8266-1ab8-4ed7-86ed-fb4b56fc9d47","block_type":"box","text":"investment at that time.","page_number":80,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"968d53b2-1a8b-4ee6-9671-60436fc74dea","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":80,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"abc9744c-7ed5-4721-88d4-f37235d6241c","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":80,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"2cf55996-15f6-47ae-9108-05b9566294a9","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":80,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"82bf9036-6292-4d64-bdc6-33f203fb2e9b","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":80,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"8e8d79e7-e9c6-48b7-abfb-23e2c03ec6c2","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":80,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"308eba2a-3f70-411b-aa0f-cbd447b7af58","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":80,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"242010f7-ccb7-44ae-856f-24a7ee021aea","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":80,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"6b787a4d-9e5b-454b-ab18-aff604a2bfc8","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":80,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"d3eb396b-a3be-4a59-8336-f05e60190c2d","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":80,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"88d14ce7-7301-4535-a942-41b148bf6a2c","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":80,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"6687aec5-1efd-4cc2-af72-1376520a2096","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":80,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"8a0b8ce7-cd53-4f94-b8f0-78716a0fa3c4","block_type":"box","text":"government).","page_number":80,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"a4e9c096-b796-41cf-bb0b-cb76706dab2e","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":80,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"dcca9809-8a64-493b-89ac-a0308e2a6323","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":80,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"2c1490a2-ba0f-40b5-bc2c-b87398eedf31","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":80,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"1689234e-aade-42ea-8c38-3f2a4b46906d","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":80,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"3b328039-d7bd-4d87-a448-2fd1ec6f6c04","block_type":"box","text":"foreign banks and other financial institutions.","page_number":80,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"935a0b75-7643-4288-a04d-4b2aef00bed6","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":80,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"7d358a2d-5498-4dbf-bf7e-dcbc35e03233","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":80,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"b3781f49-7322-4118-a4b0-4c8ca72a077c","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":80,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"c9579a94-50dd-4629-be85-9ca26f516d37","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":80,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"bbb80a6d-8b44-4f18-857f-1e9167983cb2","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":80,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"c2edb1f0-3bac-4b65-ad79-7028021e1c11","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":80,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"467662f7-c4a1-4099-a187-f30ba99ee3aa","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":80,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"9142385c-a8b0-44a8-89ab-8ed5cfe168f2","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":80,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"e0bc5ab2-8e63-4379-8d20-f0be5becda30","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":80,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"042e25d9-c728-4255-92a6-c95147e8f49a","block_type":"box","text":"II-37","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"df4e12f1-a1d3-415c-9078-687c9eb5d997","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"20fca141-be76-45af-80dc-aec8a092cf62","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":81,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"92557676-0e89-4562-803b-8ae45c0134a8","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":81,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"bbbfcfa1-74f8-46c2-8da2-c61c9f1e0191","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":81,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"c51fd5f7-0e2d-4e2e-86b5-19481ec2db5d","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":81,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"653e7901-a65c-4879-bb75-9120503e92fe","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":81,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"ec8a7acc-c16a-48e2-a452-931f5adff37f","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":81,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"389dc4d8-aae7-4a2d-b1a5-619ee79cefd1","block_type":"box","text":"foreign securities.","page_number":81,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"43dbcad9-7cab-4906-b18b-f5c141ebcf17","block_type":"box","text":"Risks of Investments in Russia.","page_number":81,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"2fe1d02b-9ebf-4afc-bbfd-57761c52b3b3","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":81,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"f0b3cb59-466b-4a11-851c-e8ede18e1fcf","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":81,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"a1c18592-0d04-47d9-89e7-a58d9c2c2458","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":81,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"fcba1233-5d7f-47c7-908b-03fa806203a6","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":81,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"3aa8b1b9-5666-4cd5-b207-ec85156758f9","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":81,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"942242fc-a2a5-43fa-bafe-51aa6c69febc","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":81,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"3f88ba9e-5151-47d0-b833-70accdb59ff6","block_type":"box","text":"developed markets.","page_number":81,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"7c8f4abf-2ba6-43a5-bf5a-acda6c8894fd","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":81,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"7d1a131b-c6bd-4a48-ab76-cf67a60b28c5","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":81,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"6f2141bc-5338-4545-b037-33ffaaf03acc","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":81,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"8f3aee48-18ed-4d76-9f39-aafcb66a6681","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":81,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"a228f155-9afb-4e77-ab94-c9566809b331","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":81,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"acef5c9f-c550-4d8c-81df-6f88b7470854","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":81,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"128fce1e-b514-4e24-b553-256d3d2b1b0a","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":81,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"400cc340-e15f-4edd-89cb-ce2c7c68b318","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":81,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"54311bc2-9333-400a-8d00-a80dcdd80c2f","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":81,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"d16a2d53-98cb-446e-983b-5cfc840733a1","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":81,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"0f91a02f-1fde-4fee-94b8-d8432fa65d12","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":81,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"3edbc776-fb6b-4fde-a92e-074149131454","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":81,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"8e97d86b-812c-402d-8907-9347478bdd1e","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":81,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"b0e124c4-1b49-4e96-8a04-6bb3185f9e6e","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":81,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"4a5d81d1-f038-43ac-9316-531855c5d8f0","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":81,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"4a2ad109-18a6-4959-9a69-2a1377f2977d","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":81,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"b85d4ef6-704c-4a1f-81f6-947e4e40b9e3","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":81,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"7d99ca76-c79c-4f2e-b59a-b229ae76e81e","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":81,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"ac9a09cc-491e-4296-a780-00b5ba9ff9c3","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":81,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"de9ffeb9-7470-4282-acf0-e5f6ab993a66","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":81,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"9c7de408-7e74-4c1c-a822-cfacf0a0fc2f","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":81,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"22d09ecf-b92f-49e9-853d-f51fb8b7f978","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":81,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"9c7687f9-a79e-4344-8f1a-da921890fdd6","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":81,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"f9ba2bc4-34c9-4234-b771-977ec09240ca","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":81,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"d5b9c0ac-b371-4f4e-9524-143254fd1410","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":81,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"a52bfc5d-6494-44ba-99d9-7eae2bfeeb06","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":81,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"57e91d79-8aba-4e1b-ab96-74c6b4f59efd","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":81,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"44a5ca18-a50c-44a1-8f47-e17c54546040","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":81,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"d190a7ac-6308-4784-ba8f-e60d0480d9d6","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":81,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"06ff053b-1755-4dcf-b624-26fee86146e2","block_type":"box","text":"sectors globally.","page_number":81,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"9af0c797-c8ad-4721-ae55-7d9c2574eb29","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":81,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"e86d3c2a-16d8-4698-a06e-162eeb527f8f","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":81,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"ab0ae741-68af-498e-a3cf-51a244522b49","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":81,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"11e8c004-23eb-4144-8ec6-92e32c6c83df","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":81,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"9a87a90f-009a-4d77-8171-60303e3f5eea","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":81,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"e0df987e-7b1b-4de5-991e-4d0ae1bcc3da","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":81,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"e15923a9-e06b-4e6f-a9ac-8ca0cc67d476","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":81,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"f48f75c7-1df7-42cb-a7ff-809c89f7c404","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":81,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"20faa171-d2c5-4b2a-8807-e718bfc26938","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":81,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"471d61e4-46f0-46e5-a74d-3a706ec728ea","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":81,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"60a7951b-4078-494f-8a1c-b464eccc9926","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":81,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"f7c5562a-7c90-430f-879e-60bb859a87c4","block_type":"box","text":"II-38","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f5c00591-9d6b-47ab-92da-35e54a57633d","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf6672c9-4405-4f30-b96c-b0e47c601080","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":82,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"6e6442fe-0959-4f9e-aab3-6ea54b052664","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":82,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"f0534965-f974-4c51-be5a-041917d4217f","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":82,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"332cc6b6-693d-42c9-b9e6-7417a85a8016","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":82,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"fdfbb772-5165-499e-9c59-76c206b05ea2","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":82,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"4edb78b2-8c07-441d-b55b-1383949aceef","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":82,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"30546ecf-a83b-4b60-b72b-2c6dc2730c88","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":82,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"4da6aca0-500c-4ab8-995a-bd3f52e8a27b","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":82,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"71ad6ee2-e9ed-4714-a1b7-927f47cdcbca","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":82,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"424ce55a-f25d-4d5f-8fd3-b02ca8f5174f","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":82,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"784b67eb-21fb-424b-b758-82aaf5190f94","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":82,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"65a14513-b928-4c03-8cf1-98cd21bc8f49","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":82,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"5f24aaa1-892e-43dd-bd0a-fde01e6e7aad","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":82,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"18b64df3-994c-4bec-89cc-2f7ebd318d8f","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":82,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"64adb5dd-145a-41fe-b9d1-1a7fcc87119b","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":82,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"0c8284da-ec61-4353-b0e0-0a540deb499d","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":82,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"019cd263-dfb6-461d-af5c-2befc62f9800","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":82,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"bab4dc09-2bff-491a-bfad-398a0e0d50fd","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":82,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"8bca8665-fbbf-4ace-80af-02dc917eccd4","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":82,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"b73ac368-3ad3-44f0-a944-226edf7d6796","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":82,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"7dadd481-a429-41b5-85fc-da1ca57d6ec9","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":82,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"8d1bb27c-fbb6-4588-9c8b-63e10f922224","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":82,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"73f15bc4-872b-4bd4-b922-2505859f5fc8","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":82,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"37d20a8e-125b-4d67-9c66-7ba64928516e","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":82,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"d1867f12-ff02-433d-b223-ee0912dedaef","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":82,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"1fcb98f6-1664-4abf-98e0-341a1edaecc7","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":82,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"0539179b-e696-4711-9032-e657672bb2d4","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":82,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"c2211f50-1f54-475a-8aa4-46f880dc29c8","block_type":"box","text":"impacted.","page_number":82,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"83ab7ace-6113-4825-80fe-6b145ab8739d","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":82,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"e48c3f3b-0637-4af8-89fa-f094dcefe9a2","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":82,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"522258db-762a-4f4b-af26-564f99baf750","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":82,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"4a642555-8cc1-4556-87e0-54da8a6af244","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":82,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"a52d59c3-b09b-44d2-92da-8576d8c37a01","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":82,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"43d6e43e-805b-4de1-8014-e149934fd79f","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":82,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"d1eb95a5-a492-4a9a-88d9-ee72b138498a","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":82,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"48ca35cf-2928-405c-b687-8b190e27d048","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":82,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"39496002-ff84-48b3-9bbb-a71c35a3d4b5","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":82,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"6d283575-c893-4b5e-bda2-3eaa98652242","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":82,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"ea69acc0-6a68-44bc-927c-94211850eb07","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":82,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"e0a9b7d1-7fc5-4930-aa1f-8ee384eb3ad8","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":82,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"c8eb6940-d5fb-448e-9249-30fbf487c12c","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":82,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"7db60031-733b-4577-9776-c5f39936da22","block_type":"box","text":"economy.","page_number":82,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"107ad005-b1e5-4ef9-80f5-4f30849f652c","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":82,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"c6937b8a-afdd-4a9c-8eac-9be51bc52e48","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":82,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"9c68a388-1043-4837-9413-6a39ea7c4f10","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":82,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"45bb87e6-e51d-4b81-a792-087cac70c2a5","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":82,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"b245435f-475d-43be-81f0-5de566a0eba8","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":82,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"47288759-9730-414c-a38d-10682a19771a","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":82,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"531c139a-8682-4279-8e76-74e382b2cac3","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":82,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"8863df63-1543-42f4-9367-17800d918883","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":82,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"a70a01d6-9050-4d10-bd00-dc4eb8a3d24e","block_type":"box","text":"typically the case for investment managers.","page_number":82,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"e567a366-b90b-4ace-9afe-9cccd8e6509a","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":82,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"b4cc9cf8-0406-4c2c-b83b-c8c1655cd77e","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":82,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"66b7a8d6-9b14-405c-814d-fa23410114aa","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":82,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"36bbcd58-05ab-49a8-8562-b429a29e1312","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":82,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"4e6dbfbf-02d5-462c-9736-ec08a8f26021","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":82,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"5cdec54f-d5f5-4a32-a36e-fdc7782e5d58","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":82,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"8587d2b3-38dc-46aa-854f-7e48f559977b","block_type":"box","text":"II-39","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"17472cc5-df90-4e0c-8646-4ec20e0977fa","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad4bbca1-b775-4797-8965-34b6a7694186","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":83,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"d5f2f134-6318-49c7-b219-f164e472c919","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":83,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"8e85c1c0-e247-44dd-baaa-6f54f6e1edfb","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":83,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"8f800c7b-c0d5-4615-9ed6-b841d123dcd1","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":83,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"52cd2b36-c554-4666-9987-cd4971dfae29","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":83,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"23d56f73-e7e7-424f-b6b2-c0ef466df551","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":83,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"94d694c4-45d1-4a91-98e5-78da78568f26","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":83,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"017d0590-7b78-4315-b23f-fd91c0d32579","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":83,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"b23abc91-5108-42ff-9680-4bd9133e9cb6","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":83,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"42e7e64f-cce5-48c2-bafe-8fdf841d4487","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":83,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"8ea4b831-4802-41b5-a53f-4222851d128e","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":83,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"b8fbdd6c-2ac7-434f-bc81-62c1c4374da6","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":83,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"2eab0af3-7609-4b85-a9c7-cb4851991408","block_type":"box","text":"will be indirectly subject to those risks.","page_number":83,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"8e06c0d6-0342-4b72-846f-eb8c3b93d89b","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":83,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"1c9f7918-3e70-4928-af2b-758f69423ae3","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":83,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"f01a2cd0-45bf-4b1b-af7e-d8900e108d05","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":83,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"45e71c09-36cb-48ec-b4c3-0223c0f73463","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":83,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"17a0496f-62bc-44c9-9e23-068ac664877d","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":83,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"67101001-e265-4d1d-8d77-e95a13502416","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":83,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"7e03f4e5-2c8b-4404-a2b2-c4fb8410e487","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":83,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"ad7f6ebf-1780-476e-87ce-623544db64de","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":83,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"bf69fab3-75c9-493f-9a5f-4a4f338f7ac4","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":83,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"744ead02-b0d5-40da-a283-27d1cfe14945","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":83,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"18359308-c8ed-44d4-a261-d194a612f248","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":83,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"77eccb42-81aa-46b9-8ecd-428674ee60fb","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":83,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"a282c0a4-2bbf-4e21-adfc-9fa211863c61","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":83,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"e24857e0-2a87-4c76-af42-01c7e3a56d64","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":83,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"09f4342f-aae8-4a7b-b10a-625210f27ce4","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":83,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"71097e2c-cf60-4ce3-a2bb-b7cf248b4647","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":83,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"be7c79e5-2d23-4e0f-8365-a59ce146d3d2","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":83,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"de2d5fbf-32d9-4cec-be2a-41137126a16f","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":83,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"96b78222-0ab7-43d5-bbb2-d8d674f8ba19","block_type":"box","text":"impact on a Fund’s investments.","page_number":83,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"40099c03-3ad9-4690-b251-5daada9c8818","block_type":"box","text":"Brady Bonds.","page_number":83,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"66c94927-876e-4e67-a462-5bef56d0177a","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":83,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"4bcaf9c2-0c3f-44e9-a99a-1a01c81daf12","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":83,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"749dbaf7-16c3-4fdf-a547-8dfbb4bd26e8","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":83,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"62b66376-07fe-4cfc-8317-8d46f918b87c","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":83,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"2e5283de-bfd6-4756-aabe-11828746b8a5","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":83,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"e79cb827-e17d-447e-9ed9-f269c6991729","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":83,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"0a880e16-4794-4be1-97e0-57573a87237f","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":83,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"fa7f3aef-e750-4317-92d8-4b8dcb1dae6c","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":83,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"f69cbd00-7e07-4161-b812-fbea6571aa11","block_type":"box","text":"Venezuela.","page_number":83,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"50a47c37-8a3c-470c-af32-a933ccec66e0","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":83,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"0b23111c-0a7c-4314-9f41-f3e6000f86a3","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":83,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"5ecfadfe-1254-4fb5-874a-5e89fe6db699","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":83,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"b9a14774-ae2e-4087-b14d-985b70cb73ee","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":83,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"c04de979-8cc0-445e-bf9e-e226589bd1ad","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":83,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"e9645ff4-6b81-41d0-899b-880011109879","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":83,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"0d3f8ff8-5986-4a36-87d5-32407c75705b","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":83,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"e58a6a15-67ea-4ed2-aca6-31e0945d8e0b","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":83,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"069a7fc5-f125-45aa-a944-4b71f30d05e7","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":83,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"aa4f618f-d430-4b8d-8e2d-306e437762e8","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":83,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"1953d6c9-6c0f-42d3-b492-0b5cba82d5d7","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":83,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"f404439e-ce34-4c3b-b5a4-105d6ab8831b","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":83,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"64a4162e-3169-43ed-a9a3-0e5f6874c726","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":83,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"6b722138-e41e-4dd4-ba23-629fd39b18e0","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":83,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"4a794d0d-7472-4afa-b93d-250c65f6eee8","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":83,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"30eed0c8-7204-4420-81ee-07965b0f21ee","block_type":"box","text":"II-40","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f417e531-2a0c-48b9-926e-5798f0d50272","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8fec914-986e-4797-9cf9-715af67701a6","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":84,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"c06703bb-f1e1-4898-9faf-c0244c243e72","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":84,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"6f962a17-7473-4d9c-816c-e518cacb70c3","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":84,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"8c941b52-c155-4659-b62f-e422f3b90497","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":84,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"bdaadb6f-4bef-4665-8c6f-f4608a124d28","block_type":"box","text":"China Investments Risk.","page_number":84,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"de1ac103-9cfe-4f7c-8b3a-ed778f4463e2","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":84,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"bcc280a7-2cfd-488f-b92e-a78e392d374d","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":84,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"5b983fa1-054c-4334-9dd7-6012127bf23a","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":84,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"5596de29-1b11-494f-a321-018fa72139c5","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":84,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"ec9c1eec-5f40-4cea-bfe8-2499a20706b8","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":84,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"c3637d1d-a5b0-4e28-9ff9-413a1a3d8951","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":84,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"2e8389b1-f183-4ba7-9ae8-cf5846c98c3b","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":84,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"c69d3a52-8121-4cd8-85a2-195069292ff9","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":84,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"e3c55328-554d-477e-a488-f5bcf350a823","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":84,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"4e850aaf-3824-4ef6-9b56-f3d10c189fa7","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":84,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"5b282efe-ed7c-4268-b20c-e824a4347700","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":84,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"8d0fc431-a50f-4bfc-9275-718bc50c1515","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":84,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"dff3d479-10b2-459c-8f20-8c5aedc6b1d0","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":84,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"447689c2-8b4d-4a6f-b3c3-387dbb78ebdc","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":84,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"95a97f3f-2d86-418d-8534-a14f871f3f8d","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":84,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"8cf04f5c-3e58-4129-b8a3-f19eb59be588","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":84,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"9d1ca236-48a3-4e8f-a1dc-7dd4069252a7","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":84,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"bdae54a4-930a-4005-9a12-c277c9183dcf","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":84,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"b5601c10-2c44-4a25-8341-5a72866bac58","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":84,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"44556659-f107-4562-bf78-e46e73e43623","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":84,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"ddcabce5-3958-4006-a539-9a1267167105","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":84,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"2a7dadfe-770c-4566-8dd1-6060a0f969cd","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":84,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"d7e1a0e3-4e32-429f-b879-4557f0dbadc4","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":84,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"04f84a2c-0e44-4a87-aaa1-ddd8d4da752a","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":84,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"9113a6f1-fe6c-4b5d-8079-da10c18d7865","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":84,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"f8b75ea7-19bb-49ff-877a-9c0e36828dc1","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":84,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"54a5b20b-7059-489d-8c28-3ed0af77c9ea","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":84,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"86a0e41b-e44b-40da-82b1-c36a39adaa9d","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":84,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"6d0bbaa5-e5a0-41f4-a22b-1bd851714f37","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":84,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"5a689fc2-f90d-4c0f-99e2-31ff6c6b672e","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":84,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"41b7a7a8-1f81-4b5f-a0dc-5fbd2be619ea","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":84,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"977bb805-ae33-4327-b821-d82a2657712f","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":84,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"c348bbc1-65b2-48e9-8da8-0de0ee7cd6de","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":84,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"403e3626-e51f-434a-a59e-06bc6e3fd996","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":84,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"b57fc43c-a5bd-4f94-87e8-68c44ae97f4c","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":84,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"800a560d-d9f2-4e17-8a72-af40469167df","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":84,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"12cb4e9a-f988-45b0-a66e-35b10d793c94","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":84,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"945b9578-0c14-43e1-b2cc-51c47b1e0eb9","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":84,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"a6d9c395-4824-45fb-b74a-493dc4e1ffb4","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":84,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"f9a71ed9-5d3c-4f7a-9ec6-3c37eba09c16","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":84,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"beecc625-a703-4237-a07a-e9c23fb0b4f7","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":84,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"e3ce647f-4eed-40bb-ad61-de8995cdad89","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":84,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"7b3859d3-fc8b-41c1-8ce3-e137faa42a79","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":84,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"5483cb3e-07e8-4c00-80d1-f393651e4b65","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":84,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"1af609b6-755b-4584-86da-874158dc7012","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":84,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"eb8ffda5-d0ee-457f-819d-70529c48077d","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":84,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"9d8e2fe9-f8ea-4aa0-a6e8-fabe5e059d2f","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":84,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"26a90bcf-5cd7-413b-82ff-488ccf57a482","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":84,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"615d78d3-a028-4571-8466-846376ad1bc9","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":84,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"f97403ab-b108-4144-8e27-3b095fac4c2f","block_type":"box","text":"sub-custodian.","page_number":84,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"cb765191-de2f-418f-853c-7bd76be7e953","block_type":"box","text":"II-41","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d408220-a201-4f85-8e4e-24116a1b69b4","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fcf088d-eff9-467a-a1b5-b11c73ebf2ce","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":85,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"52366d42-507d-46d0-a85f-31e3661ccf76","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":85,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"8e304626-7acb-4c2b-aa2c-3ee2e843ed5f","block_type":"box","text":"on investor protection considerations.","page_number":85,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"c44af2bf-a624-46be-98fc-28c7a45f6a1b","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":85,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"0ba7345d-85df-496d-8202-26ce7e003477","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":85,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"c5fb73cc-6b51-4297-acb2-fb90d3cad24f","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":85,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"444789fd-eb3e-4c0f-a53f-d9bd704d46e0","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":85,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"0952b921-f216-42e8-a1b6-b45b56f58a62","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":85,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"e1d3ba36-f51d-4c5a-9bf8-8f4975485013","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":85,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"afed43c4-a4ed-478d-a004-630631bb5fb3","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":85,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"fcd69e76-0c46-4a7d-987a-453b40b6f0f2","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":85,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"eade4696-d056-4c66-8eb1-607214ea53f8","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":85,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"b64aa0b3-a962-4eba-990e-a9e4e1dba6b3","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":85,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"b6d7f111-87c7-471d-9de0-d17d6b612bd4","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":85,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"06c925ed-3bd6-4cf5-bc5c-9b0764d7a2ea","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":85,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"aa680fcd-8ac4-484a-a6ff-dce8b6b27149","block_type":"box","text":"accounting firm.","page_number":85,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"fa6a8684-feab-4809-a480-d0704a3c7a7a","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":85,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"a7bf0466-b365-4454-a289-8470d011a0df","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":85,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"4bc8003b-3ec9-4266-b05a-7aab76710615","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":85,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"b05f5348-7a09-4c47-9fff-9a2934df869a","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":85,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"8d693752-c980-4d23-b7a0-65d21c21c214","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":85,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"e1844e27-82a4-4ff7-8209-4ba6d68f10ff","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":85,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"b78b641c-c426-4413-a9b9-343202baa31a","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":85,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"0033b2b7-33ba-4a52-a7ea-bb98baf4c7fa","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":85,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"ed822c47-bf9b-4e6b-bdc8-89787f758ea4","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":85,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"665885fa-a87f-42f1-949d-bf24b68be3f2","block_type":"box","text":"RMB (“CNH”).","page_number":85,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"94a4d4b3-fa4f-498d-a1ed-f9cbc8877a7f","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":85,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"97e8ae5b-12ae-410f-be97-e2318e236886","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":85,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"34db33cb-ea2e-4b35-b324-8ea6337beb36","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":85,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"6ef3a225-1453-4327-9372-1bf402a8f842","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":85,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"6f4b85c0-4815-41b8-98d1-86301bc1cccd","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":85,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"29e86088-28e1-45c2-b5ff-65064953fc4b","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":85,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"8439a437-2d98-49e5-97d7-8d9aca452f9e","block_type":"box","text":"represent equity ownership in the operating company.","page_number":85,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"c23f81af-cfb3-471c-b61a-2a9a7816e2be","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":85,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"8eec076e-6973-4552-9625-3989dcbcae1b","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":85,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"42fef624-6fdc-4610-9413-493d407e863c","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":85,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"d2adde59-47ff-4685-a189-f0a08f0c92b9","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":85,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"8ba573c2-2ba2-4de0-a8db-f667c098da8c","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":85,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"fa1e40ad-ee34-49cf-a54a-4b8b9bed3acd","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":85,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"e6e57fe6-f10c-496b-8898-318192015c71","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":85,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"09560b99-6532-48f0-8972-89cbf8e76ad6","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":85,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"ae92f389-55d7-44df-b487-b5364feb41d8","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":85,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"60ad2bb8-c96c-41c3-9526-654ff47b91e1","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":85,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"2d2ca629-07c5-41eb-9922-d6a53b4f0ca4","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":85,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"266fa4bc-084e-4997-8a92-59f2d4437ae8","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":85,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"e8cabea1-f32a-4174-8c18-735c1d76078e","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":85,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"1bfb64d6-adb1-4071-bd7b-4a2a1223b98f","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":85,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"877d291c-9467-4059-9737-f186a87a0962","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":85,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"20590edb-bcf5-4417-a519-66a8bc07dfbe","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":85,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"0ebcbd13-b1d4-4405-b67c-a50a5ad55bc6","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":85,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"271f73a1-1dd2-4eb5-9c30-a8a9d75bbae7","block_type":"box","text":"losses to a Fund.","page_number":85,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"9613a0bd-bdfd-4098-9141-e6defafda04e","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":85,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"cba2a5ee-e046-46d7-b26b-ee1d1019fa32","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":85,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"4bea8cd7-ccd8-4701-a2a2-0ae54300aa87","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":85,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"186cd72a-e592-42ae-a6e4-6666b1b9f015","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":85,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"4a63ee73-3fe6-4164-b697-2b24c3f77fa9","block_type":"box","text":"II-42","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c16574c4-28fe-4827-8f82-a53dd3446564","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e89f6aaa-29bd-452a-a630-b0e0531b5fde","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":86,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"8faf04e9-fc30-4908-8295-72406ca0987d","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":86,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"e21c14c2-9604-45d6-9107-17677818c6f2","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":86,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"4bcbe8d7-e35b-4013-8e69-925caf562711","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":86,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"6e448c50-3399-4972-9135-22bd5ee84fd5","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":86,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"84f04d71-f770-405b-b38a-6e90baf686ce","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":86,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"12032f7c-bd17-45e4-bbf7-c77f7d29f68d","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":86,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"44562344-961e-4253-a8f0-d580dbc7aa87","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":86,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"b9f930c2-79f1-4b19-9ccc-a88c1a4d1692","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":86,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"e5f6e8db-8674-4c22-8e87-c13d4eafe54e","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":86,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"823adea9-37c8-4597-9de4-2ab0faa58983","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":86,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"71af6d6a-f358-4f11-8f0f-d7fcf8712e8c","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":86,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"15e37744-13aa-40dc-9c00-f5560c27ba83","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":86,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"3c7640e1-c84d-4e0c-8e32-f9379ce5c367","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":86,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"65a8bc8b-12b0-4a53-8c4c-7b2c4e0d4212","block_type":"box","text":"such companies.","page_number":86,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"91492d8d-d822-406b-bdb9-5fd3c1d688a6","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":86,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"1e133aee-3b3a-462a-a202-a9fefa4b5910","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":86,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"19c072f6-e650-42ec-b344-58d6c4d1d1bc","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":86,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"1a2f9bff-2a66-4503-8e7d-e3c7a278fa58","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":86,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"deca43c8-82c4-44e1-a1b6-9637f672c5c9","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":86,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"fde8e545-cb6d-46a5-8742-31abeffba8b8","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":86,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"7a5f6490-bdb1-4a0e-9c20-9cca8f59789b","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":86,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"69850cb5-c6c2-4d30-885c-5ff45fe49ff3","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":86,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"9441b429-c3aa-4bce-94fa-152e94fe87da","block_type":"box","text":"standards.","page_number":86,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"ef927dc1-abd3-4d0d-b815-22a0e84bbd36","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":86,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"5909c8da-1c3c-4996-a60d-14f633144da8","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":86,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"2d7841e0-6d23-4fa0-b575-fc17f1f4cb54","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":86,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"a0b6d897-ffff-4a2e-9f9b-e71f75095cac","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":86,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"2e1c7efa-a850-4248-8bc1-d1195f4ab3aa","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":86,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"01f54b30-4eb0-491c-b850-cdb946814e9d","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":86,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"7289725d-d124-4e68-b195-4a64e7d47417","block_type":"box","text":"General","page_number":86,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"ee77d9c0-857d-4e80-bcb3-a954b6b082a1","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":86,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"e34faf4f-a39e-447d-927b-11e0f3a72782","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":86,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"c57452a0-1189-4190-9e66-0c5af6e786a9","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":86,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"13d48f1e-1902-411b-88af-ea027931cf8b","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":86,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"e92ad123-eff9-49d5-bb34-a58e3f0396a9","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":86,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"77ab3fa6-c407-4846-8fb0-ff8fdda14a49","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":86,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"c8febe1d-c780-415d-a6b1-c9df55132b7c","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":86,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"4b5897be-96ee-4a25-9e86-29767090eda5","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":86,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"f061b085-ab42-4dce-b6cd-28d6ad61cc1c","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":86,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"8fcfbd83-6dd6-48d6-806d-e3423d2f1faf","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":86,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"336c7263-7189-4374-bc6a-b9958aab5a8b","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":86,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"cee15b66-59d2-4dda-85ae-87149896f365","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":86,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"60038137-d30c-4adb-90d7-9f32d6f65264","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":86,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"69bbdee4-0939-4763-8b39-e631c27fefd5","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":86,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"26f5e33e-bc30-4f7c-862b-0230cbee9153","block_type":"box","text":"company established by SEHK.","page_number":86,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"e466cfd0-fda4-4139-acae-1cb549e612d6","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":86,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"4dabf1cc-c48d-4bb7-8851-0012b6362d09","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":86,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"0335dbac-7598-475a-9079-a1dfbdfc8d25","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":86,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"0e24bcf8-5ea1-466f-9bc0-4df86ba3b41c","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":86,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"a8813ee0-d377-4fa0-8fcc-e8dad8374438","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":86,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"92c190ce-1187-4f31-823c-84162b2a7d5b","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":86,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"54383df7-ff57-4e02-82ca-a1af8c3f3b2e","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":86,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"b312cc8a-8f5a-4943-b493-008ff7d4d667","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":86,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"b7669a8c-c391-491a-ab26-0712a9f11aff","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":86,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"ec3a6a8b-6b95-4911-a713-4d6edf4e28ca","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":86,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"20fbce5e-fdd2-48b1-b9ba-8f04ab1c3ea3","block_type":"box","text":"II-43","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2824f417-9eb3-4145-a2d0-491556e59752","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51dbbf49-0d90-428c-8e4c-114d4a63da8e","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":87,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"9acf740e-149c-4a8b-ab44-d525a40ff885","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":87,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"00330654-a275-436c-80c7-5245b97fcf12","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":87,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"51373967-4411-4909-8ed5-40213003e6fb","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":87,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"4f53a95e-bf45-4975-a0d5-bac9ef412e56","block_type":"box","text":"i.e.","page_number":87,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"5f7ce787-8162-4db4-bbab-ccf5a1cd35fe","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":87,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"2e494520-2200-46d0-bdfe-eef0112c805a","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":87,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"daa7e095-8377-4b64-b910-30004f4ec159","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":87,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"2734df03-ee71-4f84-885e-479991cdc09e","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":87,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"6d419a80-a6d9-464e-b725-010ef666b3c7","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":87,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"1a564350-85c0-4cd2-9914-f2e5a2549f61","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":87,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"885ca109-03bf-4461-b6dd-0267b0cde771","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":87,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"24307309-c96c-4ba7-8a3b-639e202e4a15","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":87,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"88169cc0-b432-4a4d-b483-29a263d67208","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":87,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"c4690400-6ed1-4a38-a347-afba556acb06","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":87,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"9f4a54cd-d708-4c5f-9bd5-c7f0835f9cc2","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":87,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"46cb181b-f476-4231-8aed-13a5ad307556","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":87,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"d7bd88f3-08a2-4f89-9ed8-34612830ce94","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":87,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"c5df9921-a805-4a55-8d3f-a6b1491212e8","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":87,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"6828d91a-4497-4d42-ad98-3f0c9fe30a58","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":87,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"11ac06f4-08e1-4494-bd9e-e3deb66d35e0","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":87,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"467b5bb8-47f9-4426-9146-ab0b1c7b9af7","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":87,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"95051fa0-8ef7-46a3-a6e1-04a2722016f2","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":87,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"e227ac5e-6247-442f-bbb8-24b44f55287d","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":87,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"3b084149-c950-4bdd-a41b-34dc4106aedd","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":87,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"d24ac413-b496-4e66-8189-f65260b2311f","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":87,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"62205156-bf00-4e2f-be08-eec64d06c267","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":87,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"a8d79889-130f-43a3-a303-4b4145d9be5c","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":87,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"7b1b5fa1-f696-49c4-bec6-8a2b981a7e52","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":87,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"9c4d76f3-642c-4ef7-9b34-da77d1e6a51b","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":87,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"06cccfae-815a-4f8f-a1fd-2c80e2aa62a9","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":87,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"02d6f21c-a20a-4fa4-965a-131d7aa431af","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":87,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"f6943d17-b1b6-4131-9b57-3078f2137e05","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":87,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"c181ebd3-1e74-4355-bb0b-e7407da7d7e2","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":87,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"3829feb6-6508-42a1-907b-8a2cfaefb28f","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":87,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"8f2a4e88-7838-4ea3-8a16-aabfc95ba9b4","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":87,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"f52ddedb-11bc-46be-be73-ee7c28c1b54f","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":87,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"22308d71-284b-4b38-9d25-f66228c7d43c","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":87,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"c8a47593-f671-4e4a-90f1-2a61321b62e1","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":87,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"4b1f13ab-6598-4d0b-88fc-28058cfeb06b","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":87,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"80a93260-1694-4a0f-a244-0add81110d2f","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":87,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"64c409da-224a-46ed-aba8-fb941fa719f6","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":87,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"d24115e5-1dc3-4fa8-a6d0-20c3383c46f3","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":87,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"c021edb4-84ea-462a-9183-ed7ed0330dda","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":87,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"b8d1a229-5a9a-469b-934c-e75ca5bd267f","block_type":"box","text":"PRC.","page_number":87,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"bfc0d1bd-0c9a-4220-b0fd-9d160fcae6ea","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":87,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"25a7f869-26d3-418b-827f-17020ce42dbe","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":87,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"2043b9e8-870c-45cd-b716-2e0ce738b907","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":87,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"9a7a836d-fa8e-417f-b7b7-f16f39d72eeb","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":87,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"b5a6c888-452b-4e93-bce5-f6e5b68de8f7","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":87,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"1b8d9caa-5b73-40ae-b81e-554b04a9c8cd","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":87,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"e87ba9ea-fae6-4a87-9125-6689402aeb64","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":87,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"49822391-c79a-412c-a580-2c025d981537","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":87,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"f9f330a0-0d20-47c9-8ddd-4e5899cc8482","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":87,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"f3345fe0-7b5b-4a6b-8acf-9d802a908413","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":87,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"a2089356-15f7-4632-8877-63ab94e65b62","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":87,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"f76c9f91-f6d4-4079-b3b8-9945727e5a91","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":87,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"7d8089a9-b4af-42ea-be00-cb7c9dc54e8c","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":87,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"d36218fc-107e-4c11-b0f1-98905552dfb9","block_type":"box","text":"II-44","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f9c1f27d-5763-49ea-a06e-665f974aa880","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb29d097-351d-49c6-ae35-0bba2157ba0e","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":88,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"4f93780b-60a5-4557-8664-23a29a10433f","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":88,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"b6e89437-8424-406d-a873-f576b8e1f002","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":88,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"f8943ccf-5b92-4b11-896a-53121c54f690","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":88,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"47e8f24f-595d-4c2a-9f78-cf6bf82dc29a","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":88,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"6d2e1ec0-ed32-48b4-9e8a-98c752e7f2e4","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":88,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"8817b1d4-78a7-4ac1-aea8-8d300971f5bb","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":88,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"e673991e-9069-4ab9-91d5-9f58178205f0","block_type":"box","text":"Suspension Risk.","page_number":88,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"81fbaacf-2dab-484c-9666-18feb9e01c1a","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":88,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"b67c8f52-4e3e-42c8-b42a-ed873e82476f","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":88,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"a785f228-4d8a-4b54-909a-019541bf71e2","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":88,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"b13aa015-3173-43b3-9215-574c13a7fc68","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":88,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"6a5e8738-1ed2-4959-9f1b-b9acb95655e2","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":88,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"a56999fe-5407-45c4-94c2-3e59592d3b58","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":88,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"aca38808-f55f-40f1-a923-df865d8235ab","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":88,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"be904458-9f79-417a-b1dc-1fe3f31d93c4","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":88,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"1116fabc-a8b5-4e75-8b72-8dfc16c57375","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":88,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"44809c80-9c92-4951-a582-66204286e050","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":88,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"779e60c3-fc22-4869-aae8-ca2a945ee2ab","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":88,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"286b69fc-1d1d-4350-a028-6dfa360cc1e8","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":88,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"0d3f0863-b6dd-4a58-9d15-1105df539b32","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":88,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"a02f8b30-a631-44b0-8485-3e2e1c9aec73","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":88,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"ac0ba362-6e86-43fc-b574-a71c0250089b","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":88,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"4f3de034-e534-4324-aeb7-cb826ddd67f4","block_type":"box","text":"A Fund may invest directly in the","page_number":88,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"66e2cb87-170b-4849-88d7-866c702ccbd3","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":88,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"57da7fdc-9d8f-4176-8178-c85b1bc07647","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":88,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"7c942204-43a3-4c4c-aa03-925cb10f1bae","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":88,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"0e2d1a4a-bce0-4047-b436-42616b8a36a0","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":88,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"4a46ffd2-91b6-427f-91d1-15cc413e7dfd","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":88,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"f50b00da-6761-4904-b13e-95ca5aa99b73","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":88,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"6d034053-9429-498f-b8e4-097df0f86208","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":88,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"593cc767-d64f-408a-aa4c-0a668d88faaa","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":88,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"04fda05b-d847-4d01-822f-df20588f9ad5","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":88,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"62881aaa-d405-43f8-b8d4-c0f54ce4f3fb","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":88,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"a4d5415e-5de0-48a2-83e0-097bf7639923","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":88,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"c42f2974-dad9-4579-974b-e022a9faf4c3","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":88,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"76b28693-77c5-44c2-a541-0991cc57af45","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":88,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"b8901596-1d03-4a6c-b8b3-59947a6cee44","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":88,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"72fc3b43-d141-438c-9ae5-922f79a9ef5c","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":88,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"de7f15a3-b8c7-4dec-a7c6-1648aaf7ac0d","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":88,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"343f250e-89df-4614-96bf-3cc8056e57f9","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":88,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"effe1e26-1934-4bf7-b491-90a74a51cc89","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":88,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"3c6943a7-c87d-4e9e-932e-0c81f9bf81e4","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":88,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"5c808c50-e22e-4656-bc7c-da2bbb15ac6b","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":88,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"cce095ac-bfd7-4dc7-b027-280da3e878b9","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":88,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"9ac757f9-ae74-49da-9cad-49969fa3d617","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":88,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"08590d8a-2651-4f54-8df3-51f48ee39412","block_type":"box","text":"i.e.","page_number":88,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"b4c4cb52-1b2b-4007-af3a-6f8adb4020b2","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":88,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"8d6f2cf4-5572-4a5c-a4ab-4b5ec66cc3c9","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":88,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"c74f573c-065b-476d-aea3-ae226e54e0c4","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":88,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"41ad2850-0cd6-4084-9cbc-82946c2d1169","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":88,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"634eefb2-8c38-4f46-bf3e-5569e4c13a1a","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":88,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"58d24cb0-8980-4a51-8a1e-eb8863c93fff","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":88,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"47492487-1349-464a-8acd-f5c96888caea","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":88,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"c917370a-0cfb-451b-8a14-6af033307c13","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":88,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"9c6019d2-8e35-40d3-bb5b-6844223c451a","block_type":"box","text":"par ties.","page_number":88,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"10020b5f-1276-4264-ae9c-35455d4b7ded","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":88,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"ed333dde-1661-46a2-bae7-c7cfa3796b3e","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":88,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"70a5b316-4ecd-4556-bb58-adb995faa215","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":88,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"85db0f6e-04cf-4465-9407-71545993ed19","block_type":"box","text":"II-45","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e40a567-d5ff-421a-a7b3-e44e177561f8","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"250c17a9-51ed-44c7-8625-181778a4d4bc","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":89,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"05ae134a-cfea-4f46-b801-3021c30c08af","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":89,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"80ff0c08-61d2-4248-9d13-92fc6c76108b","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":89,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"53b600a5-c607-4ec6-9fd3-968e043c5969","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":89,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"07a3205d-cbab-4f72-abfd-d9b2f94c4a5d","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":89,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"52aa4302-89a0-4ec6-8a7b-1846ba7a6e13","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":89,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"6d2e1d49-efad-436c-bd60-a1ba16103722","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":89,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"8aeff8ce-cffe-4723-925c-68e3af250ca0","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":89,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"fdfde2c3-1a0b-42a1-ac00-7eecb0cd24c1","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":89,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"a580387d-63e7-414e-80f7-95d21b5c5257","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":89,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"6351e8c0-7cde-40cb-abde-26bfd167dcd5","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":89,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"ad8ac6ea-7c81-442b-b9e0-e9b7c1a53573","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":89,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"179d65f9-02b3-4668-8e03-5cabe1994157","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":89,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"f2fac528-9e29-4f0c-9e51-84e6dbbd770f","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":89,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"d5444dff-f734-44cf-968f-67288ede330c","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":89,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"87d5280c-ae0b-42ee-9eef-4331c9d0d879","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":89,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"940e37cd-0f67-45bb-a413-69f3a5a159f9","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":89,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"72b729a8-a918-4530-96ca-481ec6724dd4","block_type":"box","text":"per formance.","page_number":89,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"aaea30aa-6971-425d-a21c-ea6cacfbb0de","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":89,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"fc8dd72f-7065-42e0-af52-fe54896c353d","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":89,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"04d352fb-4c2c-4641-9d24-acab7f731891","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":89,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"8fca8760-a523-4429-afa8-ca991fb56701","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":89,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"900765e1-e2ca-4018-b03d-4e574995d4d6","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":89,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"af6aae5f-56ec-4d50-ad77-fe7986bd5480","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":89,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"de658af8-466f-49a9-bdd0-c3112e063404","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":89,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"ee62f9ab-21f8-41e6-8e3a-df45bcf64bbf","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":89,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"5db57c5f-ab8f-4877-a6bf-c6ffa0fba368","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":89,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"9aac792a-e6d5-4d15-9f7c-61b40415ee43","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":89,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"304a9710-2817-4ba9-9c06-4309a9ec148b","block_type":"box","text":".","page_number":89,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"af24d33e-ad3a-463c-8b6e-df0c0e00df00","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":89,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"fe1ffef1-cbb1-4dd2-b365-dd67f06e68bc","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":89,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"c6b6b2bb-8cf4-4b0e-abf7-6e247f6b6f6c","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":89,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"aa7ac329-2c06-4606-bd09-afc7795c12b2","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":89,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"3c6902fa-1165-4c5c-b3fa-5248c79f2f0d","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"9f8faf75-b969-4b87-a07a-2597d1f41ef1","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":89,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"563ea725-d978-4d10-8f97-eadb7511303d","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":89,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"3c7844c3-4e9e-4c99-9a3d-6ad6548abf4f","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":89,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"b4683638-3a10-48b3-8aeb-564f4945f3b4","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":89,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"e95ed3aa-cb51-4e8d-b977-9b6c851397a0","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":89,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"7eb35fea-5294-4134-a632-623f272b6929","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":89,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"f8dd3695-01a5-4fe2-882a-a8d422ac69a5","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":89,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"24c14a0d-1ff6-4edc-8336-fcad5174a09d","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":89,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"799c7507-52f3-46df-83d6-9bfb9f8b6e05","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":89,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"9b79e116-2a1e-4a72-ac99-d64fd0e14a7b","block_type":"box","text":"without notice.","page_number":89,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"4e6f4269-0172-4a3a-9582-c3473121aa90","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":89,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"57370c49-8eca-42ad-b53a-cc22dcc30c42","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":89,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"6c57afb8-1e4e-4d66-921e-191fd55b76d0","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":89,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"c5d8f336-a6f1-4a10-9133-1ae3f1ae097e","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":89,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"14130ac2-a50f-485e-b0ca-d07a6ad2b85e","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":89,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"5b8ac5e8-ce38-430f-9d8f-84183902e599","block_type":"box","text":"December 31, 2027.","page_number":89,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"1cfcf3e1-5d30-4374-aa53-186bc411c080","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":89,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"bfc7a5c1-f6ae-4ba5-8c56-b2e0a4d7e9cb","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":89,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"b79d960d-2128-4554-a30b-b18583b312a6","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":89,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"f73555e6-4a11-40c3-be81-208331b87fe7","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"fe142cf8-3361-41f9-803d-e5b57274be19","block_type":"box","text":"II-46","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2e50c4a8-ce3a-4527-942e-ffb49f556e51","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"016a185b-61f7-4e23-b6d8-2a6d516713da","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":90,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"aaf4875e-dd19-47ad-8b88-a9d92215fb90","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":90,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"fcbdc950-5e90-40d9-99df-d31a121f58cd","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"5c9ad311-237a-4436-adc2-0d327e50b88c","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":90,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"fd3597bf-b341-4642-9512-2b24550197ff","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":90,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"492d15fd-46cc-4a88-8cb3-a5cc23b40b3c","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":90,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"273cd941-4c27-440d-bc2d-8b797bcd78eb","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":90,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"c241bd76-8b86-444f-aea2-7c6c1dcb6ba4","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":90,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"b0fea6b1-fb68-4bc0-b067-b2313e5bb1fb","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":90,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"df484476-0f84-445a-8e17-773ae5846a4d","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":90,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"3d747699-1869-43e5-9e41-29008b9a18f8","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":90,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"80a8c287-e123-4ea0-8234-6d97c2b46013","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":90,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"e8af8644-ff94-4d2c-ad3d-554fe41fcc48","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":90,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"5a461317-9434-4394-94d7-97fa0550c989","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":90,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"9ccbb4e9-8bde-4c5e-9d23-af06050d6f16","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":90,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"0f6c2a46-61d8-4e57-ada3-08e2ca739236","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":90,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"7392d6ab-759f-400a-9a85-a32aeeeed6a7","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":90,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"a0a42861-5d87-4fbf-897a-62364e85e5c9","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":90,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"eaaf135c-3f37-4b5e-85ea-098b676d226d","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":90,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"1e3c5119-7a31-435e-93f8-7cd99e608c92","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":90,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"70c8f7eb-5652-4848-8773-87f5c55dd619","block_type":"box","text":"the PRC in notifications.","page_number":90,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"91b7a218-5ab1-4a9a-8f9b-d4fbc7686d82","block_type":"box","text":"Investment in Other Investment Companies.","page_number":90,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"c3cd7a29-baf3-422b-b2a5-efcc108689d9","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":90,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"676cd4e2-28a9-4b20-b263-e104638c3899","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":90,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"7fbd5865-27b7-4086-9f91-102e946ac20c","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":90,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"e8b3be16-b822-43c6-9eef-390c56113722","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":90,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"361c9db2-81a0-49e5-ae13-9385502e6a6e","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":90,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"7a879364-cf1f-436a-9b1c-3116476a5335","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":90,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"18f6492a-bbac-4077-bbb5-0c8e60158b48","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":90,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"5f1022b4-0d35-41f0-b2df-1b95155fbfcb","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":90,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"96e7e4fa-ce95-4a80-8de3-75f6bb9e1861","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":90,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"5f1456fb-1516-4f94-9b32-aef99e524250","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":90,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"b9c2e51b-2454-4076-a96b-aa26b5f163db","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":90,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"9a92305d-aff4-4b82-b693-73282424f309","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":90,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"ba807d4d-77bc-4b32-abb5-a6e8d256c1bd","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":90,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"a02a2370-b22c-45de-bfde-469e3e0b7ed0","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":90,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"48010e43-3ba0-4988-8dd6-5b11de7943f9","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":90,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"a93b7d94-49c5-476b-8a1e-b732cc92a138","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":90,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"afe24c7b-cd32-4834-b4c8-ab1b06bbefd3","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":90,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"b742a5fd-2d7b-45e8-a154-d312d75d79de","block_type":"box","text":"subject to cer tain conditions.","page_number":90,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"25bf2799-7dcd-442c-80ec-3d15076661c4","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":90,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"50a23c14-293d-48ff-917b-832557522aeb","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":90,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"746998b8-ebc5-40ce-a08a-0529e2b8d425","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":90,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"1494c901-35f3-4f45-b72a-ab5ed0aec2ea","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":90,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"45100452-43eb-45ff-a2bf-f1390f939dac","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":90,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"97c0c939-52cb-4d56-a456-3fd9d5289059","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":90,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"3128d7cb-9c34-41d1-9065-2a82e406aa54","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":90,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"9828882b-a636-4287-b79d-42cba5c92202","block_type":"box","text":"loss.","page_number":90,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"8ca99919-2459-4517-b31e-db62cdf5c64a","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":90,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"1cfffabf-c827-46a1-a530-7016a1b1011c","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":90,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"c40637c6-bc1d-44d7-9158-bc2d2dcdc2f3","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":90,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"16c165de-db1c-4b8d-93ec-80feca1fd0e0","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":90,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"66868b1f-5d41-4a81-b55d-0edaf4441d5e","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":90,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"0f78e44e-6a55-4449-aa07-cdc400aee4e9","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":90,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"fa29795a-0987-413d-bf63-8f16ca0d99d3","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":90,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"faa76130-97e5-4de7-804c-f444cf1c058a","block_type":"box","text":"II-47","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a79bfd26-b09b-495b-826a-a73eedf290a5","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3aa7df34-c049-4c92-9025-aa7b4e1c03d6","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":91,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"c99f52d6-a266-41e3-a4e9-c48970707657","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":91,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"cdd29a5c-87df-45a9-bea7-d12c42985eca","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":91,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"828a1b86-ce19-4c3a-b23d-f26878104b20","block_type":"box","text":"assets.","page_number":91,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"13d32972-2090-4ce5-85c0-de72ad7ff7bd","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":91,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"b73f5eab-4623-449e-bed6-076df0254dd2","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":91,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"a81fbcef-06bd-4b06-b17c-0dcf3f183b29","block_type":"box","text":"e.g.","page_number":91,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"ec42836d-08f8-4a73-bdbf-2ad205f75111","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":91,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"b5104c10-47e4-41bb-a08c-726ed60ec656","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":91,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"ef06302a-d639-4c4e-a7aa-74b56635d55a","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":91,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"eddc5550-3842-4f9b-8184-e86a739d7bfb","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":91,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"c238a598-8b89-4544-9228-9582176c00cb","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":91,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"6be92e0b-6ef9-41fc-ba14-c7ca8a2e7e1c","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":91,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"efdec1af-65ef-411d-977b-8b3bf5215e28","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":91,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"643a2975-9b1f-469a-9418-a9fc4af57786","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":91,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"6d796351-4abc-4041-b8dd-ac8addb28d66","block_type":"box","text":"countries.","page_number":91,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"cfa58957-fca5-40c8-be3a-ed85656f3afb","block_type":"box","text":"Issuer Insolvency Risk.","page_number":91,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"84343f74-ac32-4e69-a468-2c1fbc5b3e85","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":91,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"673787e3-7616-44a5-8ee7-64559ce3c09a","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":91,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"495a9b33-0654-4834-873f-f0dbf79c5283","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":91,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"f64cf60f-efa4-4014-9dc7-d0b768c4af0d","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":91,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"0057302a-0136-48b2-91cf-fe4dbb17b57b","block_type":"box","text":"issuer uncer tain.","page_number":91,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"f5734cd8-41ec-4332-a762-818dff8f56af","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":91,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"ebaee577-adf3-4ad6-8b3f-0881e679ad92","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":91,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"92109843-dd39-468e-bb36-efb9be013a76","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":91,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"3cc8d79d-133a-4466-ac77-8831bc469590","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":91,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"944aae44-db82-4abd-aafe-a50fbc275f2a","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":91,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"e7bdca1f-650b-4598-a0df-a06cb577ed60","block_type":"box","text":"eventually be satisfied.","page_number":91,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"490cec07-bef4-413f-87d9-a9d49552cd0a","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":91,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"bd284540-10e8-439e-9536-d89853024959","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":91,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"4fd43d33-3296-4f61-b132-fa64c9325450","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":91,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"5a4b889e-0fa5-429e-99f0-65103b530c2d","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":91,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"64f073a2-d8c3-4330-88f1-33bc7147929d","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":91,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"b5b48b65-d2df-4e9f-a626-e8d32c2ebe7a","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":91,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"c120eb27-0960-4491-8954-e70a55ce96ea","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":91,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"f325dde7-322c-4f81-933f-a650bc79f2ca","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":91,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"98bd022f-cfe0-450e-84ad-65e92b2d22d3","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":91,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"3c0c33c1-b11e-4958-ae49-5a1d20d0b8ce","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":91,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"dcb5529b-f35e-4916-8ec2-de46dfc1da9f","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":91,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"70b56184-a064-4a44-a240-8b8ebb3290ec","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":91,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"2b44797d-742c-45c1-baeb-2b7d4e7be374","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":91,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"b328310c-48c5-4afd-8bab-81106f51ea2e","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":91,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"d61b05c1-bb3d-4a34-b7f0-e757dad9df42","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":91,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"77b7bbc9-139e-4c3a-ab2c-5a9dfbaf4875","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":91,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"2b608abb-7c13-4d11-b68d-a70de8fd7007","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":91,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"ef32cfa3-b8ef-4b76-a1b2-f7be386a9762","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":91,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"0c0fb1fe-8577-460d-957a-e99a48736ed7","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":91,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"ca0e06d9-1d12-4469-883c-03fa01e26ca3","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":91,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"9fc87ffb-5804-4cb4-b605-fd9b6f369b1d","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":91,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"4262dd6b-32e3-4c7b-8722-400687524e3e","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":91,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"438cfa4c-5ef7-4a48-b98d-13caa9942d75","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":91,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"47a80c4f-f161-407e-9fa2-b02ac6cc6bff","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":91,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"c062f407-5a7e-4b2f-af9f-d521643c844e","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":91,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"14ba5ac0-ccae-4cf6-8493-edc9480a2f07","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":91,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"5f7b44e2-199b-45e2-94f4-149d574f0bc7","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":91,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"7fa94841-c2af-4a0b-9c6e-df34a8d5c679","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":91,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"2db6e637-833a-4f09-bd31-bd7f22152eb5","block_type":"box","text":"that assumed generally by an investor.","page_number":91,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"c398aeea-68f6-4bc5-89c2-8ec8fabbd462","block_type":"box","text":"II-48","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d95301f4-752b-4b02-a2e7-0485f4d5fb88","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"637750e2-1e3d-4e57-949b-b016df8adc67","block_type":"box","text":"Lease Obligations.","page_number":92,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"6a924411-9f3a-42d0-a243-98876fe67abb","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":92,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"c81cf87b-2761-400f-b6d7-90cf77a124db","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":92,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"cb28063f-790c-4dbc-9dea-9fcd92dfe20e","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":92,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"187afacc-4b99-495d-bafa-4596edf22ed8","block_type":"box","text":"Life Settlement Investments.","page_number":92,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"e603964c-a3aa-4f26-ac6e-4c047324cfbe","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":92,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"8c7702df-9b1a-44fc-be6f-a526844cac79","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":92,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"aeca59f7-530b-4132-8549-b8b527a5d196","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":92,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"4097ff43-7ccd-4c92-bab0-51a3d86bcb86","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":92,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"89d0daaa-0c28-4c93-b53d-643b3418a422","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":92,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"5fd3d2e1-efa8-4e14-b51a-612a2552d0f4","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":92,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"c00ea9df-e832-4587-a75e-f2c85528b2a3","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":92,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"3274a205-40cb-4ce5-8e39-3fc573ee381b","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":92,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"a3eee885-0888-4790-86cc-eebb1afe87be","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":92,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"927a5678-7ae9-4172-b657-44aee93c72ef","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":92,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"c15825f8-4098-4317-bb60-66be97f00659","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":92,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"c67a5aea-95a5-4f5b-88bc-2d143b79e044","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":92,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"268c23dd-6b56-4018-92a8-2106e5f4b22e","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":92,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"c533315f-70a2-4809-943a-957e59071f3b","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":92,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"99a7a999-a4b3-4f5f-84cb-2875aad31981","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":92,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"77117f5c-91c5-4f10-affc-b35b541a42c8","block_type":"box","text":"Liquidity Risk Management.","page_number":92,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"1d4d966a-d626-4042-9591-ea261a97800f","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":92,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"db5aa9fc-a519-4b47-b911-3df60fa93074","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":92,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"3ba0c245-b17e-43e4-bccc-a85ac5478c9e","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":92,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"1df0be28-722a-4ea8-86d7-8f3a03ac604a","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":92,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"a3065c60-f705-4c9c-9abf-73bd9cbd2d51","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":92,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"0d47f154-fe17-41cb-b698-07bda70b0c4c","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":92,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"6f30342a-b202-4a91-9310-5617dc08583d","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":92,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"b8fc4eaa-524a-41ab-b114-b316d83db49f","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":92,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"3ae9c08f-6ad4-4d8e-9f75-0d4469b2ab9c","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":92,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"f7b2c7be-4155-4130-bc9f-7e0fb4aa91c9","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":92,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"fb3c7598-d0a0-4e72-8c7b-18a2d5f53c38","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":92,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"3fe2f1ec-d700-4452-bce3-8b06fbd232e9","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":92,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"3b0bf117-44dc-43ee-8c6a-66f825cbe96a","block_type":"box","text":"Master Limited Partnerships.","page_number":92,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"c7aa696a-2809-4e59-9c4d-bea8e7b33caa","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":92,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"7994a15f-a0ba-4bf6-b627-4fd80ee6b7f1","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":92,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"23889db3-4c56-4986-a773-6ca4d8303dae","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":92,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"722c5e58-7a22-43b4-9549-079b70fd5e5d","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":92,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"1904e272-a6af-4339-80e6-91ad97b59be2","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":92,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"581540f9-46fa-4a4a-9e63-14f6dbb72668","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":92,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"a07b7f00-b5ab-4940-a779-2161485dc5e2","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":92,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"0ade598c-5f8f-4c25-a139-48fc736f9d24","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":92,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"5606949b-244c-4e5d-b98d-4ef9dddd451f","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":92,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"83e05fb3-d7c8-4df2-b176-a1ea9f2a701e","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":92,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"76f45622-3813-46f5-92e3-ac96029906e3","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":92,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"342c5508-48e6-4e24-b127-e5ae525069c8","block_type":"box","text":"in the par tnership’s operations and management.","page_number":92,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"36192ca7-9bfe-459f-bb23-1a2d3c771fc7","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":92,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"a49bf241-2c8b-45f2-9f06-909342bb436a","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":92,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"974b3b60-44fc-435b-b0e9-a49a21265948","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":92,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"5adeaeaa-1b22-42ce-8697-a51058ce0456","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":92,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"943f89d8-b538-4a4f-8621-cc195dabf094","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":92,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"d3ca7f59-3cbd-4db8-bf47-19be4abcafa7","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":92,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"26a65c83-7f6b-489e-9acf-58a40245778a","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":92,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"0cd86d8c-02c0-4165-878b-9c2dc0b96c1f","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":92,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"9d6346f9-27ae-4a42-b207-dd8065319b89","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":92,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"6a3b5a5d-1435-4ec6-9edc-834c65899dc8","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":92,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"afe0ca41-34ad-40e3-91ed-ec5a081a5b0b","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":92,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"8d8750c7-996c-4933-87bb-b949f7265c30","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":92,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"55fd33e4-33db-483c-9639-25f6ad9d59f4","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":92,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"8756e079-bd6a-4739-ad6a-21921671e90b","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":92,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"7e92f773-4b35-4de2-9373-4ef506480cce","block_type":"box","text":"II-49","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c225c9d6-a7a5-4ff4-bca5-bd42280bd831","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5705063-0a0e-467f-bba0-49b03c37d214","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":93,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"82c468b6-3ca2-47de-8555-af184c3132bf","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":93,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"61d71834-f486-408b-8905-186ef649aa2c","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":93,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"2946fae1-34eb-4bda-8607-ecb3277191fa","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":93,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"1cccfe0c-d212-4611-9ca7-42dd69b05aa2","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":93,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"9279dbc6-98d1-42c6-b239-5b0675d0cb11","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":93,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"107abae0-42a4-402b-a663-5da8af6259c1","block_type":"box","text":"Merger Transaction Risk.","page_number":93,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"5e7655a7-8f01-4623-8e74-f28362a76382","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":93,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"bf362410-ec8e-41d3-be25-9c0bf3338375","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":93,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"f4bd9c7f-5f27-4d35-8fad-34198e6d2017","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":93,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"e3ac51db-04d0-4521-89d9-1816d664db1d","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":93,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"3a909a5a-362a-4ca1-a121-a420f063f002","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":93,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"8b45f08d-905f-4039-bd0a-30ced9d7976c","block_type":"box","text":"the Fund and may lose significant value.","page_number":93,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"48e33d85-5035-4564-bd48-c017496d1bb0","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":93,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"3cf554d1-9ea3-4081-a8ac-d56fea476a9e","block_type":"box","text":"Cer tain","page_number":93,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"43cb91df-ca85-46c7-bc8b-2769715cb589","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":93,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"7b782bbb-6e8a-45be-8c4c-70af31966be8","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":93,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"93b0db28-5d16-4c1a-94bd-5216be45ba7c","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":93,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"e04de6af-ae26-475b-b1d2-c1033ea8b67a","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":93,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"7b46a2f1-8178-4b7a-9c0e-064dcbbf5ec5","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":93,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"104e4ef1-1615-432b-9033-95d19d15d380","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":93,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"05b552b9-25a9-4b09-b7ca-ead10995352b","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":93,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"dacfae80-44dd-4241-85d0-b795b8eed5e1","block_type":"box","text":"branches of domestic banks.","page_number":93,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"8b6a3af1-8701-4702-b87a-5af5b0cde6a9","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":93,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"520069b5-1354-4e60-ac50-6f1b2584fb4b","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":93,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"f2db0732-ba6b-4713-9789-d116e7f6f29a","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":93,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"bee37d30-2686-423b-8470-5f9f5af9268b","block_type":"box","text":"paper of a foreign issuer.","page_number":93,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"4778c6aa-45e1-4126-a513-36162d8b037f","block_type":"box","text":"Money Market Securities.","page_number":93,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"d1e865e1-b561-4e8a-931b-13f28eb7c891","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":93,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"7897229f-0395-4575-9476-f74ea0c2d93a","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":93,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"45432a1a-a7aa-442d-a481-7aa69e817ae3","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":93,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"d67235ad-2783-4c55-acfd-b40c342dc8c7","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":93,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"4c29d0b5-ba50-4fa9-afa6-2a725a8a6077","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":93,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"25d4b6e7-f928-4cd6-bc60-576083f5a624","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":93,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"ae25ee37-3b23-4a05-aa43-669cb3d5c528","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":93,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"1f3ce238-c21e-4213-b10e-e508a4f416db","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":93,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"baf3f892-8128-4251-b6ec-f6b588f60d11","block_type":"box","text":"agencies;","page_number":93,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"b11fbb19-6aaf-4918-a962-1566fdd33473","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":93,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"037bedaf-9be8-48b1-afe2-90fcec11ce57","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":93,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"b5321213-2935-46a4-a0da-f9faad8ce87c","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":93,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"0a68698d-c0d8-477b-b016-ef3b1bfb38e3","block_type":"box","text":"obligations and credit card receivables);","page_number":93,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"73345457-1c0d-444d-95d0-9572cbcc9378","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":93,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"dfeed09d-ec45-4828-bc97-d806017a288a","block_type":"box","text":"authorities and related custodial receipts;","page_number":93,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"f3590b9a-8240-4038-8182-619f485bec41","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":93,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"1597c689-198f-4308-ad6d-4a5098f4519e","block_type":"box","text":"agencies or authorities;","page_number":93,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"76057ee4-1559-49ef-8149-f857ce34a222","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":93,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"2950c3b0-74fc-483b-82cf-ff0e28d1b98a","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":93,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"65a922d9-bdd9-46ab-87d5-213e09a37174","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":93,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"c557e537-3790-4a56-9612-5d0ae2a40ac6","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":93,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"21a17718-fab3-43bf-a1c9-6cbcea28d5ab","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":93,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"24a3cc41-f02b-49c0-aa54-c029d75a7b73","block_type":"box","text":"States;","page_number":93,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"77d7a959-2e4e-4bf7-a81c-b0b22a096733","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":93,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"5cc0c2ff-38f0-4056-bdea-f6d4c03734e2","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"4bc67733-c558-444d-9bda-3a1473924a91","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":93,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"ce700ab5-fa51-4a1b-8fd6-bdebf77d7edd","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"b6997a3c-582f-4a1e-b877-a50b84a5d948","block_type":"box","text":"II-50","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"52f45c9e-5e92-43cc-a38f-23672c1f9b16","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eca4f8a3-4b23-4c0e-9c19-2993854ce21a","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":94,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"50eb708e-c48b-47e1-9422-3a0f1d3cb2cb","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":94,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"a6a03b79-0179-40cf-9b30-7d1e5ab46311","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":94,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"5817cf46-cdf2-44a5-b918-34c5e243aead","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":94,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"53ca9d2b-7d97-4ebb-a13a-e8214745f6e4","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":94,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"c9b4b0cc-5f80-4255-8a9f-faabc41c44e3","block_type":"box","text":"States.","page_number":94,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"e9aef984-e1a6-405f-b52d-4217b80312cf","block_type":"box","text":"Mortgage-Related Securities.","page_number":94,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"d94b287b-9d7f-4c90-9587-ec6221305e77","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":94,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"c152980a-0203-43ca-9c6f-edf3321aefc9","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":94,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"cb951bf1-cd02-4b5c-a278-d1d26a671b62","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":94,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"a53a9bb1-1a36-4fd0-9113-dc3c9621b220","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":94,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"9a999fec-be61-4a77-8554-c1caf3ccc16c","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":94,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"6ce43955-8a05-4b00-9153-7ec7a884738b","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":94,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"c79faaa5-f760-4eaf-8aea-5af8e56567fe","block_type":"box","text":"maturity or specified call dates.","page_number":94,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"d2696000-f3b7-4454-97c7-fceb3971370b","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":94,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"307a0c24-e8e9-4672-824f-fba335a32e12","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":94,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"111cd390-a741-422b-ae19-aefce09c3dbb","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":94,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"91ccce69-2c58-46cd-9937-7d5c7c9a1992","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":94,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"c884b0a9-4cbf-4f23-a9cd-7cb87c307a3a","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":94,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"1ee0c71e-c1a1-4274-9bdf-e01a31e8cb7e","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":94,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"2da451cf-be24-4954-ba98-d70b504485be","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":94,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"3d6755ac-5fe1-4de1-906d-94965ea92e14","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":94,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"ce27be61-a7ea-4a3e-8773-0b3073636a97","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":94,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"09dfb2ed-a681-413e-9087-864bc0f8bfdc","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":94,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"0b573631-8604-4e13-b513-bc6238d28ee6","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":94,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"ef139a94-720c-48fd-a725-4d9c567d1314","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":94,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"25806ba1-6905-4564-a226-38a92697b8f6","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":94,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"30219ba3-47f6-4dd9-8691-3be550db4e98","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":94,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"12ee02b0-7750-4ac8-8d5d-bb1ac2790277","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":94,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"906de71d-cd8a-436a-ae0d-0e0ee2c3f3ee","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":94,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"3d9d376d-1a34-48c3-9982-c1a86f73596d","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":94,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"dca06a2c-9b86-4a70-8972-6a402c70ef2d","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":94,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"f20eca82-5cba-4aef-a6fc-58585e177f5e","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":94,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"b214f6a0-e2b8-4eec-834f-24e09c8217c7","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":94,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"6ff5d1f5-1ad0-4c77-9582-2afd1f806973","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":94,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"efbebc9d-ccf6-4a55-a5de-b26a8c4ed731","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":94,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"707d4cbd-cb9d-4e35-9f8b-49bdd085268d","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":94,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"75ad79be-1e83-43ec-aea4-485975b39a5d","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":94,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"ae37eb6d-adbf-43a5-8e55-6745489e3215","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":94,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"8a6e2ab9-00ff-4b21-8f4a-b8b1147be9c5","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":94,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"d4436069-da41-4118-9ba1-720c70e4f040","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":94,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"56852809-41d4-456f-8d54-21e5ade6ebc4","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":94,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"8c5efee4-9461-425d-95c7-b1e96a5c390a","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":94,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"9e7ee00b-a083-43e3-9dfd-59b112576dcc","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":94,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"f7dd4d49-0415-4cb0-aba8-86da9b4b3aed","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":94,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"79c59f3f-77d7-4622-9894-cbe19d794061","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":94,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"33c929af-6a08-4a3b-aea8-d8490a27d2b1","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":94,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"9bab66f0-ccb2-46b5-a611-22fe5292a067","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":94,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"18b9b468-cd18-4f23-963d-36fb6069654d","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":94,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"d1377862-5ac6-496a-b8a7-7753d8a37a63","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":94,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"4bb86edf-f9b9-4711-8cb0-9d1e085f8382","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":94,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"3e55e561-a982-4fb4-a7ee-3f649b28094d","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":94,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"dfde9b4e-495d-41ca-96ef-ebbb689d9f49","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":94,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"8d598d12-01b5-41bf-8c80-4b56c960ce99","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":94,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"18700d4f-7ae3-4e88-996b-784181c651e0","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":94,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"96b03cd0-c67a-4120-bc5b-4d37366235e2","block_type":"box","text":"II-51","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ce76976a-be31-48a6-8eb5-b9541cd46cc7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"275ff94c-21ab-40c3-9600-ba4398bfb95e","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":95,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"404bd4fa-0b6c-4ea3-aa89-1d866cad18ee","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":95,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"16389ca5-53b3-4b8a-afbc-d13c58b80e0d","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":95,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"6ba667bd-308f-42fa-9094-85b38abc05f5","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":95,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"c03b6d46-bcfb-448e-a8c5-2c81e74085ed","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":95,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"c0114f24-6135-439c-8315-0684f88e5603","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":95,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"7da94a38-f5fb-4d2b-9074-8c77e073d597","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":95,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"a5b16ba9-f34e-4c89-8f03-33725ad5f870","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":95,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"672b0076-5158-4afd-a9d4-aad3237eefe4","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":95,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"ef39c129-d180-4a1f-bf2b-4a4a9dcd7e53","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":95,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"3d88d4e1-e85a-4a43-aade-5f530056e610","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":95,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"a4a83555-6d26-4d7a-aa4f-61a7a99f2dca","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":95,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"e1de9d1f-0b41-40b6-a946-a093f6ee0853","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":95,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"0f5442ea-0ffe-4762-9370-0565a2648f6f","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"13bce4c1-e994-42e9-9fef-e076e4f6181c","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":95,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"41b41449-4b7e-4c71-8bbc-2d48d17f8030","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":95,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"82ac8e6b-57be-43b9-b4e2-2f7dfb3f7ef9","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":95,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"89e1aa6d-cd87-4380-b485-05827bb1010b","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":95,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"96790b7b-fc3f-40de-a679-1a52d1051beb","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":95,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"3650a640-78ff-430a-a07c-33fc4c4b3408","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":95,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"31da55f8-e615-4111-9cb6-b212e667fb01","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":95,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"136d2d89-db9f-4389-a375-fcaa24cbd77a","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":95,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"f88a6b51-137b-4a48-87f4-8f189f1adb80","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":95,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"d488d4ca-ab8a-48da-ade6-fa618059e976","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":95,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"7f4a3af4-c65b-48f2-bb5b-db29c84379e5","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":95,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"cdaf7f25-1346-46b6-9be4-641cda751128","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":95,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"5b8eefa1-021a-4277-9e2e-d1ed4ef3ad2c","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":95,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"a1c9ed15-e266-4504-9bbd-4efa2ae83ec3","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":95,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"cd2b6710-8fbc-47fc-976a-207b9b90af75","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":95,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"bfbf6a19-5324-4634-8a21-458e8b6f37e6","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":95,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"d0ddf760-95e4-4904-a6fe-6f3253cc255d","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":95,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"95e446f5-5156-4f85-a8e1-b098b493aed9","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":95,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"8e220879-4f21-41a4-8987-3c772b973949","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":95,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"84f093e4-2b88-4710-b400-d23e3fc3ce33","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":95,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"f3a236db-52cf-45aa-8e61-40bd1b0a355d","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":95,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"1c3fa927-bd69-4dd5-aecb-cbb62a7dcb46","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":95,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"d4a9b5ab-f914-42b6-ad90-2311b4c5b542","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":95,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"8062df4c-667d-42b9-a52d-51f7beabdc82","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":95,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"2d2bb6ad-cb36-4d9f-b046-19772127f251","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":95,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"f47a9190-c2a3-4ce4-a3a1-03793a8d63fd","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":95,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"34106afd-68f3-4102-9ad4-5dc414a8685d","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":95,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"68383e36-dde7-4b5d-ac1f-4f0b6123ab02","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":95,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"e4212cde-e812-49b2-a6a4-f4bf21db3083","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":95,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"7707735e-d562-42ad-9d55-8026a5e370ca","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":95,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"cb8a853b-bbbf-4dac-ae60-d37586290cf1","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":95,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"37b887fa-dcf1-4b8c-8167-03edd207998c","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":95,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"53b79ea2-4532-4f87-8954-fde3e812ebb1","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":95,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"effe8daa-1fbd-470c-802e-284057e03013","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":95,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"0b1fd3b2-bbf3-4215-a194-3046b87c1d49","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":95,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"ce3fd5f3-436c-4fa4-a110-5931b1cb3323","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":95,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"336c6839-57c8-4073-b8f5-527fbd106866","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":95,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"3ea3f195-0f92-45bc-8bf6-9017f7861353","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a Fund’s por tfolio may be par ticularly difficult to","page_number":95,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"6022f0ad-40d7-4156-a408-2d5e7905e904","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"42f0c75a-1880-4d65-9b5f-d6994393ab83","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":95,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"d4d91300-c386-469a-86ea-89ea29210152","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":95,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"2dcac5f6-0edb-4e47-8263-fca405379099","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":95,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"13a2cc4e-6e81-45b6-8eb4-5dca8f637dce","block_type":"box","text":"II-52","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bc00e3bc-aa9e-4ec3-8b8a-e743754a02db","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32ee253c-b1ae-4144-a58a-dd7f8fa638fd","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":96,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"9e6f6d00-32f0-4739-a1ce-890f58d6262a","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":96,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"04ca1bf5-9723-4531-8b88-741cf65b1d55","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":96,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"1317de56-4f69-4d97-9379-2534c6b68f10","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":96,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"8d328f11-6f16-4c6b-b3bf-9e960226343f","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":96,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"afacf580-a249-4599-b8f4-c1121555829b","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":96,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"b62bb622-3f67-4470-8cb5-e7a1a52f4ca5","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":96,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"3f76d43b-bf94-4e24-aee7-3c6cc8c03033","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":96,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"8c8cf65b-7fdb-4ebe-9044-fa94ec52d7b8","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":96,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"85d55bd1-bdcb-4de5-9b03-c6ad07508907","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":96,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"8e1fb73a-2cf4-4002-be06-d408aa4c4465","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":96,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"35764dad-1a8d-4aae-b4d3-ae63074a08c8","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":96,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"73067d1d-fb33-411a-80a8-da7226f85c61","block_type":"box","text":"of principal because of the sequential payments.","page_number":96,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"7de9269d-a60a-4fa5-acd4-3e9b59f62080","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":96,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"2bea71c9-5e17-439a-b46b-bdbc06d49dcb","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":96,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"bbb478dd-6be2-4504-b893-abbd79e57123","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":96,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"e9c9f5da-325f-4bcb-a6cf-14b4ae0dad81","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":96,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"72bd5308-cd60-4035-b9c6-40a208575a1a","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":96,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"dc0f84c2-ae54-4116-8c76-b645210f724c","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":96,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"31d94b26-c262-4c4c-8b25-8374563e1749","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":96,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"ec4aa17f-49c3-4adc-8f25-d962962d55da","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":96,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"0e838c11-6337-41e6-a060-9035bacc1b7b","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":96,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"39a146e6-d40b-4f2b-a8c6-7fa79cc0aba7","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":96,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"a005bef9-715a-4431-8276-b576b3c015bd","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":96,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"ad1ed3ba-1af2-44be-971b-8127e4ae0058","block_type":"box","text":"securities of any single such entity.","page_number":96,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"f1893bb2-71ca-4720-8548-2012167de1df","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":96,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"a5501979-4fa9-48dd-993f-efcd2d16fd9d","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":96,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"18204f13-5fa9-4477-99b0-fbe4b8f06e96","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":96,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"1204d07d-f342-40e2-9b94-0e021451da58","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":96,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"b13e0d1c-4fb9-4425-9e19-2c3f46f51669","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":96,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"0822a59e-9889-403b-a36f-3613f1384cc0","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":96,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"12f1644b-f24f-480b-94b3-42a0cd19e1ca","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":96,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"4993a527-4819-41b7-b4be-29e3093f1c35","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":96,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"55ae5a99-feb4-479a-8bee-4ea5c4110f4c","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":96,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"f857561c-e449-4f81-a13c-f7e7abd0f190","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":96,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"be67ddf6-0e34-4c96-8af3-a5ce7267f7c8","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":96,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"a84711ab-8787-4df4-9768-d516e88d102d","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":96,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"478ddfa3-1b51-4ef2-a368-936e82de7df3","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":96,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"692635f6-6c5f-4e28-86af-0c67334bdf01","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":96,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"1cb4ae9f-18cc-4f94-a0e1-6f09fa31ed75","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":96,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"ca9d446f-6178-4cb2-8f96-95eb0877bcca","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":96,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"9f237bdb-5c64-4615-9091-fb531cc58b44","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":96,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"3ecf3b86-3635-4a44-ac02-7c1f873177a0","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":96,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"1118f505-16b8-447a-83a2-ef7b72f8cbe4","block_type":"box","text":"classes.","page_number":96,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"7e1ee6a8-1017-43c8-809d-3fd58358ff27","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":96,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"30a65363-45cf-47e7-be68-1dc7865adb3a","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":96,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"7be5fe82-816a-49ea-a330-430b05e01bf1","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":96,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"9b9cc0f1-2826-4902-8249-43641cec617e","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":96,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"ac0d6e7d-48dc-4b2e-880c-e94197f1cc23","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":96,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"0701da2f-a3a6-496a-8a37-62c82f24870f","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":96,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"13d98089-25f5-44c1-b84a-20274d63ec43","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":96,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"2150d6d8-dfc1-4466-b418-be358754a618","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":96,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"2964cd40-1071-495b-8b4b-325c5c04811a","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":96,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"67d7049a-c278-4cff-8055-01b4908fb5de","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":96,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"4b17d952-ed59-4216-a069-24b1ac913a93","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":96,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"6054492d-d136-4d91-a987-3ac7baeaba3f","block_type":"box","text":"to a designated benchmark index.","page_number":96,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"2299e7f9-baa4-434c-8a7c-37de8f8a4416","block_type":"box","text":"II-53","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"66ee0c0a-5ecf-4864-bf7d-d254c9a0b1ae","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02f1b499-6591-4b49-a288-612955a46de3","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":97,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"0f3d35da-c766-4fd6-acb7-de77945a5cfb","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":97,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"6a4a40e1-f6e4-4408-abc1-b2ddc6362759","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":97,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"290cce05-836f-4277-be62-ca8c6c7da1e8","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":97,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"f3918960-8bc9-4dad-a564-395ce24f915b","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":97,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"0c65a84b-9943-4bc0-8131-6464985dc86a","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":97,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"0f37c73a-8aa4-44b1-a626-690002d6c36c","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":97,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"6356f26c-cf38-468a-93be-f4c4d482af53","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":97,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"b8e8b0c4-b37b-43f6-ba24-830bbcbaec2a","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":97,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"cc7ad5a5-deca-4f8d-b328-ba41cc79dfe0","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":97,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"ed107d02-784f-43fe-a18f-d9a7c59c7ab9","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":97,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"7a6b8cc7-4aa0-40b5-b23f-d0c38343680d","block_type":"box","text":"CMO Residuals.","page_number":97,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"4134b908-a19a-4489-a5bf-2854ae5e9262","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":97,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"39f43902-d56c-4598-9543-5453d732a6fa","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":97,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"29189707-1947-496d-a3a5-d520a633d73d","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":97,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"6e994f78-e4ff-41a4-b888-d29a890f4d7e","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":97,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"fb554b8c-531a-4fdf-ad0e-f019c5704a38","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":97,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"b49d3bd9-9ca3-4372-95eb-0d5c450d3476","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":97,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"4b6ada50-57a7-4c33-95df-a3ab15dd223f","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":97,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"b71fd952-3554-455d-aec1-3d3d77f207aa","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":97,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"6c97124f-b87b-42f7-9c0e-d202a99ae197","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":97,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"11e6a8cb-5034-44bd-9235-ba21642c2be8","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":97,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"4833cbac-788e-4a0c-8c25-766426134c52","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":97,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"e0cde4b8-7436-404f-9021-04632c881b36","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":97,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"e133d64d-f04b-4114-be9d-6762c2e292bc","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":97,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"3f283bde-99af-4834-89b9-0c1952a7183e","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":97,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"c5bd4bd9-fa4c-47b7-bc04-37187ab05749","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":97,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"c1a55471-2366-4a81-82fb-cefd0d20ddc3","block_type":"box","text":"a CMO residual.","page_number":97,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"33e0aa4b-7f07-4fc5-b2e9-caa273920f29","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":97,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"0c8c3af6-12c1-4b69-90d3-00bc9dbdaca4","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":97,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"91ae6ad7-98c3-45a0-9b3b-9dd8bb95f6ab","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":97,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"620afcd3-52dc-427c-85dc-c9ee0e302295","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":97,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"05c4066d-115e-4d40-9b0a-a2418f96963a","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":97,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"e41a581a-e3a7-4342-a100-1ee5b6799893","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":97,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"1798cd82-d4b0-49ea-b856-f8b2272eafb2","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":97,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"e3248f5e-06a8-4734-ae63-810f83cac866","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":97,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"009a9863-1e66-458d-ab71-8e8a86f52cfe","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":97,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"4f0e9331-d157-457b-b3d3-fb3e141cbcc0","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":97,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"4ed94e19-3177-4df2-820c-5ca03e87d088","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":97,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"934bebc1-abe0-414c-acbe-efa9ac612b80","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":97,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"3cffdbaf-e4fa-4cb7-935e-66ddf3ffb404","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":97,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"60d6cb6c-5249-47b4-8a2b-8d10900cc4ec","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":97,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"4cc7efe6-6175-4248-bcf9-497f12c8a67c","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":97,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"2fc0e729-b5f2-44ab-a561-79d03911b513","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":97,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"80b5c7cb-b087-4710-a165-252e4ee33fc7","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":97,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"02f3fd8d-3c73-4e0e-ab1e-528534ea27fb","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":97,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"60284958-ffc6-4baa-acf2-666bbd0be1bf","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":97,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"5d28c2e1-d2f2-4057-acd3-5f327ff0dfb8","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":97,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"2e070661-d9a6-495a-90a8-9d977b349dd5","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":97,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"4dc7bf5b-4491-4ae0-a16c-c6b170b7725f","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":97,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"5a50e834-6b51-4af8-a746-b5da71f9c2a1","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":97,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"ba7af1c3-e530-4080-a58b-4171fc3b659a","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":97,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"3e37a0c1-50c5-44b7-a54f-5d6b1f70c623","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":97,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"01d6f2ab-ec14-41d5-9cb7-4b97c64372d7","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":97,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"ca39ca17-a618-4b47-9183-e63a5773aa61","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":97,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"5ccf22e1-f32a-4c05-b573-49090a45532f","block_type":"box","text":"Tiered Index Bonds.","page_number":97,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"55bd18e9-be57-4ab8-9645-ea07c4c369ae","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":97,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"0fbcd1d3-0b33-4f41-a684-3f8c6f9a6ccd","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":97,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"1809fa78-d802-46ee-8380-184cbba252e8","block_type":"box","text":"II-54","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6456a666-323d-4beb-8b1f-edbdad3cb893","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4384ddf-5284-473a-bb9c-b09238da2915","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":98,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"d8d95c0e-b9ec-4c88-b712-9d3f79d4ba00","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":98,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"8e670d88-4696-45f8-bb76-94e702d6eddd","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":98,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"4bb20a3f-3b72-4cde-aa87-afa34e2f2d04","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":98,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"610f4dd3-013a-4692-9918-d2b537aa6f06","block_type":"box","text":"that of a fixed-rate bond.","page_number":98,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"2bd32615-c2e5-46dc-8caf-a4aaa48eaee4","block_type":"box","text":"TBA Commitments.","page_number":98,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"89ee6719-5bed-4fab-a600-d6fe2f61dd95","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":98,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"e2bf3f88-d2aa-4deb-a270-5745372d8a76","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":98,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"e9298bd2-ce17-471c-8bef-ef4838ba1841","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":98,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"f6f78d0c-a1af-41e6-96d7-ca91205ed278","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":98,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"693b9716-9fa8-4342-9361-137db869491b","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":98,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"74a941e9-21b7-452b-8638-78fb5b59a75b","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":98,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"fac28de1-bfee-4603-a62a-c3f1d93f572a","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":98,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"72718dde-40bd-414c-b92b-3dac876a4e4f","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":98,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"afc316e6-8ea6-459b-bf27-958a425a6d03","block_type":"box","text":"below.","page_number":98,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"5b59f56a-0317-4d56-828c-f44a416a812b","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":98,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"bb7f7d27-5fd9-4ad1-b475-244372a047e0","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":98,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"7c73fe27-4133-42ac-883e-bf3a10e16115","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":98,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"b2fc46d9-3054-46a0-94aa-991c38eedcf2","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":98,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"223f0d49-50e9-4e7c-831f-537da177ad03","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":98,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"d8c9c516-0fb9-4807-99de-1cd7468245d2","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":98,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"14946cb8-6bcc-4b93-888b-84f691b9b136","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":98,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"dc7112b0-1767-474e-b6fe-8ba7c1beffd9","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":98,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"92a3381c-fc77-453d-8f0a-8b87f636316e","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":98,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"a8656e27-f590-4ff5-be92-e2bbc8be458a","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":98,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"9c7fe8e8-8bdc-4824-a352-033cf79d114f","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":98,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"0bfe96b2-e595-441f-bb80-a5e97a75eae4","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":98,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"441f50d5-a481-49b5-a75d-492983127d97","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":98,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"9cfd8ba5-2ad6-421d-b424-2912950759bc","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":98,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"d97ef3b8-c629-4a43-a792-e7abc3dc661b","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":98,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"f308076a-c242-4562-9859-cfdb1df80337","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":98,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"7fe8867b-280d-48f1-95cb-de254090948f","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":98,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"9ae25fd6-7f3b-4e53-8270-b36719fc1021","block_type":"box","text":"securities in the forward transaction.","page_number":98,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"23488925-2737-4b8f-ad07-c07b79a7c8e4","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":98,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"f9676559-9d82-4b40-8817-59eaa7ab4b2c","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":98,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"737d7dcd-46b0-4d8d-8273-869eeb031ac6","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":98,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"080842e0-eee2-4eba-bca1-45f3e268361b","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":98,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"527c9614-a2a1-4f59-b82a-fb67d1d7edf0","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":98,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"3595d073-07dd-4d53-bb66-1116acc6729f","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":98,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"c205a273-6fef-482f-b9ab-5114a0413ace","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":98,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"4b444e40-c2ae-44d7-a661-5e5f58c342df","block_type":"box","text":"securities (","page_number":98,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"8a29da90-103d-4757-9355-c07c4915e6f7","block_type":"box","text":"e.g.","page_number":98,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"75ccf0b5-93da-4b1f-a595-80196f46a8ed","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":98,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"5d3f8520-489b-45a2-9677-c16ff9bbe0ba","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":98,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"c96a78fa-da17-428f-8160-87ecd9a5b797","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":98,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"b27bedf6-2205-418c-bd99-a7c2c3ca254c","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":98,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"865d8e0e-5105-4220-8a4e-a41bbe134bcd","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":98,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"226d5a03-5522-4fd7-8551-b68f45f5a4eb","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":98,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"5fc68888-5de9-471d-bd41-30b378ec7ec9","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":98,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"aec2eb43-911a-4e95-b21d-f919e3048d4e","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":98,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"1abecb78-198d-487a-9683-c32a87e1b044","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":98,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"5013142b-6aa0-468e-b477-987f99d929e1","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":98,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"03513916-014c-4593-b147-c5096ba77554","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":98,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"3c7a4fb6-2dbf-474c-a3a7-2830b0be8b48","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":98,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"e6ac4301-ff6a-4594-b447-fc4d09b6acbd","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":98,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"101f2784-501c-41d4-bb30-54fa29646b5b","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":98,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"0f3d9a97-3c43-4f22-aa49-67bff4ffb2aa","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":98,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"8b3407fc-3cd9-4a40-aa00-cbb63628a8cb","block_type":"box","text":"Municipal Investments.","page_number":98,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"f0ac5912-15d7-4ccb-aa43-6d39bf0a117b","block_type":"box","text":"II-55","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7db7c470-5a08-4961-9c10-5fc2f52145e6","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a101672-17fb-4da7-be94-b7bafb7aef59","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":99,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"ba9a231f-3ac7-420f-8835-ed45d0692987","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":99,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"88060ba6-6191-4dea-ae5f-2104a8f2481f","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":99,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"33c3a12b-702e-438e-9f5c-e98cdcad14af","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":99,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"e65e812c-ccf3-4475-acf0-bc23067429f7","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":99,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"5ac438ac-9f9a-428d-925e-ac695863148e","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":99,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"5d1cd9c7-53db-4805-9b82-9a93e6709652","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":99,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"aa61880c-7a1e-4191-b0bd-51c25823820b","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":99,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"eb4631fc-3a3f-4831-a384-d185cdfe5ed6","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":99,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"656146cf-8ec8-4c8b-8925-5f1e376b788f","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":99,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"bcbf3764-9c7f-49e6-8804-a2e3d32e7001","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":99,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"b5804ad1-4534-49ba-803e-ca1984f0fcdc","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":99,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"4114b737-8ec6-40c5-8cef-81a75203f233","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":99,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"5f4bbe3f-1a7f-4299-8401-6fc47158a8ef","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":99,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"68f7b3d1-7c69-483e-9f1b-c840e149d0f2","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":99,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"d1c5793c-e1c3-4dd8-a615-ea37e3292a52","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":99,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"cb4b220b-4431-42d4-8cfa-a3a3c7ce4631","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":99,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"1d61e723-3353-4764-8b57-1666637df47a","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"455c1f97-9a57-4daf-8d54-6ee96135a4bd","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":99,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"61c09b53-d966-4f91-b674-def3be573ad2","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":99,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"5af4fa39-4432-41c2-9362-62f0ed0cd14d","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":99,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"547a6aab-493f-478d-8590-40af805e9621","block_type":"box","text":"The risks and special considerations","page_number":99,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"00dea80f-5ec3-4cc1-b4f1-ccf0f01488c2","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":99,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"e99dbbad-bf69-459f-8f45-510151d1c4a4","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":99,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"f6470b9c-4c59-4746-b7f8-e8bfac516a09","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":99,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"c2698f08-f565-4154-8170-e418b4a760de","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":99,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"14cd660b-4338-4e61-ba35-d3c9cbf4e2df","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":99,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"d9e17c55-5299-4b82-94a8-14d60131d692","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":99,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"bd27472a-1f37-40a2-9ed3-563f2268f17f","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":99,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"054feb12-fc7c-4718-80a9-fe4fe22de77f","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":99,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"4b0dc005-c013-4653-a3d9-114c4a24db21","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":99,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"a2e3cf03-ea59-46bd-b0bc-a4375704ef86","block_type":"box","text":"II-56","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"37905456-ac7f-4a5f-8b42-b6129549ed0c","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a64c26ab-9ab0-47c1-880f-0cda166419d9","block_type":"box","text":"Description of Municipal Bonds.","page_number":100,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"1da931a0-70f4-4884-944c-9a8e090d159d","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":100,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"16014780-019a-4fdb-8c11-b40bef1e2fa7","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":100,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"634f6f90-b778-4fec-be79-7d9a981a471b","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":100,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"2922e404-22f5-4492-9a60-8adafe155679","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":100,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"9a697fd3-4131-420c-a88b-4cf2487e1a2c","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":100,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"72c036bd-8d05-4757-85b4-3a9a95cfd518","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":100,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"1530e170-e60a-44d3-b1b4-58851571d07e","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":100,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"eddd894a-97be-4c15-96d6-8b26d6aa7c78","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":100,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"24294ad7-5ba5-4a4f-9ccc-ae1932d1652b","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":100,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"9d9ab93e-9794-4781-8c81-cc5eb9295402","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":100,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"86193752-e377-461b-9d85-03202d074bee","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":100,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"4902a427-8b09-461d-af6e-b91f972c3b3f","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":100,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"bf0810e4-6ebd-48cc-a327-a2c222e12c02","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":100,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"5c5fe7d0-45e7-4173-b8b9-6a2d2562f23b","block_type":"box","text":"General Obligation Bonds.","page_number":100,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"40364ea7-33b4-4d9e-947a-d576418e8935","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":100,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"1a2396e1-5e1e-4e0e-a0f1-9ebf0c553859","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":100,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"fddb655a-b7aa-47d6-84de-d3df41d5b9f4","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":100,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"304efeb7-35cb-4ecd-b30f-4d4381ef41e7","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":100,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"7a3747a1-018c-493b-a2fc-2a649737917d","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":100,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"9a3b0e26-369b-434e-a7a7-cb2d63c4e61b","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":100,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"ccfdb8d4-4d2d-4a90-ae08-c46efc7d3e38","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":100,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"1484174c-6c1a-4ab4-af17-3b94f54639d6","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":100,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"4bb67ed5-6b23-4c07-b67c-5be72b81cf90","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":100,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"23d90254-041d-4ffc-8faa-e6d9efd0e810","block_type":"box","text":"Revenue Bonds.","page_number":100,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"9ecceea5-fd99-4d8f-9632-ea0c935babb8","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":100,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"10e87caf-0408-4601-8d76-6e05fa263fda","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":100,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"d4d0bac2-4df4-4f32-a7f1-53f99b7c4c10","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":100,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"bb16d4b5-71f9-49c7-98be-05f859224a70","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":100,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"ab75cd19-5e52-48ac-ade8-4e4f1129a5bd","block_type":"box","text":"viability of such facility or such revenue source.","page_number":100,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"2612ad5f-382a-4c2b-8ae5-7eec88fa790e","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":100,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"a3f09f85-a78d-4ea7-8b13-6933461c1a1e","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":100,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"3682c61f-a929-437c-8cad-132c3c3932f7","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":100,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"e040b1d2-5d62-49c6-b90f-bbfc76cfa189","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":100,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"e7bdec2c-2281-4297-8b54-289709b42ac2","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":100,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"868ec5d4-a2ee-4d50-aee0-f70e4344a817","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":100,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"08be6b4f-4043-4b7b-879a-2d382897205e","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":100,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"a09300b0-fe9f-4991-8b30-0f8412137c1b","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":100,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"f511c663-5ddf-46bd-bbb3-991b23830d83","block_type":"box","text":"PABs.","page_number":100,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"b98180e1-8f9f-4e8d-89af-9fdc593123e0","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":100,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"f0082cce-45ac-4905-a4e4-7cc5c01980fc","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":100,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"512ee2f5-3a11-43b9-8f76-08fe5bc564c1","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":100,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"ddc08729-a9ce-4ec7-86c1-4cb57581ceb9","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":100,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"dee6ab5d-9c26-407c-bdbe-b91fc0ceb322","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":100,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"0b9b49bb-51d9-4c72-8276-7fe5270c5a08","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":100,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"ca8dbcf5-80ad-4552-862a-6722c31494ff","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":100,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"e04a0ea2-445c-4a24-a7af-337764decf54","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":100,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"4d555534-5950-436d-8486-dd744dedbc45","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":100,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"ec517a19-8b4b-4e8f-b904-e65fc3d9bfa3","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":100,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"e9f4c2aa-6fe0-4b63-ab02-d246ffaf5b6c","block_type":"box","text":"the par ticular facility being financed.","page_number":100,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"2132bf79-e6dc-44bf-b7d2-9f5995ab4097","block_type":"box","text":"Moral Obligation Bonds.","page_number":100,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"916f343c-34a7-400f-8fcf-485b1d6c87c4","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":100,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"7a185708-d9ac-4523-9ddb-46fecdb53069","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":100,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"a461f132-4b06-4d7d-bcbb-82d2d52fc477","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":100,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"c496b2b2-0fd8-422b-be17-b282eef12f3c","block_type":"box","text":"that issued the bonds.","page_number":100,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"68419e17-416b-4969-bdd0-42ab944fa768","block_type":"box","text":"Municipal Notes.","page_number":100,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"9d624726-d401-44fd-aa64-61d4b4de7e0d","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":100,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"15bb8883-4268-4af7-a023-2486901cbaf1","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":100,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"162b90b0-9e82-49b8-a4a7-0481d254ef6c","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":100,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"b2988276-9000-4b62-8b61-9bc2232ca469","block_type":"box","text":"II-57","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3940982a-f16a-40f1-972f-a356eaf1c8e7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4170faa6-d69b-4f27-9429-3914ee6e2cf1","block_type":"box","text":"Municipal Commercial Paper.","page_number":101,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"28bd2ecc-3efd-4399-acec-044e39817f4e","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":101,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"5f61150d-990a-4723-94b0-4948c01e0eed","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":101,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"e578dd91-3107-4476-8d79-6326c47b2068","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":101,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"ca8f01f7-22e3-4f25-8f91-4778beb34c10","block_type":"box","text":"Municipal Lease Obligations.","page_number":101,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"31cd5152-b157-4b32-9f24-e9a6fbcbf03f","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":101,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"2ae0cd81-56b8-45e9-9542-fe508e58e4a8","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":101,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"5aec9e15-9851-45d9-bc98-f6714693af7e","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":101,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"eb4c8bcf-1c64-4809-9a6f-71ec264bb7a2","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":101,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"57fbd97d-9d02-46b6-8cfc-0fa41bd41dc7","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":101,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"f6db91cc-624c-4dd3-b61e-8aa88aea77bc","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":101,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"b5dc224d-a6aa-4564-a154-b8295cae75d0","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":101,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"c6314eeb-c160-4d71-a5cc-847fdd692891","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":101,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"9e86f5e7-06d9-48bc-b8b6-319af86ff25d","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":101,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"fb47fdcd-9d52-4551-9b5b-54be1b43368b","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":101,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"8c2ab85b-65f4-4602-a88a-3c5f0964f32c","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":101,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"5da6cf26-dbb9-42b0-b48a-a812881a414a","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":101,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"cf91961b-8838-4d69-b582-057491e6ed21","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":101,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"58f3d512-64ff-4159-b2de-3ed7f66cab84","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":101,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"3cc40ddc-6c9e-4f9a-a4b6-101cc5dcc53d","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":101,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"65a9fce6-916e-4301-9841-512459c84a96","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":101,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"95407b27-2ba0-4bcd-953d-a551b8cd28bb","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":101,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"c26745c2-e65a-4f13-ab7a-a3dd92027658","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":101,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"43c6a38d-beca-4180-bd8a-b59099d8cf23","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":101,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"af916299-a406-444a-8b77-8f24c1f123ed","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":101,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"b273c51a-1da6-4039-aed4-2a35d4814be9","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":101,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"475677f7-6994-4477-92fe-0eef143838aa","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":101,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"ac67876e-7d80-4d75-85eb-c8b0e9aefb16","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":101,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"c8074733-2664-4abf-8807-83c8da2f3a23","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":101,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"248923f3-1cbc-4e47-99ad-e95ef151a8ea","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":101,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"2e8e8b63-484d-46f1-b689-95b97317c353","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":101,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"9a0b36e3-00b2-440a-b43b-5b0a3e48571d","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":101,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"7b9fc5f8-c625-4e8e-acd2-8b749f568dde","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":101,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"6dba8a29-72b6-4f33-8d9e-0d960ba0fec1","block_type":"box","text":"Tender Option Bonds.","page_number":101,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"f8620234-52c1-4ba3-873d-5cf528883030","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":101,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"dfb70900-6973-41e4-9580-d5b10b582474","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":101,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"def782c6-fcb5-4d1e-9ddc-fa97eb664c32","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":101,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"1a9c41cd-1fcc-4b92-af03-8d51f28237b0","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":101,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"93560248-f170-48da-b901-e2581cf3ebb9","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":101,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"e0b6a2e4-a7fb-428e-bef1-331a9542558f","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":101,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"1c3f29d7-c421-4292-9170-63323de534d6","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":101,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"c689ed84-0a72-4ba8-a56a-8aaeb8370405","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":101,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"227e6049-c4ce-4ce9-9592-377534a3a9ff","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":101,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"2501ca49-1dee-48f9-916c-305bbac5b085","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third-par ty investors, and","page_number":101,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"2dc956d3-38ab-4c40-9540-d873a7145bc6","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":101,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"e3339f6c-7bda-4ef9-9e55-6b150f2afee4","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":101,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"7fbac4f4-9346-4893-a60c-d1cb690c923c","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third-par ty","page_number":101,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"da08a3e4-164d-40e2-9cf7-28116b184e00","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":101,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"4878b3db-cad9-4951-b5d5-536fc0b31ee6","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":101,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"0be921c4-8610-42b6-8d6a-dec867fdbb6f","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":101,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"ad13498a-4cf5-43f4-b537-f58d3496f4bd","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":101,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"be9cbcc2-8bdd-421f-9ac4-39b0777ae17b","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":101,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"b1ab8963-cf8a-462d-b7df-3d8469aecf3e","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":101,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"098ddea4-0c27-4847-83e7-e80530f53f00","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":101,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"3234a10e-9fe7-4c8c-b844-5577d588e64b","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":101,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"a7db91c8-7f68-477f-8757-41a8223abd37","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":101,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"41e48d9d-a379-4572-b31c-107799d155c2","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":101,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"520fd237-ae59-47b9-810c-5d53830bbd77","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":101,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"81aa11eb-e2ad-42ea-92ae-e77d1f486b02","block_type":"box","text":"II-58","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"db0d467c-311f-4da8-af26-0fd3da074dcb","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cbebeb2-0fef-483e-9ed2-5e85e9bc4f30","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":102,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"d72e2b88-5828-4a30-b485-17a2e9eaaf16","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":102,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"704359b1-21cd-4125-9efd-8259f7154d6c","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":102,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"339dc76d-fbbb-4ec1-ac65-5e0e4afeab64","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":102,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"04a5c612-a88e-41fc-81d9-3167c6fef156","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":102,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"4aceec52-ac51-4032-a44c-add42da4d664","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":102,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"d45d31dc-9e38-4c6b-b8fa-90a7e05a0cdf","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":102,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"80daeec8-e405-4b15-90e6-75cb5443c321","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":102,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"3e70f022-c7a4-4eff-9668-33f211cb3bdb","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":102,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"edaf236d-bc51-40bd-95e7-124723280020","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":102,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"e953514a-f46d-4e98-a787-b7edd84c0e47","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":102,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"b59d26d3-1ce8-4d5a-a2ab-871d73d7d653","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":102,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"55cea99f-da5a-43b8-b4c3-83e089632d8d","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":102,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"2cd13883-6755-43df-8afc-d3590cd6dec9","block_type":"box","text":"issues.","page_number":102,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"a20cf922-679f-4da5-8f83-b8484d54c7f1","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":102,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"0804c635-3a8e-40ec-af02-3d4c3f26a333","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":102,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"78a3fae1-dccd-40e3-b9f8-8da90bed9185","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"5131a609-6c42-4cb2-8607-662517f70fc0","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":102,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"51756ff5-f040-4efd-94d5-2a2a1474d9aa","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":102,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"b2e9d806-5d8a-4e79-8034-798e72d5f8f1","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":102,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"c9696fbd-7b9e-4956-95b5-b6d4d98e2acd","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":102,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"920bc7bb-92b8-4f92-af41-a9d96b82fe78","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":102,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"74e434be-b701-4cec-a7b8-e03b6927f2d1","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":102,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"b3294dc5-4931-466a-8316-0d6517563e8c","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":102,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"7f964c7c-6735-46f0-a712-7ec778a415be","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":102,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"ec3e0c4b-701b-41b0-a608-481499f2cf0a","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":102,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"459c9b5c-f3f8-4f7e-9336-e0e03f9f2a62","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":102,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"4459e6d8-1143-4ea3-924c-bfe346282a3d","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":102,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"1fa711bd-0bd7-4bf6-8aec-d765bc51e338","block_type":"box","text":"i.e.","page_number":102,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"9ca5ef0a-a6c5-4910-8abb-94816d076b46","block_type":"box","text":", the Fund). In contrast, in the","page_number":102,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"d347b9d5-c5a3-4c47-b5d1-694324ec7c82","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":102,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"fd7d45a4-2d6f-4bf5-8b23-07737132f386","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":102,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"24c4abf6-e9ce-446b-b188-edbf2a0b3a80","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":102,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"74311b3c-9610-4b9f-819a-8c6e8587c5c8","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":102,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"efd0186e-a45d-4374-837c-57a3de7d7c90","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":102,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"cd3f2186-11d5-4985-bb5e-cfd89f9b0e47","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":102,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"fbc62229-d226-4b28-a358-e4563494e34e","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":102,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"f6b41801-df3e-4f8c-9f3d-12798e4faa08","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":102,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"7076605f-87c2-4082-9338-47c4b2939a56","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":102,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"298922ad-6640-467b-9afd-059f7690ccd4","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":102,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"715c51b5-27a6-42cc-8306-7ca9ed39402b","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":102,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"31919de8-7bf1-4c68-9b18-b1d5887c5ee5","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":102,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"3e2e4eb0-c20d-4c4d-92aa-19d18928fb8e","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":102,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"d7e9310c-e02f-426d-bc89-ebed64033cd4","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":102,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"b7130d06-ff75-444e-a197-7f890d71b18d","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":102,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"0b75ec4c-97d0-45bf-b1a5-4ee5c4df5d2f","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":102,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"acf4dc10-4203-4042-a906-2448f367f8f3","block_type":"box","text":"Trust.","page_number":102,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"c46073ad-4c8b-4716-814d-d6f984641d16","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":102,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"d14676ee-7073-4d5e-8af7-60c02120522e","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":102,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"59d8d1c0-2e52-4487-9f1d-c06c2f077e5a","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":102,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"5ee6667e-b945-4239-8729-618eb24c3999","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":102,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"d2e3512a-44d1-4e29-8ded-968214741260","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":102,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"573061fa-575f-43af-91ff-4b8a64c782cc","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":102,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"7d50fc6f-624f-42f7-9652-8eaac821c4c8","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":102,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"aa3cde8f-3e5e-4dcb-82cd-360d4a745c0e","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":102,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"1b25a5a8-6608-4795-bfa4-402cb072dc02","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":102,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"d558e8ac-2778-4f34-b462-6d77ed4ddc50","block_type":"box","text":"II-59","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d06e9504-f183-4410-9b34-fd517f5b68ce","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a66deeb-5322-418b-98e9-34aff213f486","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":103,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"d48098cf-9284-498e-93fd-b38b5d851861","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":103,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"3771b3a7-84b8-4222-9b06-85522dbdb89e","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":103,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"b99dc6db-e0e2-423d-b754-20093d00766f","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":103,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"45d1ec60-5dc0-4830-b86c-7f9459224b59","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":103,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"f62f294c-b5ea-42b3-8e36-129ea2c32f91","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":103,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"3445d514-2ef1-462c-a2a2-db4269c96058","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":103,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"8d22def3-2283-4993-9ae3-6c2f93bd17cf","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":103,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"08e62720-17d9-40e1-bb1a-4dcfacf43486","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":103,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"93e67692-ee90-4aa8-a786-a83ab5624a8c","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":103,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"1d3f7370-a94b-4769-b441-ab718677ffba","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":103,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"7ae33070-f146-4946-8886-8d1c3213e2d7","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":103,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"37bfab0d-a035-4b99-8353-77deca591cae","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":103,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"a6204549-dbcd-47a7-9613-ef74425daae4","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":103,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"357027aa-ec92-4158-9dda-c54af07b5ec0","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":103,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"19fd174b-6785-48fe-b4a2-65749917f3a6","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":103,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"6c638805-87da-4cdd-805b-22dd15cc3fb6","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":103,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"5b8f0e75-134e-4b75-8860-61c5af68ac59","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":103,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"3e3b6eeb-ec4d-4422-9022-ef7b9e68c67d","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":103,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"11066ea9-f799-42b0-b596-95a6fa3da701","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":103,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"34e1d893-6439-4bdf-9379-44e248320382","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":103,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"096cfbb4-c590-40d4-bf8d-e260f141b19f","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":103,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"c3341d16-f6e3-44bf-9484-bf078eca78b5","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":103,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"06683ae4-4bc3-4641-b307-a84655f4972e","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":103,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"1f53d942-fe66-4c9a-be56-71f400a5735b","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":103,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"55d453dc-708c-4c66-acb8-2943c1552e34","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":103,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"4c356fd4-1b8f-4994-ad4b-1ceadaff757a","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-par ty investors, and the proceeds of the sale of","page_number":103,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"8c367ce0-46fa-428a-826d-6e5307451d86","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":103,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"5d59f5ad-78a6-4de0-8e00-a1aa7f25a2e8","block_type":"box","text":"i.e.","page_number":103,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"c9f43e90-9b18-477f-96af-17bd14ab758e","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":103,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"7e61e87f-445d-4fa4-9e23-f4e1b950f4a9","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":103,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"a9512142-ce5e-4ec6-8aae-4d0a54a11dab","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":103,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"b109f30d-e551-46b3-9453-4988d837eba7","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":103,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"7e9edf5d-4cc4-4e2f-9f11-f0a9ddd6bcf6","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":103,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"0bbe3fe5-117b-492e-9cbc-68e880b41072","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":103,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"73dc7536-40bf-4bc1-85b6-93ba11f82c16","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":103,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"f44b3642-4bec-4d97-b129-5835c8b33650","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":103,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"b4ad1177-f475-46df-bb78-c80dfeab7fe4","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":103,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"bd92aecd-9379-430e-b0a8-08b9e72d04a7","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":103,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"184864d7-700a-4446-a016-693a96d73d17","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":103,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"679bde5a-dfa0-4671-bc50-de48333958f6","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":103,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"e4759cbd-b522-4f70-873e-3c5a8b7d75ca","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":103,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"e374eadd-7c16-4e8f-970d-5e7ac28b284e","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":103,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"be2493f3-30d2-4841-813c-557cfb8e3bc1","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":103,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"f05418c0-d89e-458f-ae99-77cdb93b9ca8","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":103,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"8d7923fd-bb7f-46ff-af03-b5ddbce5bbf3","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":103,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"8fa9d6a1-9e53-4c6a-8d38-4ad40d029bf4","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":103,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"852aa12a-5ae4-4dba-a8b5-729445a80a56","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":103,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"9f60a939-1eef-4714-a0a7-1109f6b38f02","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":103,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"a8b8c826-e72d-42e9-865c-8fe6be2f65a9","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":103,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"d23e8848-c8a8-43ea-beb2-793a5e0bb0cf","block_type":"box","text":"market is not yet cer tain.","page_number":103,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"9fc68ed6-2287-4e87-9939-90134430ba8c","block_type":"box","text":"Yields.","page_number":103,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"fba5025e-2812-475a-906b-48326c0ec048","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":103,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"40781c68-8869-44aa-a0d1-2af722f9314f","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":103,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"8f09aad6-9422-49d9-8d89-61e719443457","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":103,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"1f645880-e7a0-4340-bc43-88f65fe50af0","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":103,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"42d789d5-518b-4c42-b986-eb6eb7ee73e0","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":103,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"02062bf0-ae81-46c5-89ca-c20926cc9732","block_type":"box","text":"II-60","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"93cf54e1-13e2-4f37-9133-e68152ba3460","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba93b80b-6ce4-4683-94d6-29d608769c43","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":104,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"6b892554-4efa-4271-8294-8a08845a897d","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":104,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"e5fa45ca-8aeb-4f56-b24a-86faad908a6e","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":104,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"702adabd-e25f-430f-8ef6-abca8d94a2d2","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":104,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"c8158bbd-649d-4d09-9789-2e15d99fa6ff","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":104,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"6691582a-0a7d-4511-8242-2291797d6ad6","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":104,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"bfab7bb0-aa8b-4bca-aaf4-3a0120ed5998","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":104,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"64a30413-89da-48a7-a969-58cc07dbd798","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":104,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"ae7496ef-3e6c-4009-9567-23d00a804013","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":104,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"1bc07672-cb7a-47a8-a528-9fb3e4ce7b27","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":104,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"8f03ea7b-6218-4576-8439-83f4986100ff","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":104,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"b4d2190d-062a-48ff-9e5f-a568e975bf50","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":104,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"de3ae5db-5a32-402d-b47b-8a7e9bc65e69","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":104,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"4742213c-0d7a-4e27-9073-e9d84df42e30","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":104,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"6ba80746-f882-4f42-a2a7-5f04f6419c2b","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":104,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"18c9af41-d7fb-4fed-88e1-d911186f98f0","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":104,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"aa415c0b-b151-42f9-94ec-360a5c4f5bd3","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":104,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"5b2f7ece-3b99-4f8f-b587-31be138e8ffe","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":104,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"baf6fe37-56a7-4d67-b83c-9b163e15cb78","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":104,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"014d89d7-de48-451c-940d-65da899f997a","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":104,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"bbb9568a-3c4e-45f1-9045-9093407a0bb5","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":104,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"419e49f8-868b-4e83-afa9-d00fe349de08","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":104,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"ad6c2cef-6a98-4c2e-825e-e7f80b143ffa","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":104,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"041eaa8f-1a76-4c65-bc94-614f4d0c1758","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":104,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"9deb19fb-672b-4654-9d75-2759dfa43075","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":104,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"2f6c13ba-a0c5-4010-87f5-933060b19e2c","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":104,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"763cbb88-999b-4789-b01e-4b84bb7eb25a","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":104,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"e9a57845-f0c8-4e83-ab1b-adbf4b60d7c4","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":104,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"41813619-903b-41b9-a658-2697130af02a","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":104,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"a7bfede4-6da6-43c1-88d0-8d22543501ce","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":104,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"a34afd71-bc92-4b61-abb4-801a88b0643d","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":104,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"7a0986ee-bd2e-4b91-b161-72c9742a6645","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":104,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"3a4d4733-3fdf-4e46-8024-b3d5aa9e47ef","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":104,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"dd488a2b-b2d6-48df-b7d0-6d24dbf51bb9","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":104,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"d1faaa40-8a95-491f-8ef2-83eb863d8d7b","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":104,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"c599c25e-9eee-4d04-8b15-81ff5afe41c9","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":104,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"ac915d51-a136-4d59-8b6b-e9384c2d3630","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":104,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"86e094e0-bd88-4a18-ac5c-ef8f17641294","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":104,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"ff648187-794c-4eff-9556-0df6cbc29d7c","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":104,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"8ab41bbd-f1a9-4760-ba63-9813ae3cb646","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":104,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"7fac9bdf-8e02-4aec-9771-2fed09e0658b","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":104,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"6a3be357-8fe8-4cbf-ab51-97104576d147","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":104,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"c6524838-a4b8-4369-a6c9-4234b8fae92c","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":104,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"dc07f7a5-7620-4231-9458-ca8a3bcfd02d","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":104,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"0b60f744-8ac1-467d-99ea-9be091f4172f","block_type":"box","text":"Call Rights.","page_number":104,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"59ee089e-7c88-4bcd-8dd9-6575762f6870","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":104,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"9ef578e8-4cb6-4838-aeca-292cfae30fd9","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":104,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"8526d745-a4f7-4278-b53f-3974e20cea42","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":104,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"94674d3f-6937-4d4d-93d0-0fdcc7b6cc1f","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":104,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"9b0b184e-c0b2-40c2-94a9-ab78421d9c46","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":104,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"bfc82086-f066-4780-b258-bb8d39b57dcc","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":104,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"85d7ca42-7023-4553-8e33-88ac7011aaf8","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":104,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"687c20ee-9219-4cd8-8326-72dbf8b9d23c","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":104,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"7fe40ea9-a4f0-46ab-8596-3d0ee98df50f","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":104,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"b3f92cfd-151d-43d6-9d67-8d75a609dec7","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":104,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"f2c33a38-a3a3-4fa2-b1e1-a571cd9f898a","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":104,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"0876c53a-04d7-46dc-a1f3-6ef6a1200f5e","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":104,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"411d3eb9-cbb8-4034-9f89-744a04c944d5","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":104,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"b544aee0-5f4b-4517-b707-149a2122b272","block_type":"box","text":"II-61","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1284fdae-d684-48b1-b9de-5981768a0770","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc008cb0-44b8-41e7-a839-4ddf295ba72c","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":105,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"32c8e731-a388-4cb3-b38e-0d312f68f782","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":105,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"0eb5e196-fbbc-4aff-be78-5d3a3813b13e","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":105,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"81968fa5-74b0-4ed4-92f2-47e7dd5ba4c0","block_type":"box","text":"i.e.","page_number":105,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"0ee8a7e6-7642-41bf-9548-38c7a6f59e99","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":105,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"f152b2c8-cd01-4cf3-be73-2e8fc51ec55c","block_type":"box","text":"rates).","page_number":105,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"88759fec-6366-4b6d-ab40-ad559feda021","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":105,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"4e4d0f56-25a0-4650-9402-ca662c40f0d6","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":105,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"da617ccb-c91e-46b9-8b4f-304f5ba5ba00","block_type":"box","text":"e.g.","page_number":105,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"5c1f69f1-b007-48ba-abd4-69d54cb4e48a","block_type":"box","text":", an exchange of fixed rate payments for","page_number":105,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"133bfb25-e3a8-49a3-abd7-5561dea17f7f","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":105,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"496421f1-b28a-4c6b-861a-ec6b9901c832","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":105,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"91552cb5-9413-42e2-88a5-e5400626ba49","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":105,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"79683e90-b33e-414e-bcc1-71e55de2ca2f","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":105,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"d15fbfb9-6c48-4a8a-ae60-5967f278151b","block_type":"box","text":"with the same attributes as the swap (","page_number":105,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"3f32096e-868b-4990-829d-ab55c0b83223","block_type":"box","text":"e.g.","page_number":105,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"59542ad6-d1b7-425f-ac0a-9ded117e85a6","block_type":"box","text":", coupon, maturity, call feature).","page_number":105,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"4f42a445-5549-4c77-8aa7-22fd69613564","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":105,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"19665a23-ad3d-4455-b3aa-fb658c7b4fd7","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":105,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"a4b71594-30d6-415b-aa9e-442731cb9c51","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":105,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"5c76a7d6-fd99-4400-90a0-041e5da564d6","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":105,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"ebd8d377-1645-4b70-a93d-faad7dc9bdfa","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":105,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"33e40d28-12c6-42f2-b03d-4a2490deed88","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":105,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"8b21197f-2a80-4c64-9ca2-ef51f0578efc","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":105,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"e453567a-413b-48ad-b4fd-92becf3f4dd3","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":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"1e2840e8-b7fb-49cc-8009-bece311bae61","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":105,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"c6657ea0-1a8e-499e-812f-1200ee6a768e","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":105,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"0520fe04-4412-4069-a1b6-afecc2c5db28","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":105,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"3d22189a-bfc4-4158-af56-ccf00232565f","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":105,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"c349d216-017c-4979-b5e3-c5d917469b72","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":105,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"eff821cc-a1a5-4b19-bd8b-0991202bd41f","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":105,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"90c05bf1-7717-4b46-93d9-e585ef41f259","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":105,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"78695f6e-6f1a-496f-828e-04c7cdfd8a73","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":105,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"4af41928-b0a2-4456-9fbd-866d89fa1887","block_type":"box","text":"Insured Municipal Bonds.","page_number":105,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"3737bedf-c2fd-4c16-b3fa-df0020238c06","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":105,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"d69913d0-7dd9-4449-98fd-00095d1b2aaa","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":105,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"e6a6df6c-206c-4462-9821-32ad3ca9ce89","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":105,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"994f6b02-108f-45ed-9cac-79e1f1914196","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":105,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"2c6f0c7a-689f-4642-b31e-cf8ab1823857","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":105,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"d3586c91-3da7-431d-b1b3-1abe92b4ba7e","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":105,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"365dc96e-ca4e-4fd9-9b37-194d671d6840","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":105,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"4aa47748-1916-4b76-90f6-811fe4204d79","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":105,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"9dd1bd39-b178-4886-b429-e7944b498f20","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":105,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"89b365fc-7479-4182-82c0-ca46684ce211","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":105,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"4016d35f-7352-4360-be27-7cde3f8a691d","block_type":"box","text":"bond could drop.","page_number":105,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"a974da8d-4902-417a-b427-0ee5d3cafcbb","block_type":"box","text":"Build America Bonds.","page_number":105,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"71d859c7-2715-4260-872b-8d1a938aca79","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":105,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"f9ca6d53-f126-49ac-ba3e-b48c14255d37","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":105,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"60d48873-23a4-40ed-9501-36f77c36c684","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":105,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"ac2843e4-b414-49e1-8617-cde3c690572f","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":105,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"904dfc63-c642-4e6d-afcf-45d2b1e1850b","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":105,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"729ca155-0b3a-4962-8bca-daeb3989f611","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":105,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"87584636-297b-4404-80fa-84457697dc9c","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":105,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"7df7caad-28a1-4f14-ac75-0156948dca7b","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":105,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"5b79777f-d5ff-4692-8b96-084cfb8ecede","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":105,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"f6b13f56-bc17-4eaa-9574-d1523546c26d","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":105,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"cec6f79d-9c6d-49b8-98a9-3cd31b747d08","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":105,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"4e3a612f-055b-4c1c-b560-2cabecb353d3","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":105,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"64edb5c6-6ad5-411f-8df2-5e67c78c3ddd","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":105,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"c94cfb32-491f-4ef3-a11d-f2a5476fa21f","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":105,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"82c73aa4-0af9-4aee-af69-679236967e46","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":105,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"7adab53a-ff41-492d-bb12-13abc67e6438","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":105,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"985458fb-41b2-4dda-9a8a-1a6818d75dcd","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":105,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"c8d0aa64-40c8-4538-87be-e268210db85f","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":105,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"4387a7e4-c8e2-4afa-9515-0613d75c0e91","block_type":"box","text":"II-62","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"299eb158-0d87-4361-ab3c-4d35774a57c6","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ffad3de-b5d4-469b-acdc-067f7ae9db2c","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":106,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"33cf4ab9-5aeb-47cb-94ee-191f27a27946","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":106,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"59c6eb65-89b8-4e6f-b858-4f9da65f1cb7","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":106,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"6d5a0dc9-89e9-4822-b31a-e18149dbd3f4","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":106,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"cf97c69f-7ff4-4e89-bcc6-78cd68b7137a","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":106,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"d235c591-6555-41f5-9a76-44f5c7fa16bc","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":106,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"7105accf-a60f-4cb0-820c-1e69ac2854a6","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":106,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"58469138-9c52-4fad-b989-fe4dafdb2fb9","block_type":"box","text":"their face value to the sponsor (","page_number":106,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"7395d973-c15f-4926-bb6e-de047770170f","block_type":"box","text":"e.g.","page_number":106,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"08795c7d-b9ee-4983-b95b-d15ce270f1f4","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":106,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"71ded2eb-3252-4667-9dbe-4c86c0e8096b","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":106,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"efd92091-cba3-4a6b-9f4c-de3625a6d89d","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":106,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"02010170-07d6-458d-988c-7ba1feaef5a8","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":106,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"6c3ef827-a5ad-43bb-82a3-8c0f38c9a23c","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":106,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"e051be62-eb5c-4601-9099-f6a5e1eb6586","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":106,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"d5450ccd-8098-482b-a792-bab4f56ff6df","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":106,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"9e5db977-e8cf-4426-8774-c2988ee10690","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":106,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"eb58f73c-7aeb-47b2-a202-dca761b5705f","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":106,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"027586be-9f28-4aaa-a190-a9f5e903f462","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":106,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"9b291c21-5632-473d-86f4-d77aed4ac3fc","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":106,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"18eb6bcf-4158-48a8-a8a6-13ef4a9787aa","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":106,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"ce836818-a8b8-408d-81b0-c616ea0ec2d1","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":106,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"73073fd3-664a-486a-a53f-0e7f8c3d420b","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":106,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"9355b40c-a0c2-43e3-8341-8decdab5afb3","block_type":"box","text":"such opinions.","page_number":106,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"adc86589-0c9f-4138-b328-8819e45e3a9a","block_type":"box","text":"Operational and Technology Risks.","page_number":106,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"25866a5d-032e-46bd-bf0d-6a282c419e49","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":106,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"25113869-fec7-4e0c-a3d5-ce1879f3b6e0","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":106,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"736a7e55-a9d4-47a1-88cf-d36815cbb963","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":106,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"4f3c34f8-5be7-4c21-80e1-21cc7505ed6e","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":106,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"dc0b5ae0-7304-4b75-b688-c8948a58222b","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":106,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"96434845-999e-4ed9-b619-c0c0eaeb74e4","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":106,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"9e1328c1-69ec-48c4-822c-7ebe46610201","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":106,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"c6eb7a4c-7c3a-4d58-8cd2-856fcdb7ce79","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":106,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"d9c3d6e8-da93-4dd7-abc3-b5420cced0fe","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":106,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"9fe7c45b-31d9-42e5-9a31-884abc065231","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":106,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"2e29995f-e1e6-46fb-84a1-06a980d9d700","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":106,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"5d49d5a5-7777-461c-8060-99a698e750a7","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":106,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"f3465122-5d23-4961-bdf2-cd495effdc09","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":106,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"eb304d56-2b9b-435a-89ba-239209513833","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":106,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"1e34237c-8826-4c65-89a7-eb7127506207","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":106,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"6a171210-20b5-460e-8cb4-67b744e54070","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":106,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"07cb677f-0b32-42f8-9ba7-8b6151320ddc","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":106,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"9b37ecf7-965b-486d-aa29-75f1eb4f1b66","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":106,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"94d25303-d957-433d-9e1a-184253e3372d","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":106,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"fda413b1-4438-4625-b164-27db14339c21","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":106,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"4f5b1236-53b3-400f-ad6e-ecef88d6919b","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":106,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"c4f7331a-78d4-4e7e-990e-b9ed2a0414e7","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":106,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"2af38247-d008-45de-9543-ef9410309f6b","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":106,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"6e93da9d-f1c1-4b41-a564-4d90ca3962b6","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":106,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"62d18f12-c2dc-4e97-bd5f-3cec20990668","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":106,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"823e4929-b8dc-43a1-97ff-b6628c7d58b8","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":106,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"688a5409-3733-4139-8a52-427a9949737c","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":106,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"6af76088-781d-4a67-a10a-5983ee23e2c6","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":106,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"98682723-1ff6-4f0e-8469-682444a441fc","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":106,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"2896c4dd-f564-4e4e-9206-f640ac02935a","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":106,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"6e80e608-3cda-47ef-a2b3-6bd98a6ab8d4","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":106,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"31c17501-1f66-460c-afac-903ab3945848","block_type":"box","text":"infrastructure assets.","page_number":106,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"de33ae15-a437-4c6d-9570-a47aa14d20bb","block_type":"box","text":"II-63","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d54ffc69-74ec-462e-9a17-b9b6e09d32ac","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e17e4fe0-2b90-4874-af32-83fe0f673d46","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":107,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"a7de6665-ef9e-4bda-935d-b68d06e0406c","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":107,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"a8f1ccef-c844-4118-9cfd-bcbb9f69cd81","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":107,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"e3ddbb1a-ba74-48f7-b1ee-2657f7777221","block_type":"box","text":"or services.","page_number":107,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"680f67cb-be0d-4541-855f-cd9923cf2212","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":107,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"27788f8b-5147-461a-aa6f-05d8998bcc1c","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":107,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"b13557a3-719f-4a9f-801b-548ed402e29e","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":107,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"43cbde91-7bc7-4abf-8d88-981c8719e098","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":107,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"873051e2-786c-4ebb-99e6-3b2f3977e2d3","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":107,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"9383a74f-ee4b-43f7-92f5-8b11cc964cb9","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":107,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"d2652964-dfb5-4910-96ab-a82d8b9ab1f3","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":107,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"6b75b502-d808-4567-9a65-b52032da4678","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":107,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"8dcd5147-74d8-48b0-91b9-2486f7883477","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":107,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"2330075f-e564-4445-90ec-1a3783e05e1f","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":107,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"7ddfbb3d-37bd-40d8-a314-35160fb33d86","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":107,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"8c0c18ea-e304-4335-bf9b-41415c6802af","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":107,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"131976b3-3641-4beb-9291-d1d3a72bc792","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":107,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"7afb9a81-a212-45c3-b3a6-3344278bef23","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":107,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"b4c3a248-f59e-456a-acfd-506e0095f3cd","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":107,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"24503de1-4ad3-4fe5-aa6c-a6fb60f4950a","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":107,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"16f4edff-8c1b-4221-a8b2-afbbccfc49aa","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":107,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"1f17bd92-002e-4634-b07a-a8c78cb43a46","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":107,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"bf3dbd83-8f3c-49a6-9a6a-03af34af5040","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":107,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"abd648b4-06f5-4ffb-9f0c-cdb26e7a09d1","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":107,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"01303ffd-325c-47c0-ae1e-774045560c36","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":107,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"c8a37754-6344-45c2-8d55-74df4a725a5a","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":107,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"ccc9dfba-2a7f-4308-83f9-03911e9008cc","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":107,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"adfdb3e1-0342-4617-803d-0190976acf8a","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":107,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"4e646627-f806-4c81-ad8b-76eaf189e4e5","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":107,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"3be7a370-6321-4f40-9929-74f47177774f","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":107,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"c22d8812-e79b-4ed8-b57c-a65ebddd9f42","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":107,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"075a52e9-ee3f-4683-9a97-d55dcd2831f4","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":107,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"0918f46d-809d-4f3c-a994-2bc24125ae60","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":107,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"52ffc031-b2b2-4927-8e32-fc7c77903f18","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":107,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"1ecef70e-7a1a-4462-a7eb-9a6b565d4fd3","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":107,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"1199f6c3-69b9-4fe6-bcb7-06444f8ecf30","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":107,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"aac58a3d-3d36-473d-aa4c-dedd3cd45cbb","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":107,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"bd488e25-972d-44cd-9736-8a757cfc9f08","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":107,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"c71ccecb-5fac-4b20-97f8-5b28a626c23c","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":107,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"db184712-279b-4322-9adf-2d27704dafc7","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":107,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"fb8db3f9-feed-4922-bfeb-ececbd8710d3","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":107,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"7607dedc-0c2f-4ef5-a528-92ffdf77934b","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":107,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"c20f99fb-98d1-4438-a456-58f63b91975e","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":107,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"8828a13f-daa6-48ba-acbe-315558c01866","block_type":"box","text":"resources to monitor and implement required changes.","page_number":107,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"92f127f0-b46c-42be-8335-75f17e5f9dae","block_type":"box","text":"Participation Notes.","page_number":107,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"d5d1576e-e769-48b5-9d11-d35b6281b268","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":107,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"3b2134e7-a400-48c1-a2aa-a48a056aa7da","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":107,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"cc9c40b6-a7f5-4016-a36b-2c36d15c6934","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":107,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"d84b8fdc-e69b-4a96-8490-59b9ffd92dfc","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":107,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"6485d7c8-3120-4b8a-9470-33bdc8f41552","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":107,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"7142d823-47f6-43cf-9ea5-09b6e9344bfd","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":107,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"64831224-6466-4fcc-88ce-38f903c718bf","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":107,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"d797c4f8-12e6-44ab-88e0-94fe13a99aee","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":107,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"d95474fa-91fd-471b-8095-4aa608fc92d8","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":107,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"52dfd3ec-b8de-49ea-8aa0-543fb1758641","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":107,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"4e8b4fd5-1e5e-41c7-8929-8bf9190b4b79","block_type":"box","text":"II-64","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"54b97ce2-6dcb-4918-8e11-569e9792368d","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15f267b8-fe9f-462d-9fbd-4889efe08b94","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":108,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"03ed9189-57fa-4c91-9d88-67f5c49cd9fb","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":108,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"b6b3bb1f-97d3-4c32-b9a2-79944ae8de9b","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":108,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"a427f5f4-2bb4-4d2a-971f-66743c553d07","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":108,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"3c2a173c-ee6a-48f4-b2b7-c7d3aef33f78","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":108,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"9387f421-0337-4c85-8afc-8eac55de1364","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":108,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"9daa7e4c-2986-486c-b76a-45de1b8e831e","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":108,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"ec282f66-0bab-44e6-9af7-e1908c3ce34e","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":108,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"00142a29-0d05-4a3f-94b0-b6dcb3e847ed","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":108,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"97fc79a3-f692-42d3-88a2-32d46b89d2cb","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":108,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"97331edc-7b05-461c-95ca-7a40a2d400e6","block_type":"box","text":"Portfolio Turnover Rates.","page_number":108,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"24fe7715-ed59-4477-bf1f-ec6eb314e737","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":108,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"93debfef-31df-4d52-ba36-836f3dd97813","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":108,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"661d1c45-b0be-4b90-bb3f-aa120f6e4f2b","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":108,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"b3911723-3853-403c-8b4b-c41a024e755a","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":108,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"186a3350-4aef-4821-84b6-842234ce87e6","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":108,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"15f3ccc0-45de-4dee-825e-cbb44b2ded65","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":108,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"d1aa71c2-c971-4640-bfc0-edbd9bc80e6e","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":108,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"c8ed5c67-3ccf-48eb-b015-031d65bee1a3","block_type":"box","text":"i.e.","page_number":108,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"1b2339f1-4a38-4873-bf79-eeb8d27a0096","block_type":"box","text":", 100% or more) may result in","page_number":108,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"e0633d8a-b93f-46a5-9505-deb711c8b7c8","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":108,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"f2ec0927-9416-4e75-a54c-73fe0cda07ca","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":108,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"e6368d35-370f-45c5-aae5-a3cd964c08f3","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":108,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"2a0c043e-aefc-4f7a-adfe-06d2922ae2ca","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":108,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"840c49bf-ed0b-4f52-9b70-4470aec0afb1","block_type":"box","text":"Preferred Stock.","page_number":108,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"22b89579-d995-46b3-a3de-f941ffa4ebb1","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":108,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"a1aed93d-c6f8-49e6-ab58-03c4ae3bb6a5","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":108,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"53b1c06b-b6a0-4857-8ecf-fc86b397375a","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":108,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"08da168b-c2aa-4264-af53-39e34b0a374d","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":108,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"fe6b3a1d-9703-45cf-8020-c84e9cf7ef1e","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":108,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"d5e34a3c-67e8-400d-b64b-e614fc27cfdf","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":108,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"3fb6e245-cf37-4174-abcf-3efbfe87ff36","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":108,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"973dd8ee-a7f0-4263-969d-e63229f8729c","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":108,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"d9226044-9c18-42ad-a409-7b8e86286de0","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":108,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"1b777727-d468-4254-86d9-22ce4f27fd06","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":108,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"d0058ad2-e781-4de7-a40a-891c4b358279","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":108,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"f67031d5-bbd8-483f-9075-0430172d2266","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":108,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"6e778a0d-250f-4d7d-a33b-ce8bfe3fbfff","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":108,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"eb99250f-371f-4775-bfe3-971c65e029de","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":108,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"fdbb11ec-3cc7-4c11-8d2a-be5b670e3048","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":108,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"b4f4d78c-f07f-4af8-9a5d-7f2885325af2","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":108,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"ad366f92-0794-4641-b17f-76f25dc1e103","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":108,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"8673047c-1565-4846-9e9a-d46991f81854","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":108,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"2c432363-e867-46af-9a77-5947740565d2","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":108,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"73baf205-b352-406d-8900-8d7de4cfcdb7","block_type":"box","text":"Trust Preferred Securities.","page_number":108,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"65d87762-f9f4-4281-b7b7-05c5c6ffeee2","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":108,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"b570b78a-91cd-421d-86f4-b885058afd54","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":108,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"bee3f34d-9a57-48ab-b3ae-1bdebd7b2c16","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":108,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"f243793e-f297-40ef-8318-e385d2e1ca97","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":108,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"47abd654-d7af-4523-b7ae-1385304d4e4d","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":108,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"97388808-6c8b-4188-8276-3d1fbad59112","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":108,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"41671bd9-69c8-41dd-8fa6-eaabfad8e563","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":108,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"2f4774c8-8549-4dd9-8231-655acb7bfe57","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":108,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"bd48dca7-5d9a-475c-a080-982aa5a112f8","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":108,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"bcc266f8-fc55-4e66-97d4-1e2fec6d2c52","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":108,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"bc282ff4-bd89-4e3c-be6b-2ae27c9b573e","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":108,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"9255cba5-02af-42f5-ac2f-14f9a8ba74c7","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":108,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"1d7dca43-64c9-4680-9a3c-fb3783735723","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":108,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"e46168e6-a01b-43b4-880b-651b2b6972cb","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":108,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"5216ce4d-1230-4740-8a57-2b14edda9dff","block_type":"box","text":"®","page_number":108,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"488b28c7-46ec-424a-9982-2db36b119685","block_type":"box","text":"”); monthly","page_number":108,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"34faf5d9-37a2-4452-9fb2-50fed8401f31","block_type":"box","text":"income preferred securities (“MIPS","page_number":108,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"40fa5292-4242-49a9-811c-425d8f2c7696","block_type":"box","text":"®","page_number":108,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"a0743e2c-5816-4a73-911c-77811d8658b1","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":108,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"8fa264e2-d912-4231-bcbd-b13f1e6d0c65","block_type":"box","text":"®","page_number":108,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"02773974-be84-49f7-b32c-cd6cde0a72f4","block_type":"box","text":"” ); quar terly income debt securities","page_number":108,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"87e8b913-1a8b-4736-b6c4-f296a2124c12","block_type":"box","text":"II-65","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a7b22f5d-576d-44fe-aaf1-974f2a3501e3","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c7d959a-bb85-4bec-a908-044f4b1326fa","block_type":"box","text":"(“QUIDS","page_number":109,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"1d536f34-baaf-487f-a54a-45a7f584cd27","block_type":"box","text":"®","page_number":109,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"82d89699-0b87-4ab1-a814-de0b463f1cad","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":109,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"ba978013-e7de-484c-903d-55f3e876e103","block_type":"box","text":"SM","page_number":109,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"12a4016f-6e85-4638-a807-1251729b08fe","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":109,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"b9b06460-20c2-4992-9d6f-d7d016eaa617","block_type":"box","text":"®","page_number":109,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"a7921196-2aaf-447a-9628-b39f47e331c8","block_type":"box","text":"”); public income","page_number":109,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"e8836c13-599e-49a5-b7cb-ed9b890aab54","block_type":"box","text":"notes (“PINES","page_number":109,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"34c54297-f193-4cd6-8ed1-d9d1dabec3b5","block_type":"box","text":"®","page_number":109,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"f687968d-ce56-4442-a372-aed7e3399e3b","block_type":"box","text":"”); and other trust preferred securities.","page_number":109,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"cd98edbe-f963-4aef-b5ad-2cbfb9551ff5","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":109,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"3c18c6b7-4fc8-4c5e-ac9c-46ece6e19c9c","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":109,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"d51c41fe-935c-4189-993a-b9cb109a8f95","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":109,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"9fe2a8fd-ef62-4b6f-adee-2005094ef4c2","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":109,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"1fa92073-cd90-4517-aab6-da84b25eb732","block_type":"box","text":"regard to whether all payments have been paid.","page_number":109,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"8573f9de-2c1e-497b-9151-82bec84bca55","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":109,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"fd1b2e1a-6cac-4e43-bf28-ec0f2e0fb9cd","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":109,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"3e271f73-1756-4815-b6d4-7e25d8ebce62","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":109,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"aa9c8119-4ff7-4ada-a05c-3302f939f6f1","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":109,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"4ef2d80a-7cde-48b3-81fe-c8891c9f9c37","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":109,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"5eed1d55-0808-48ca-8de4-14bbea7ac75f","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":109,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"d2f9cfd1-2e04-434c-a466-910107996062","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":109,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"2f375ff5-5889-4186-91f9-b13f33439106","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":109,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"ae109bf9-7bc6-4c53-acd3-10d3b8b9c597","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":109,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"51b75663-ee50-4595-b19c-bca490cb1768","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":109,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"0ad7f87d-6765-4bfc-b994-57f669b47079","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":109,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"0346c6e5-fb73-4752-8537-a7aa2298e1e3","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":109,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"436ddc41-6210-4e59-abcc-2c67128e87ab","block_type":"box","text":"debt securities.","page_number":109,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"d296f01f-da69-4891-a4dc-d984d90100e4","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":109,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"a21b1aac-e6c4-49b1-adae-91c5247fb45e","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":109,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"2d143133-44b6-4db5-9e38-e73c020358fe","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":109,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"2cbcd7ae-fc53-45d5-8370-21287b26b034","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":109,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"826e3c64-1063-4b29-8443-d2fc5053efc7","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":109,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"511e3919-8dd8-4f91-95ca-c0d2d2aa12d1","block_type":"box","text":"i.e.","page_number":109,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"bc377b08-ca4a-4a24-abdc-e01b2556dbf7","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":109,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"1735753e-83fe-40e9-b2fd-c5ab36b09006","block_type":"box","text":"buildings.","page_number":109,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"bbb09385-6ab3-4275-91fe-76364884c75a","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":109,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"a77a4242-fc1e-4627-982f-cad5aec33874","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":109,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"22307a7a-3d5e-4ed2-abfb-d1584a5a9ac0","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":109,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"a09b19d9-c288-44e0-ae1c-f9c7b04970d3","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":109,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"fc1c78a7-2b52-4307-a4df-c34687ba41a6","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":109,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"dc10798d-574f-49f0-994c-676ec786becc","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":109,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"6103b999-4525-41ae-9242-05ca98ba9708","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":109,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"2d1ff0c7-1337-4012-adbd-112f1fa6b18f","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":109,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"3e46a6eb-12fb-490e-999f-b647f1613904","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":109,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"5fdd0988-0573-4884-b332-8a78a490d604","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":109,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"3dad72fd-1fe2-4a52-9a01-343196f9cd95","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":109,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"20f58b0b-b821-4413-af36-710b5e11a083","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":109,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"19a599ff-be48-49f4-91d1-a24f546bb70e","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":109,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"64b1ff13-f0b4-43c6-98e6-272e68fb0645","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":109,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"960ef3cb-a31b-4d77-872a-59cdea552303","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":109,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"06b15664-53f0-4bf5-ab28-db580f02c62d","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":109,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"5260b2d5-05d5-413a-95a2-df9821257380","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":109,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"2b822671-0d97-4c57-8cc6-1a539728305e","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":109,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"58373c84-4286-4c9f-91b4-c141fe495c36","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":109,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"55356e41-8c97-40bf-9191-662a64fdab83","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":109,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"0ff73652-25f6-4e6a-94f8-f8b8033f1b7e","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":109,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"adf1f4f7-2c13-425b-91d3-526bd440fa48","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":109,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"3aea7dd9-2c1b-4fee-a166-3dbba53fedd2","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":109,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"850849b4-c103-4f30-9b95-9b15a2f917a2","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":109,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"d5c42990-7b61-464e-b428-2a2029b8ed64","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":109,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"74f34bce-c896-4bee-a91a-7fc5c513d7dd","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":109,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"aa589b8c-6a9b-4131-9ba2-eb011c19c5e5","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":109,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"a7680637-1a58-4c13-8f94-ed22aad80f59","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":109,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"53add732-596f-47fd-8dfc-7178be906a14","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":109,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"cbbed931-c266-4ae5-a6b8-117e093f36a1","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":109,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"95c53caf-2f1a-4ed4-b597-f42fccf19baa","block_type":"box","text":"II-66","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3533672b-914e-4168-90a3-6ffcd20cdc93","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f4ca5fa-1fdc-474e-837e-66b39744c940","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":110,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"eb801969-5026-4664-828e-20adee653d56","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":110,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"16671f8d-25d2-4584-b72f-b9cb3524cb2c","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":110,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"ccc42beb-5167-4d40-9c7e-2f55607a3270","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":110,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"224ab487-575c-447f-83a9-ef2dce07406b","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":110,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"26131dbf-8db1-4c28-b821-922fff0eff43","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":110,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"f763606f-3059-49e6-ac6a-7b7871b594c7","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":110,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"0a233bac-8b79-422c-a542-7944b501db6d","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":110,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"e918c61f-3b01-4c95-a40c-d5b6f526d063","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":110,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"279b99d6-a422-4290-903d-f8c7b0bededf","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":110,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"f8b422ae-aec6-408b-adb9-d08360d8b6da","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":110,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"12c88eba-1e2a-428c-a975-6201d659f3a9","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":110,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"b3e4f979-47b5-48ad-871b-9b4a1a62543b","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":110,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"d481e759-ba3b-440c-89fe-6ee773c591fe","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":110,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"8b2f96ff-5165-4415-8911-30c288bdbe2f","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":110,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"e0ebafda-020d-4f3c-b794-cdfefd9a26a3","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":110,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"0c56b693-1c31-438f-9b03-b8eba7085e21","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":110,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"a4805d10-5cd6-4976-b94b-c3c92306d307","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":110,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"932a8716-6c6a-424c-a3d1-5cd50abd0bf8","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":110,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"709d6a63-5a26-457c-aca5-548fd735284c","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":110,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"88030831-c5c4-402b-8528-e2f02acfd0ac","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":110,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"cb04b234-1fd1-4424-b885-ba9e2b34b50a","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":110,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"e5708992-5a01-40d4-a4d9-bf4b3d7bd9d5","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":110,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"4e7f5f7f-f879-4b7b-ae2f-ec3b8615af2f","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":110,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"86f934a6-1982-4181-bd0b-456d4cf0b113","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":110,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"d042a54d-dcf4-4b9e-a379-03b20243fcf7","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":110,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"8b8af207-eb38-49b7-8f92-63bcdbac9913","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":110,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"01434b52-bdd5-4c87-967c-8bbd6421047e","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":110,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"24dc3a56-6503-4258-b6a0-cd5ab3a6c83b","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":110,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"52c16e65-09ed-4b40-a312-b5bf18f6caa8","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":110,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"c0392552-2046-4bb4-936e-69a5f192fadf","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":110,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"c81c6ddc-2f5e-4959-a61e-8432bcadd944","block_type":"box","text":"conditions.","page_number":110,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"7ef1dd6d-149b-42b0-8449-9b8640109d00","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":110,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"e455f2df-d73f-4218-98d9-3f4d2b60ca1f","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":110,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"4af9590c-7fb9-40d8-95ec-cd011eca5cd8","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":110,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"8d7fdc10-e69e-4238-b5df-58dea8793e88","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":110,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"911711c6-9b8d-4538-b0dc-7fb6bed7974e","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":110,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"8229f4ad-eb9b-465e-a1af-e9e49b972acf","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":110,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"5fbbc653-2409-48bd-b1df-3296f75afa83","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":110,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"c8110b7a-02d4-4dc8-aab3-816b06baada8","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":110,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"ffbac319-92ac-4ffc-8084-cb1fd7ad6c2f","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":110,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"9c65c7e5-c294-443e-b76f-d3b4390691a7","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":110,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"565f7601-b717-4b62-9f4a-4230d7c484e0","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":110,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"31dc42c7-7bd5-4db8-ae26-714ae93ced0a","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":110,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"cd0df038-bdb6-4d9f-9253-ca2c5a248890","block_type":"box","text":"affected by such events.","page_number":110,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"da453c4b-184b-45b6-a137-363e9fbc8089","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":110,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"c63c5f48-b870-434e-9c80-573c32f11076","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":110,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"fccef160-4054-49e3-b74f-1741ce2f9189","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":110,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"570d7b12-e5cb-4d4a-a9ab-9e404841bf8d","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":110,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"8650b0e9-ab73-44e6-a746-838c0da8e053","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":110,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"8c4dbf74-23ed-48c6-ab3d-9351a2db834a","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":110,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"5787c209-cb1a-4462-ac47-6f5f1c56db76","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":110,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"1fb53c3a-f571-41a5-9970-4998e7604fa4","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":110,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"df935592-561d-4896-84f1-68cc2c237226","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":110,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"7678b3e6-f1f7-4000-bdbc-08268a241580","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":110,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"ca4d968b-ad7c-407d-842d-27fe264640da","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":110,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"cc20d817-0bad-456b-9648-caf2e1029c89","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":110,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"b62c1f68-5111-40f8-b3b0-c69c83e16fb5","block_type":"box","text":"II-67","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3fa926dc-2063-4969-98ad-c5e70c3ded57","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e49a0bf8-021a-48e1-a1fc-930590703119","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":111,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"01a85b20-5472-45d6-bf21-af959f95c74c","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":111,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"086ac6fa-2a0d-4a17-9522-89667ecef159","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":111,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"ed5214a4-a287-4339-a78b-16c7ceafac3f","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":111,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"a489ce96-8583-4603-9897-7def204844f7","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":111,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"00f22460-f483-481b-86d4-32a80b85f76d","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":111,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"f14c1b16-b03a-4723-9547-dad70fbb6fc4","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":111,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"479025c1-9cd9-47e4-b9d3-db41bebf6d43","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":111,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"5c929d49-4873-4c1e-ba7d-7c5dea454421","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":111,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"dcb90c09-6ca7-4b46-be79-0473c182ba6d","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":111,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"37c877c0-dfef-4ae0-a939-ad834ed44b3b","block_type":"box","text":"investments.","page_number":111,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"c589b4fe-f6c9-4136-9ea0-ace2a6e0eaa4","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":111,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"1f5c85c2-6490-4e3b-99dd-01ea18cf43ad","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":111,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"a5e0f4de-0189-44b2-be20-bee3a2710190","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":111,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"0cf383ba-5ca7-49eb-b19f-ffe16e00cb71","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":111,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"54b8e6ea-3c2d-4e12-9e5e-f328b5774152","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":111,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"404a7a99-55f0-429a-82b1-41e8cf93fbc5","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":111,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"b5e7db49-6a14-4f26-aac7-602afe434c30","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":111,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"6e6e0e27-338a-4c16-ad99-596d9af57848","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":111,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"70623941-c34f-4967-8e69-dad92a5755db","block_type":"box","text":"Legal and Regulatory Risks.","page_number":111,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"ff56ae65-c63f-4471-849e-078629b6ef95","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":111,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"d536cf17-a780-486e-accf-8d49856e2e57","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":111,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"ad666bb0-4b83-4082-b5cf-f166e03ad398","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":111,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"b038df0c-2e1c-4438-96be-01414a9a63be","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":111,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"aba6778c-51d1-4b6e-90c9-1b4ff7b6a43e","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":111,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"ef0cf189-434f-4ae2-8885-d44656860770","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":111,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"8a78bb23-931c-4d53-b6da-be352ecd90b0","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":111,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"475c36ed-b9fd-4822-9930-3a6480809ee0","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":111,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"1daa0f6d-f62e-4647-82ce-51fcfb3eaeef","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":111,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"1aed1c32-e6fe-4622-912e-e0ea5a120a5f","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":111,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"2c437df8-c9ff-4d39-ac30-1da27ac2d373","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":111,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"a0bba623-edfd-48ea-ad6b-3599baa665b7","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":111,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"e9acda8b-28b2-4e8c-ae42-b6c2ee79cefc","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":111,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"6cd596a0-380d-4dd3-856e-162f91b9f76c","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":111,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"80d94be8-4f80-4442-b311-32d2483d721a","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":111,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"ea661ef0-e443-4e43-a42f-dd5142ee94c6","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":111,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"edebb3e1-5f66-4b52-b4a2-76be48a038c3","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":111,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"9d6245a9-0008-4877-be80-0bd6ca17761a","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":111,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"84ae7e94-c3ef-430e-a85c-161bbd523032","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":111,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"51da1492-d90a-4dea-b08a-f22b2e2dd264","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":111,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"418265fa-780b-457a-b208-510d9e846ac7","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":111,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"6240bc4a-795f-4bd1-a578-23d0ca605b8e","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":111,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"dac222f4-e72a-46e6-8320-08fa77ec8f7f","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":111,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"9428f022-759a-4ab4-8540-aaf6a3890787","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":111,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"7ff2895e-f1d3-4b69-b6f4-2434a5f5a7fe","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":111,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"58031bf3-1f46-44a2-96ff-a5743c0d3da9","block_type":"box","text":"Geographic Risks","page_number":111,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"d6999d0a-852a-43bc-a86f-13276591841a","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":111,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"3f8b9e74-2c8a-43d2-bd00-73494b37997f","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":111,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"d7079eac-d14d-40c5-b9e9-09a8216e147b","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":111,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"25ba7e3c-1558-496a-9b3f-32f83be2cd26","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":111,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"2e5f9752-735f-4734-8bda-953a059ae13f","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":111,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"fa61490b-caaa-4614-9946-650455449239","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":111,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"2293e80c-b23d-46f3-898d-7ba6e74d4f35","block_type":"box","text":"Fund.","page_number":111,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"01a0a11a-3b10-4557-82d9-7d33a9dd713a","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":111,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"f5201552-2b19-4ef6-a69c-b90f41d663fd","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":111,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"67eeba38-a181-4133-9a0d-01799b704c3e","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":111,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"a5366890-e259-4fc1-8a2a-57a8b5094fda","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":111,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"fc0e5105-7a4d-47d3-9064-8b543248ed75","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":111,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"7a8c4233-4de1-4ca2-a291-ac994c3be6be","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":111,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"1024fd54-0804-4142-8d2e-1eaae366e402","block_type":"box","text":"II-68","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9428b1d5-5a32-4216-bd8d-0c05f49addb9","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"daf99c83-4753-4891-bb0b-4b067e71e793","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":112,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"dd15eaad-3d0f-433f-9618-be5fcbe16f26","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":112,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"b9dd49f7-f0ce-41b8-8e5c-172d1b13e668","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":112,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"2b0defc5-c5c5-4d84-8d5d-b16c76dcecf5","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":112,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"27470993-f7d0-4338-ae62-62dd1cadba0d","block_type":"box","text":"continuing to develop (","page_number":112,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"8ad2fd70-77ee-481d-992c-e6be6fee8f39","block_type":"box","text":"e.g.","page_number":112,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"79f474ba-1160-4ce2-9342-588ebbb9f7f0","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":112,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"22700ed6-e19d-4d72-8e0e-ac3b4cd5109d","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":112,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"ccaba6c9-4ee5-4fe0-88e8-9b3db4b9b72e","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":112,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"592bbcd9-39e9-454f-96a1-eb03485182c7","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":112,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"8d61fce8-10d2-4924-9b87-681356e3978b","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":112,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"ba381ce8-8903-43db-94fe-15cb2c1c6933","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":112,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"eab8904f-1311-40f5-9140-2ec6b2d3002d","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":112,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"a55d45ae-9de6-42e8-a5dd-86a131a4cbad","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":112,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"493ffc16-122f-4613-86ad-aa7b99f569c9","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":112,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"ba081d4f-7b97-4888-90bc-d942996e7f91","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":112,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"2eb7f9e1-5afe-4e91-ba12-3b6ddd6367f5","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":112,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"9bc3029f-e5c1-4afc-aeea-752e19a5dfac","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":112,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"3e3e01fb-683a-4419-800a-5894cfe21390","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":112,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"24990e79-68c3-418f-bba4-f5a5da1bb836","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":112,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"ec5063ce-2b35-422b-ae4e-805f7be524a1","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":112,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"68266d5a-9bdf-43c9-99e2-b1e6b38d6eff","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":112,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"976f2dc4-78c2-4505-86df-08955e17522d","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":112,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"8ee079ee-101a-466a-ac82-b8131c07f377","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":112,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"673014be-6aaa-43bf-a71c-777a305568cd","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":112,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"2c96a578-da27-4756-90a9-2035fed5d9d0","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":112,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"c04beb9a-fd66-4591-8666-6eda7102df8b","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":112,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"f4587778-d0cd-4eff-8d6f-84d20f362d59","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":112,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"50858a11-eb77-41fb-b031-53ce2a644c0f","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":112,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"3e7d8345-2890-4b3a-8337-b50df2fdbed1","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":112,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"ce875be2-0b3a-4612-9b66-8abf175e73a7","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":112,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"038a5692-a9f7-47d6-9428-0beb9715581b","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":112,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"8ee7c90e-9154-4f86-a1b7-ba0aa927ca48","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":112,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"b15b641d-67ae-421a-931e-b7fab31feddf","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":112,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"c6a39c31-2d9a-48ce-ae56-3137af2e82c3","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":112,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"6a22bc50-2f56-43cf-a1ba-9408963af8c7","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":112,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"0208979c-f0d2-4f31-aefc-67db39920609","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":112,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"a09f366c-0c6e-40d7-be04-f4e0cfd9d2d4","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":112,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"149750b2-231e-497a-8d55-1326758a9837","block_type":"box","text":"consequences which cannot be predicted.","page_number":112,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"237fef83-0a9f-402f-85bc-9652ea481413","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":112,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"68eb9ee1-e7d1-462f-b85b-875c62892c76","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":112,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"7f5ac568-430b-4d86-89b7-23ba5da5ff31","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":112,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"9f8ea91c-c94a-426d-b95a-dfad7f88dcec","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":112,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"345e11ed-b971-480e-b810-a658039dd571","block_type":"box","text":"term of the agreement.","page_number":112,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"5bdb5fd5-41f2-4cdc-b69e-d721de08ed77","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":112,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"562760ec-f8d3-49cf-8585-6a516a89cfd5","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":112,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"f7209e4e-aff5-4bdc-8946-610cafef9bef","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":112,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"b0ec1c04-92ae-44f4-9c2e-a64ad741b64e","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":112,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"655c818d-865e-4ac0-a8e9-ad716d7b4a8a","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":112,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"c3288010-7854-4eab-bcf1-278350e19a28","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":112,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"1b985d84-b419-4aa3-a435-5467a25a1b53","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":112,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"38d38f64-9974-4edc-bdfc-f33673478785","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":112,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"514406fa-e1b6-4e0b-8aa9-e745f77cdfdb","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":112,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"f1eed825-618b-4234-94d8-d4a05d98f622","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":112,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"9782822e-1a0e-45ea-a6c3-cadff9b38878","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":112,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"d84fe046-6f58-455f-9a27-9cf969c55850","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":112,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"6d37ff7a-4a9b-43bb-8097-70407f32ca6a","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":112,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"4c69597a-fc26-4022-8baa-92cf8f6c127c","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":112,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"cce3943d-d89e-4c66-be4b-3f8322742177","block_type":"box","text":"II-69","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0756f515-37b5-4eb0-bdb6-807c36fc39f1","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87ba9ac6-4552-4948-8e4f-2e877e3ea36f","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":113,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"3b5a7660-f3b4-42b2-a638-754dc8e82369","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":113,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"76f9ddf8-8802-4030-9f2c-a3b1b6ad8cfc","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":113,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"5ca38ba2-c171-4912-8d7d-41e6dc2dcda2","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":113,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"954294aa-6f67-44d6-82af-99fda4c93517","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":113,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"c0425120-adf4-4ce7-913a-1b73ea38cb35","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":113,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"2a9f7007-3aa0-4c3e-81ae-a31bbec11523","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":113,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"902696dd-4cbe-4d65-b2ac-1cab5d4620bf","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":113,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"22b08de2-63d7-4e25-bad1-f5945a97afe8","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":113,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"3d1c4009-4a01-445a-9812-306ac4b2ffd4","block_type":"box","text":"or by another authorized securities depository.","page_number":113,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"ad8d47e7-a20f-4b21-9e29-38b687554af4","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":113,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"d48c68e1-446d-439b-91ca-1293644041d1","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":113,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"265fba46-e432-46c5-b3ce-5558c2d0e38b","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":113,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"2eecf3a4-a008-4981-8f64-912d0824dae8","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":113,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"4e001c00-294c-4d4d-ba34-a2defe6a6061","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":113,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"e37389f7-0d9e-4331-ad52-4ea15245a612","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":113,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"194eb27a-bc76-4578-b3f4-a26c93c39893","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":113,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"eb423dcb-1bb2-4fbc-ab50-8b2a9914f7c0","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":113,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"aa521c3c-c32c-43a7-b268-c98dff124577","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":113,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"fa0befeb-9a04-4bc0-ae80-e0ee301f5239","block_type":"box","text":"the repurchase price.","page_number":113,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"7182baef-36e4-41e8-9d9f-d96dbab671dc","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":113,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"5949afc2-1e18-49b8-8a7f-48baad78a8cf","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":113,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"2051c989-e419-42f1-a2ee-567d5097cfdf","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":113,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"9e668dfe-20d6-4f13-81cb-83244df0f922","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":113,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"e3d9b09f-9980-41f6-854a-30bf8a6b2035","block_type":"box","text":"strategies without the repurchase obligation.","page_number":113,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"8fd242bd-9f99-4cb4-8395-460f108c729e","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":113,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"7bfacc77-a49d-4781-aaf6-a7967676b9bb","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":113,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"58325657-2298-4b26-b04d-682ad928b729","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":113,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"e28ee400-f376-45e2-983f-f10c96dd67b5","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":113,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"b9175cdd-15d1-43c8-b7ba-6bd8283ed1bb","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":113,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"18ac1a2b-ef5b-4b04-b00a-5cb544ee7ed6","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":113,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"04d1d14a-0d9a-4807-8d0c-597f43e4cc09","block_type":"box","text":"i.e.","page_number":113,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"630b809a-964e-4653-bc48-b494bd0fd2b0","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":113,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"19974042-8a62-44d0-b978-820e3a45a6e3","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":113,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"86644204-303e-49c0-a0ae-348276c02d7e","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":113,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"1003cea9-b86d-4b8a-8452-fb1b7fc87484","block_type":"box","text":"and income involved in the transaction.","page_number":113,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"ca81b23a-d23d-46da-98fb-c4383d380102","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":113,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"8eca3852-3ee0-48dc-9636-2eb0dc513e64","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":113,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"7c41968d-4176-4338-abe2-6c7002c216f6","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":113,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"92d43df0-6a61-470b-a620-22e1e975464b","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":113,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"0a00c8a0-4a0c-4bb6-98a7-6d039bd11840","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":113,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"37c831e9-a22d-4075-a820-2a5f7ea11f9b","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":113,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"5c583070-499e-448b-b112-02f41a4d2364","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":113,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"83e6587a-9398-4d58-ad86-6ff3c1ab1996","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":113,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"f53d7601-aa63-4417-82e0-da0000be34bc","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":113,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"e422054f-5396-4443-9a65-f9d98d02133d","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":113,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"84d26f80-c587-465f-8e1b-708cbe5ae017","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":113,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"020fffe7-e4f9-4a5e-92ab-8ac5ef04d7ef","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":113,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"8190986f-bbb8-4c5c-9e2e-06aa79e267cc","block_type":"box","text":"Restricted Securities.","page_number":113,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"b8210771-f59f-4fae-ac6d-7915152cdbbb","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":113,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"8694251d-8da7-4827-a827-fe414521d0fc","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":113,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"842e2c44-c014-48a3-bf08-738ae5d9f795","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":113,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"83f704fd-fd6f-40b3-ad40-bf3f21c0a1f0","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":113,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"d94a4adc-1cd4-4f81-b80b-7d7225d3b21d","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":113,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"58d0eb9c-1c31-4527-ada1-4f8eeeefb4e8","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":113,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"288e907c-c1e5-481e-889b-9d9f38309783","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":113,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"e166f089-8d0e-4eca-aada-f525e502549f","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":113,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"faaf5507-0432-474e-9b1c-9910db238972","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":113,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"b1002f54-fd2b-418e-9eed-1c6379a13d75","block_type":"box","text":"II-70","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4624de6a-c1c2-4513-bceb-2915b45a3cac","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1dc3740-c81a-49d8-b814-8e55b2a1ac25","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":114,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"436db056-0e49-477a-b51c-55dd5bce7ac1","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":114,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"a33410f5-fc8b-4e58-b1ff-62d7512f30e7","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":114,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"bc6a62a2-9bad-40a0-9bce-dc8439a41b92","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":114,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"16382c6c-003e-4685-a70b-b004ed5958ba","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":114,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"99b92409-6363-4810-9aad-147a847b30e4","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":114,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"84a7906e-3352-4346-8248-c9bcb4b7f744","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":114,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"1974b14f-cb8d-40b1-b646-f60bd12c260e","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":114,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"ebf86c8d-7745-4905-beb2-7c39925011d3","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":114,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"8809b7fe-b1d9-44ba-880d-b62f2a6d14fd","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":114,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"a018dbb9-7995-4b67-934d-dac388c92e45","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":114,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"c723ba89-1f35-4944-84f2-ccdbb5b73262","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":114,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"1f0d9d1b-9a0d-469d-a1ea-ad82d4d10ce4","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":114,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"1399911f-742b-4f1e-900a-e51f1db41273","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":114,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"fc627f03-7243-4377-a858-f875778f58b0","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":114,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"21738843-c78a-48a3-89f0-94e87a4226f7","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":114,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"fcd39ba5-a20b-4a78-b264-7d3a2a571e4d","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":114,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"615a6016-f36a-482d-9e1f-27d73f40376f","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":114,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"ab1348f0-e0c1-488b-acf2-ad96c7a393d4","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":114,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"33c278d3-e48b-4d46-86f4-6c0ffcd40e66","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":114,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"5e801567-5122-42d3-b253-4268aed04249","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":114,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"f24e9df4-1136-405f-a5c9-f7e3334d9677","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":114,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"8eedda34-1611-4ac6-a0a6-34fb2bc0a960","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":114,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"45e7f701-3653-4a85-b0d1-be90b277ef5c","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":114,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"6d7e4f20-297d-480c-9a03-9d2585f2fa92","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":114,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"ef0f278e-ad05-4f00-8a56-7e5c8aa290ca","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":114,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"5e8a76d7-b426-4cbf-a7c1-06dfd413b489","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":114,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"6b585f6b-a3cc-47e6-9f57-2f8a209bcae5","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":114,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"0c904180-dece-4171-a09e-69900fe7396b","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":114,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"871968e1-739b-479a-a629-39c719cd8334","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":114,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"e3485056-3bef-4172-96f0-f07f411854a0","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":114,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"c462d4fb-b20c-4cc2-883b-58ff3e68428f","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":114,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"86d6526d-6944-416a-93a9-c8ad742281dd","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":114,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"efd4e449-87f7-4155-9982-af7a946305c0","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":114,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"55c04757-1d71-4fa0-950f-a0bda70d1745","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":114,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"0af318ce-e019-46fc-a63e-9e290cb554cc","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":114,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"7a191f85-42a8-45a5-a331-97bfbddcb534","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":114,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"01a5e37e-d6b8-4c3f-825b-4645ef0e2d43","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":114,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"5a33bd81-c92a-4f4a-83a7-ee03eccecb14","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":114,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"13bec073-c86e-48be-b83d-95847847ca1b","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":114,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"87e70774-b3a2-4335-b7e1-bd08e6a6b58d","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":114,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"b50e0e33-be6b-4b76-ab8c-9ff8daf0ae52","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":114,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"aa83e3b3-350c-4e17-b52a-c8ad2857736f","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":114,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"fca96feb-2a3d-403a-a4f0-a2f7054ece99","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":114,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"980e0dd7-2853-46eb-8681-e0e5b170e446","block_type":"box","text":"especially as that Fund grows in size.","page_number":114,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"48cf8efc-9d10-4b8d-be35-d8fb11d6e771","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":114,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"8fe61589-7218-4579-a837-20f54f38e4d6","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":114,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"97a60fa4-85df-4f6b-8daa-6ca86b3a4d95","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":114,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"92f52710-e536-429b-9eb7-cc305a9c112e","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":114,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"efdb764c-4abe-4a65-b1c2-74b920cbe937","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":114,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"a4794aa9-f4da-456f-bdf6-d9d5a37e76c7","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":114,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"7937d0dc-89f0-485a-a232-bf80a01a1b80","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":114,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"2d94f7d2-ed24-46ce-9b6b-93aaaececac4","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":114,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"51bcebec-1379-4aa5-845f-a37238a089db","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":114,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"ce2cb6b9-aa27-4148-9bb9-7216e72f3e20","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":114,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"15569fed-6fbc-4820-b6cc-3ee0f1d28748","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":114,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"d64d3352-c5a6-4473-be22-b8d0341e9e8f","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":114,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"f3b71f3b-e13f-400a-8293-15443b4462a4","block_type":"box","text":"II-71","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e29c716d-9e46-4574-926c-87a8363bff7d","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ea79b48-d0d3-41b4-8cd1-53c945aec719","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":115,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"e970489c-0e99-442c-8897-272fa461e51b","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":115,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"a3d59909-61a4-4669-a0db-f92fb9b397c2","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":115,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"3cd2e019-631b-4004-b238-6e57438d65cf","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":115,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"5a3d1069-d58a-47ee-93e2-5972407d5583","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":115,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"553c9543-3e45-4b55-9bd3-7fb9dc15ec17","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":115,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"2f256f6c-0738-4c4c-ad9a-a065636f1552","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":115,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"f423e8d2-e2df-4179-8808-d45ef62fc4b0","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":115,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"8a4d9c55-90b0-4283-a71d-f2d027c09ca3","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":115,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"25bfa06e-d06d-477b-887b-fb208e0ae01f","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":115,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"09ecbd8b-fe52-406f-9c0e-bb167bd877fe","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":115,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"1faa547b-cb68-4553-85ad-ebf7a37f551f","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":115,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"377a65dc-8dda-45ac-a934-5afbf754c5cd","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":115,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"85126577-7dfe-4a46-832c-693362dcccbb","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":115,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"e65cd54d-2e55-4fb2-afe5-b78de4ed638c","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":115,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"e538bd23-7e68-4774-9683-0938ef881413","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":115,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"50d62ceb-1c59-4bed-b791-800f189161f9","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":115,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"98693861-4237-47a5-a2d6-171065beba5d","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":115,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"98215e7c-c5f2-4af1-ac11-fc8c551ba09f","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":115,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"f6cfafff-232d-466b-9113-7dea1bfe57e6","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":115,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"57dd29d9-7668-4a1a-9674-d929a96f2d0f","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":115,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"ab1dfa4b-bcc1-4606-8efd-ddb4af432613","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":115,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"e0774e71-e01e-444d-81b8-13003e6c373c","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":115,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"b171fbce-cf0c-4496-806d-c6d9d2fef5e2","block_type":"box","text":"similar financing transactions (","page_number":115,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"3f7eccfd-ebbd-4f2d-ab24-d80fec1ff8d3","block_type":"box","text":"e.g.","page_number":115,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"67e560c3-b262-4156-93a5-6037c43751b5","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":115,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"69d5551d-9799-45de-abc1-316e5ce7bb2b","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":115,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"f26db9d1-d0d1-40db-8d7f-9af5ca14dff3","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":115,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"e7b04cb9-8cfa-4abe-a407-7b3e18c9b4a9","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":115,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"f1d60368-6eb5-4ca4-954d-d5f04a1bc4b9","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":115,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"08c499f2-1a3d-4ea1-b1e6-be5790d779ae","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":115,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"7866b66c-7743-4a60-bea2-ba2e7ea4e6cc","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":115,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"183afa46-402f-44ea-bdef-548178c55cb6","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":115,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"7566730e-7585-4a5b-b67b-af45b9bfe5ff","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":115,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"4588687e-269a-45c3-b596-b1bcaaa60698","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":115,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"c920adad-222d-4007-83d7-6cb94e351637","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":115,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"e9086fdd-edba-40cd-acbc-09526862409d","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":115,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"76d819c1-4768-4f2f-949e-7a2c5cd595f5","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":115,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"bb099d98-29be-4c65-805b-01b01cceaf5e","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":115,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"f915fb7d-3247-4bdd-b5ad-c213a9366380","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":115,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"c24c3111-de09-4d60-9cbd-99b93e872612","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":115,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"2003ca48-d38b-4fad-b6cf-64b1049ec259","block_type":"box","text":"amounts to be received under such agreements.","page_number":115,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"bce7988b-cc00-41f0-9c64-d6d286ee9a54","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":115,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"fb4afb33-6b5b-4f6a-b619-84af2b8b1517","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":115,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"5a8ab99d-37bf-4ced-ba50-5533be4d9cdf","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":115,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"bd7bb924-9fc1-404b-9abc-09ee449c61b9","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":115,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"19856d3b-0142-4f41-87ed-4071eb9813e0","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":115,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"6771d1ad-f9ad-4cb2-ae51-aaf790398c0c","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":115,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"332c860f-a4b1-4d40-85d0-2d2497544174","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":115,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"0da43036-178a-46b3-92d3-2677deae8860","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":115,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"1b720cf3-520c-4b8d-98cd-e0437502b9d3","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":115,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"061c1992-7740-45f1-97f4-d8f142a7fab1","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":115,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"04c6ad9c-3552-4608-8262-51a904f8988c","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":115,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"a1fe77ed-dc9d-4145-a4fa-9eb8f52d7fa0","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":115,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"737863dd-6a04-466c-a0bc-766ea4cb197e","block_type":"box","text":"Rule 144A Securities.","page_number":115,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"5231564a-ac83-43f3-9d13-f473f5d58bc7","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":115,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"a4864a34-820e-4182-98e1-feb29fddde25","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":115,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"002fca02-8d0e-42be-ad5a-d3200534311c","block_type":"box","text":"II-72","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9741060a-e63e-47da-9893-716a68058c57","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96ffb343-0f12-4253-bc7c-0b382ce50dc1","block_type":"box","text":"Securities Lending.","page_number":116,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"bcc3125b-67c2-4afd-b15d-d1c1937e7d8c","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":116,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"89754da0-efce-4698-a414-1861d1fa8131","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":116,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"a6911966-3e5a-40a7-801f-b8d283e8f931","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":116,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"dda85015-476b-4812-8285-1d62c63ddf73","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":116,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"41bbfd60-43cf-4d6a-86d3-1953bb3b9efe","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":116,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"34d86450-f01b-4103-8594-115318a0eb97","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":116,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"91709a40-ae80-4ac7-874d-f4df1871e414","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":116,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"874a9ea6-10da-42a2-83c5-3e3fd6fa37f6","block_type":"box","text":"the securities were not on loan.","page_number":116,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"b9724d4c-f873-460b-a3e5-f860641eb5bd","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":116,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"47650e4b-dad6-4d22-8806-abd6939c3704","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":116,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"92855a70-61d8-4184-b0f4-2179e211ef93","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":116,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"18eb1125-5fdc-4745-ae9f-fd8204eabdf6","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":116,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"792d5307-b122-4737-a5f4-87c5a1cced47","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":116,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"2c9446c8-0482-471e-b201-af53bd1f8a8a","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":116,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"2109db0a-6efd-4d42-be7d-aa1a839a04f4","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":116,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"93bcc6eb-600c-4e9a-973c-2803b215ffa8","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":116,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"8104071d-d333-4a80-970d-0d74abb9f9cc","block_type":"box","text":"i.e.","page_number":116,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"c21f2f52-2ba5-4850-b062-c6e1dc723a6a","block_type":"box","text":", the risk of losses resulting","page_number":116,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"6a88c7ac-535b-451d-a782-83b257346024","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":116,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"f92b72e9-9a41-4757-b908-8bb5218717d8","block_type":"box","text":"i.e.","page_number":116,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"ec05e50a-d691-4be4-9bbf-8a176a7145d1","block_type":"box","text":", the risk of a mismatch between the return","page_number":116,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"08f2d6eb-3b44-47af-942e-378d2491decf","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":116,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"7d755941-7cad-4c7b-aa5e-6bfb16536744","block_type":"box","text":"i.e.","page_number":116,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"7d37885a-0bf6-4bf3-a823-4b8f341398e5","block_type":"box","text":",","page_number":116,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"bcd5c501-6bf6-45bf-93a8-93a4fe69720d","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":116,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"ac146641-7d0b-4a50-bbf4-9601b4fc5390","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":116,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"6fc825cd-71a2-46ca-a405-5649544b50d7","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":116,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"6ddfb2d9-21cb-42e8-8fc3-fe83c0d21360","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":116,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"1f18836c-8692-477a-a7fa-ed7f86cb9d93","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":116,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"6c5edd81-4649-46d3-8a6c-b55c949873b8","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":116,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"85670eb4-ba56-464a-905b-bf05b5bde6cd","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":116,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"07f4b2d0-ab7b-4221-8c42-c2a3d2f6cfc3","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":116,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"49268d35-3229-40e3-b7f8-f786bdb55802","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":116,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"dfdef29d-86dc-4007-a671-cce7b7b802ac","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":116,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"d7de4e39-27f4-4166-bb5b-0b4db74ca960","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":116,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"242fb592-4e72-4b0b-b77d-e3e8e97e7a53","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":116,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"77eb0733-9893-436c-a5bd-8db83bd35fce","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":116,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"45e38091-a315-48ab-a0d2-4c130801c27b","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":116,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"8e11a98a-3018-47d6-9179-230ef0e6200c","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":116,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"ba5270e8-b6a8-4deb-be11-07a9286b338c","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":116,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"e6e23008-1376-4507-9f4e-423d0f0227e5","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":116,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"5c7c123e-a81c-43f6-b5b3-ecebeadb8b4d","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":116,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"780ec0d6-7d86-424a-8778-583ae1bcf5c5","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":116,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"a161ed5f-e6dd-4526-a8de-6ce0aace3838","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":116,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"cb238ba4-edd4-4214-b98e-92a05ff98149","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":116,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"dccbb4a0-8c9b-4dc4-920d-2076488b2d79","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":116,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"7c1bbdeb-466d-4473-a3ef-f7221ad24198","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":116,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"c54227f2-0bfb-4f1d-b9c3-5021c799073c","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":116,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"2d65e7c3-86cb-46c5-a579-b188bc828f4e","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":116,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"3c46c204-3e58-4804-b186-2db6eb590be7","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":116,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"fa6e5476-0c92-4249-9cc9-9a911c14d5cb","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":116,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"75431481-6145-4f83-add0-08ba48048e83","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":116,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"68580804-f236-49b8-ab4f-59836b28cdb2","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":116,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"f97defae-d1a6-4079-b2dd-4aa58196a234","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":116,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"9706dfba-6b45-49c3-b80a-94baf193cc26","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":116,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"b5fc0dd3-0dca-442b-896a-e25102331bc6","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":116,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"3ea2e0be-e444-429c-86e5-992b0e4429c9","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":116,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"5c19ac3c-1187-42cf-8078-23819410a1fa","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":116,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"59d83dc3-9c83-41aa-81b1-363b66990c39","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":116,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"04c0b820-2181-41a2-81b4-d8146cc1d7e4","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":116,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"f7e04e71-cb90-4693-bdee-c87d5cb85878","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":116,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"e2fe0b7c-dd08-4c97-ad42-3df7fee01030","block_type":"box","text":"II-73","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e4ca14a-62a7-4f23-b878-21f1ba3613a1","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"372c4458-a0a5-4507-8c41-e5d8a2dc3a11","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":117,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"e39f5d34-2cb2-4fcc-a582-2032a8035513","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":117,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"f06ca9a0-82de-47f4-bbbb-9e72062fee6c","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":117,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"ab63c120-2542-4a93-a1da-8f5934a9455b","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":117,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"e5620d5d-bfd1-4415-bd50-05221c0a4df0","block_type":"box","text":"the current expected compliance date.","page_number":117,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"9973e28f-0f7f-4c95-ac98-4bc71770ce50","block_type":"box","text":"Short Sales.","page_number":117,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"53dc3c84-7d6d-4e2b-a388-5065bc4a244c","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":117,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"08c27b55-b404-4ecf-919d-24f0ab309c19","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":117,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"73f4cccf-8f71-48c2-95e4-986369b36815","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":117,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"d0e44c0f-b9ec-448d-b98d-42ac60119abd","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":117,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"2b4d2ba4-44a8-4521-a065-40941463f962","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":117,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"a14dc179-0178-4f6b-ac87-4dc08af2177e","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":117,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"f9befcd0-1601-4a46-8b16-e5b23f0f6703","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":117,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"c50a8fee-c285-458b-b36c-c54e109c70f4","block_type":"box","text":"securities to the lender of the securities.","page_number":117,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"63c6c7c3-47b3-4e3e-8371-35e531832f39","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":117,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"177c9688-3bdd-4a6e-8f58-1cb3c458ac84","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":117,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"c53832ac-a602-4216-a5ec-9b1294817410","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":117,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"352ba638-c27c-4121-9c5f-119813b58e36","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":117,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"983967c5-939a-4c24-8012-f0f5bb62c662","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":117,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"7375e04b-49f2-4ec3-ad8b-75f9625ba11c","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":117,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"2f7b7941-1d0e-4ee7-9405-21bb5cbabad6","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":117,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"4c8f0124-1d08-432d-9e07-6298de7742b4","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":117,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"7bd098e8-5f24-4e0b-b18e-5c51ff7a880a","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":117,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"a3157361-4783-4078-ac6c-c26c040eb946","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":117,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"edc2aacd-924e-4e84-9957-cb31facd62ab","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":117,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"4ed4d09e-66aa-4905-bb26-ad48537cd4c7","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":117,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"bdd1596f-326d-488a-a926-e7c69a23ddcb","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":117,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"f98a4f7e-c6b9-4c52-8ac5-8d387df1505b","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":117,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"d4fd2b04-9337-4930-8609-3ed38e87a7e1","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":117,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"845960ee-6345-49b4-84b1-d9f1875889f2","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":117,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"51c59663-1af4-4b4a-9885-748b68dfabce","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":117,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"10ecddd0-2ced-42fa-8db4-065f8b6d6a86","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":117,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"9aec21a7-6713-41b5-839e-03a534c82e09","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":117,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"66496626-1d3e-4965-a440-5f3ff4b6611b","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":117,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"68fa6d20-5257-493e-b088-a89ed1b6eee9","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":117,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"b8d29622-9d3f-4e38-a5f4-8f19a71d92b5","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":117,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"12ba8f18-c3d2-48e2-8a86-5298ef040f54","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":117,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"3df5eed3-86c7-4af0-b5cb-abaf8806203c","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":117,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"25096611-29b4-410e-b08c-992000736c7b","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":117,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"9792e1f8-ce6b-477a-9a75-eda9b28fa245","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":117,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"b10fb9b1-f3f2-42ca-9c3b-dec45dd78007","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":117,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"af737dac-0a98-4793-87cb-b5aa3e49065c","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":117,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"1c661c2d-eae6-4eee-952d-eb50242777f6","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":117,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"eab1e2d5-3905-4e1b-a009-acd9610152e9","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":117,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"34b9a825-e0e8-4add-b28a-31836dca656c","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":117,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"54db4c44-bb23-417d-aa63-2c553347c906","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":117,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"ed557107-c0c4-48c2-83a3-2f4087efe030","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":117,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"d04e185f-58ac-4ded-922a-3828afb6e2b3","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":117,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"625d589e-4e2f-4825-aa2e-ac58f6e425a6","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":117,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"7b8a2805-1f9e-4631-a3da-93ec4a97ca10","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":117,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"5562ef12-1bc6-4688-98a2-34823b4191a3","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":117,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"61f621fc-f54d-443e-8d89-67a27eba5998","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":117,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"a2880866-62f1-4628-b04e-bbfe71e61ec8","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":117,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"c1a71548-d02e-4a03-8bc0-9901ca151a39","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":117,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"a2e2fd64-0b2e-437d-82f6-d0d68eed5de8","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":117,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"bf482db2-4c94-4d7a-8b42-fa93727b9c00","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":117,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"ecf5e5f5-cad5-4424-9f97-77490d04f5d0","block_type":"box","text":"II-74","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b7dc132-b6e0-4f24-9391-f1cc98581005","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8090a56-92a3-4046-8b1d-668d1416ac41","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":118,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"02a623ef-d7f9-4c67-b1d9-92bea9ec06ab","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":118,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"17dd772e-d709-4e0c-bfb3-c3def14f9108","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":118,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"c9e91a38-1fef-4ebb-876d-4825677b1b17","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":118,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"b443f818-d8f7-4f18-a970-cd96b09aeee5","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":118,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"9b353533-7d5a-4ce5-9b44-2af36c8ac44d","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":118,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"0dc04bae-530b-4b55-a5e2-13a935e9b926","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":118,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"bc417e90-8e12-45f0-aa3b-976cf076ab5e","block_type":"box","text":"Standby Commitment Agreements.","page_number":118,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"0eb957f2-26b1-4248-aa77-9a98e35ee9e9","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":118,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"7f8c654e-cc80-4540-89d3-3a9ff6a1f4fe","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":118,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"c4386747-3f8d-41ce-8770-d5e8212afe24","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":118,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"532cc707-23b2-4773-ad2c-45cb1c2ec54d","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":118,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"f5b23422-9b66-4372-9d73-dc7531d8f6c5","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":118,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"036c4c70-2c78-4472-830a-30ac4196bb0e","block_type":"box","text":"advantageous to the Fund.","page_number":118,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"814a8c08-8d83-46ee-8048-9dfaa186e90d","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":118,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"68346a03-ee6d-4e24-b73e-44b4898efda5","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":118,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"76e9f50f-8bb7-4692-bd67-c668bf88e2f4","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":118,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"997fb44c-2fb6-4bab-acca-da49384ca0bc","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":118,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"ab056a1d-7fdb-4dc7-be7f-76c9088aae81","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":118,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"5fb9f700-a23c-483e-a8c9-8a03bb4b1ae4","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":118,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"e8c3b4fd-a340-4982-91ae-30930843185b","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":118,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"3f549141-c67c-46f6-bb54-0b11eb554921","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":118,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"5ed3de87-9fcd-4f3d-b089-a1b8aa3d3e51","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":118,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"4ea1d4c9-8219-41ea-94f2-f008ecbabf6e","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":118,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"71bde42e-3b1a-42d6-a481-f15cc63cd635","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":118,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"a16c20d7-c349-4814-b8e2-8697aa5d8bd1","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":118,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"1603a41f-b513-44a3-a9a0-904a86bfb3f6","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":118,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"54711414-739b-4890-9a53-e8db60eeb566","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":118,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"99262ec7-b894-4856-8bee-68a859ed3f87","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":118,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"07c615b6-a620-4e9a-bd7a-a7d09a56c6d0","block_type":"box","text":"Stripped Securities.","page_number":118,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"cc6a4b38-7ac8-4083-92d9-096a01048e51","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":118,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"5bdee35a-2781-4ae4-9da6-d08579aa9b4e","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":118,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"73c3bcf1-59fa-4014-8c18-26665560ed5f","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":118,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"f9af6d75-1a40-4147-9b82-0d86d3581179","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":118,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"f20b39e1-42a2-4dde-8b31-a294f47b1257","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":118,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"0a8c4bc8-d28d-4342-89ed-f08679c90523","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":118,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"cb53c720-9bf0-436b-a1a1-1b6ac8fa34f8","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":118,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"c369dd1c-9617-4b45-9ca4-cae72ee8b3c9","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":118,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"4c9b8197-8998-40da-a6c5-924ae59eaba9","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":118,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"b039777e-39ad-4c71-a7ad-f624f2bb6b04","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":118,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"56b975ad-015c-4b23-a513-5a7489b14704","block_type":"box","text":"Structured Notes.","page_number":118,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"3808b267-3eb3-4481-bd8a-b9909a5bcd1f","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":118,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"0c84f98e-3984-4079-9830-63758c64915a","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":118,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"ac451e38-1752-4599-9e29-142556367692","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":118,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"308976f6-6978-498c-a342-d66194935820","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":118,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"86431573-8648-48f3-a61f-b841ac7c0505","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":118,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"fbb3dc47-5f86-427c-8048-b873adb05583","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":118,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"b56d1436-5f77-4b9b-b388-4ff2a2b5f0e0","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":118,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"6f28bf8e-5ebd-4f63-86a0-4e827d60a9d1","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":118,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"92e69dae-1bed-4713-b9c6-70ff81f94e96","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":118,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"dc97ba35-bdb5-4041-95a9-b3b71bdf9536","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":118,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"2b1baeae-e932-4ad7-b964-8448e692d090","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":118,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"1c0087f1-23bb-4002-b0f6-4c962640ff5b","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":118,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"61bbfaf6-dec9-40af-9039-9b51cbb200d1","block_type":"box","text":"the risk of loss.","page_number":118,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"864ba584-7c14-4892-a61d-fcf4b6e5c3ab","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":118,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"2e44e98f-1f3a-4ed3-b2a3-32f2b88f529e","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":118,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"c8a44735-0eab-4a01-966b-77d59c29dbeb","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":118,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"d9687af6-fe0b-44d8-8239-4d5b7585fcf2","block_type":"box","text":"II-75","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b995263-a66a-453f-8967-78332164daa4","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7090c304-f0da-42be-8f94-cf3216374d16","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":119,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"42b834fa-46c0-4371-8725-c20878f40a01","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":119,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"31c145b3-9a0f-4a77-9832-eb5794750eb9","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":119,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"d10fb6ce-1da7-43f1-9308-6e5e5ddf9056","block_type":"box","text":"Taxability Risk.","page_number":119,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"37515506-4623-4e47-9315-db81b0dcf3d2","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":119,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"48755f25-5353-4830-900d-e32b31540315","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":119,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"4ef53e16-f81c-42bb-933c-bd729872737d","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":119,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"fab91a9a-bf09-4819-a7c1-bb27bf433109","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":119,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"dfc83a9b-c7bc-4a06-8b47-a21ce278b94a","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":119,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"ea052e27-fa0a-48f8-918e-d86a74dc20c9","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":119,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"188979aa-b7df-4788-8422-8722a900d517","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":119,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"88cbb74d-325e-4744-a355-f9fdf597bca4","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":119,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"de2db054-f3a3-4433-83e0-40d1467bc01b","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":119,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"1032c85b-d7a8-4864-a03b-0fe14c7c907d","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":119,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"4cfff3ec-a18a-4517-89c0-26ad6431dcf5","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":119,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"529192ed-ae46-4300-b9d6-c6912631025b","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":119,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"b1a84bd3-0c6f-427b-bac4-558494c1b134","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":119,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"6ba79ef9-c3c7-406a-8c81-9777eaafb0f3","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":119,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"0274aa28-9286-4162-8be0-8113d9b03fc0","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":119,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"3fb99ae8-e289-4bf2-b6f5-94fc953ac078","block_type":"box","text":"the value of an investment in the Fund.","page_number":119,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"22f8139e-04fb-4f2a-aae8-803b14b33ae5","block_type":"box","text":"Temporary Defensive Measures.","page_number":119,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"a985b05f-8a93-4087-9fb4-ad9812c30f02","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":119,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"e80d1dea-f350-494f-9d8e-2d68f9cd39eb","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":119,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"590fdeee-fe70-486c-b71c-551e9e6cf896","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":119,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"0556598a-6327-4ec7-a6bc-96d5dd46ebfb","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":119,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"760ca975-584b-4d48-a3ca-c765e310f7d6","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":119,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"7b4363f4-8e43-4f86-8765-822426c5eb65","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":119,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"4d154fd7-c384-4b47-b6af-75f6daa9df85","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":119,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"dcabea5b-16e6-4d9f-a437-5e77f6fe6b2e","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":119,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"aae5a0f3-7eb6-4b0f-8e4b-4cda170349bd","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":119,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"998dfe8f-802f-48f5-b994-b12ca217ee08","block_type":"box","text":"its investment objective.","page_number":119,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"24f41b6c-997e-4084-83bf-e57253bee8c4","block_type":"box","text":"U.S. Government Obligations.","page_number":119,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"0eee8b0a-35e5-4aa6-a1a5-0a69b3eed058","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":119,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"3fd481c6-d5db-4476-8001-feaa4bc87371","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":119,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"6950daa2-8a7f-4973-9c68-76d54e7c2251","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":119,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"2f587753-5585-4d27-9c70-e0751828efca","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":119,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"42b92b91-fbfd-4e9e-85c6-a5576c9a0270","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":119,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"5b33d346-7f07-4935-9297-ac7f8d0e52ce","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":119,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"ed9ae54c-1c72-4f1a-80c9-aca6538e3945","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":119,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"a9a04956-4c0e-48ff-8a17-42b85d2f85e5","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":119,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"9e649b49-8343-43ac-9bc0-a1fa746e11d6","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":119,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"13268cc6-71ae-4490-b520-3d6847fc1aa7","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":119,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"0f619a19-ea2d-4c11-a32c-70d086942328","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":119,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"e13cfc89-647b-4820-982c-b9c531297d73","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":119,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"cb5777ad-0c8a-41fd-b95a-56e79ae2e690","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":119,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"3e69a8ad-4835-4ddf-bb20-b02258f9f346","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":119,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"1d02f18e-c7ac-4c6b-96d4-2e05ee89d855","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":119,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"46c83975-d7cd-4f6f-818c-07e67acc2c43","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":119,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"303e7d7c-2945-462c-a498-f6f2a86c2171","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":119,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"5027be39-82f6-466e-8f76-73437c73afbc","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":119,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"44e4692c-2c84-42ac-bf62-9a601f21cb8f","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":119,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"74445e0a-2a72-467a-9fbe-188f74d80997","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":119,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"c378046c-d27a-467d-a21b-feed5b791a3b","block_type":"box","text":"U.S. Treasury Obligations.","page_number":119,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"ca9bd389-3bf1-446c-88db-0d2120871094","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":119,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"f2fd98a8-263d-47b7-bd7d-d2498de06e80","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":119,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"627ecb6f-62e1-4d7a-bb36-49cd2eacc7a7","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":119,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"50e27222-eb90-4040-841e-1b2ef39f2551","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":119,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"6952d5d7-ffd1-4ee7-8bdb-342dbfa96192","block_type":"box","text":"do so.","page_number":119,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"578ef5fe-faf2-4cbf-9d3f-8083c560df27","block_type":"box","text":"II-76","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1be14d73-2328-4c2f-831a-8d73f3fdc179","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"056ce93a-72f3-47d2-9e6e-f95f3a40b2c6","block_type":"box","text":"U.S. Treasury Rolls","page_number":120,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"137b9ad8-dd51-4e0d-b047-3ff49f9bd179","block_type":"box","text":".","page_number":120,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"95a49b69-ebb6-42d0-bcc7-e5251347f635","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":120,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"9445e9ad-5ffe-4c4c-89d3-ad9bd7e04f50","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":120,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"af9f31a4-3f9a-4c23-b61d-4020b805442e","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":120,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"760cb715-a3e3-4d0a-9202-ad6ed04629dd","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":120,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"5678db1f-d364-4e19-bc92-1be8604e3f90","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":120,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"0f40f27b-adf4-4ef6-a333-2bf0080c3137","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":120,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"b15a1d09-5478-4903-91f4-0e4fae244e5a","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":120,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"371c656e-3621-4255-af58-d30ec1c88392","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":120,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"aff683ff-60e3-4b2f-b7fd-9391f7e742d5","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":120,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"4fb438b4-8740-4c67-8578-907d536a26a2","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":120,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"a95d29ed-b851-4a4d-8a5e-86eb767068b0","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":120,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"4a3d5a88-f521-4709-92c6-7c2bd018ad24","block_type":"box","text":"Utility Industries.","page_number":120,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"71a86282-ad87-401a-a0cc-5a0155615a2a","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":120,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"ddff2d99-014b-4fa3-878d-e8d9d750e400","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":120,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"bef14544-bc18-49ef-90ed-fce8c2932164","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":120,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"fff88736-b553-4d28-9048-62144991fd04","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":120,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"08f08416-25fe-47f5-a462-984f04722929","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":120,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"d258e54f-fcb2-4317-a7e1-c51d7ebf8c63","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":120,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"9f1f3661-de14-46c7-9c6c-4e30e2453d7e","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":120,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"a5c9d4f8-908d-4a2e-8d31-939fea1ca50d","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":120,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"8b53bc04-12a3-4b6e-b56c-4b64efbe1b11","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":120,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"6874e223-416d-4773-b393-91edb8a233de","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":120,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"d04d0ea3-20ba-4f67-84e4-92d9af1e66fe","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":120,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"dbabba97-6d21-4290-8976-83171f7febca","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":120,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"d468f24f-6a78-49bb-bf56-94580abbc90a","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":120,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"99d53e4c-0a2e-41e7-986d-54bae942500c","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":120,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"5cfe3498-72de-45dd-a2e1-42775572da4e","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":120,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"f4fa57f8-4dd3-4e24-8121-32a927372ac8","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":120,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"d00996e4-af4f-41bc-aa59-2c069d4da184","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":120,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"b920aad3-0c16-4c4b-b659-4b24be3227aa","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":120,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"ad9a4935-d314-4663-87b3-d06cb03c5cf8","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":120,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"0610080e-944f-4fea-a765-f9b78bc846d8","block_type":"box","text":"utility.","page_number":120,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"0b8130c7-d26f-48ea-91c6-aaa1dc6ce00e","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":120,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"8589c065-06ad-49dc-a0c2-0c7b79bb5646","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":120,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"315e2e65-7e72-44b6-9d2b-22593614db4b","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":120,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"90250ff4-389e-4412-9faa-12317b9ff56a","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":120,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"fa72dd41-53b1-425c-af3b-a25e71a72050","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":120,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"5f4da95a-df7d-45a5-bf3e-557b96e5bc20","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":120,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"9971c7ab-5b97-468e-b8a6-170f7bb895b4","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":120,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"18d4eebc-43b2-49cd-b1de-fe9333d8a2d7","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":120,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"7e2a61e5-3893-4848-a4ad-d0d21df47f0c","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":120,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"16f40240-55a3-4cf3-8863-cd46433c1274","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":120,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"337bd6e7-3ab7-49be-bdf4-d1fbe63ee04c","block_type":"box","text":"continue in the future.","page_number":120,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"03fe0d94-fdc7-4ff8-a879-19442f3aabf1","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":120,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"9a041503-d423-4a47-b069-3f84e69fcf5a","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":120,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"05dce251-e2fe-40ff-a637-87a379e3d3b4","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":120,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"ae897183-019f-460e-baba-8711355c766d","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":120,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"4af6cea7-c6c9-4226-8f34-7538c6759018","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":120,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"d473700e-93bc-482d-89b2-d27e53dfda07","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":120,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"5301b68b-567f-4d5d-bf38-8bd5df7f49e6","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":120,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"5745002a-22ed-4078-b6f8-236237aeae2e","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":120,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"d4a5b0b6-528a-4593-b1fd-28e6c55c83a9","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":120,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"de87182e-15ad-4a28-88cd-87c384e612d2","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":120,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"d60f39d4-908b-4322-9569-93a632a483eb","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":120,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"c5057b42-6e2d-4f09-9649-06fe8b1a2b99","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":120,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"3cf6001c-7bdd-46ff-8fac-0666f8be0add","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":120,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"cd766359-77cc-4b7a-bfb6-fe2c1906dd21","block_type":"box","text":"II-77","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"56f8a8f7-4916-4f3b-9ed3-47487be4b2cb","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e06d18b8-bbc8-4149-a0f4-cdd1af625d23","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":121,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"cc695bef-b777-4fbb-9df6-431612787fca","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":121,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"11a67e6a-2ca2-442a-8c84-792affb4387c","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":121,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"a2b44883-2d1b-4ee8-8b9b-4d2d8a2fba60","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":121,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"d9e9271f-134f-4391-925e-17680b5add17","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":121,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"e7388fd1-066f-4227-877a-4c307ac4c4c8","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":121,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"3b9f73d7-33fc-4df5-94f0-76d56f7ceb5e","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":121,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"8892cb1f-c1a6-4f3c-bdda-ac65bb20bd79","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":121,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"cf25200f-a4e0-45f2-963d-3f049ff946ad","block_type":"box","text":"ways different from regulation in the United States.","page_number":121,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"7f7f4b96-6f71-4670-b408-749cd80da9c1","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":121,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"15527dd0-2640-42bd-a24e-52fa4950b1a7","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":121,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"cc2bbe6b-5376-455e-8c69-2dc330b43558","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":121,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"20f8fda8-db8f-42d7-9d68-e076c218081b","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":121,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"a0be6724-d65b-4f51-a3f1-8fb0e358cf4c","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":121,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"3bfcaa66-8b9a-4463-bc4d-b329ee81d6f6","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":121,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"9b67b17f-1e05-40ab-b6c0-5accf81b9731","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":121,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"bf8767f1-f506-4716-8d6e-38aeca29fc2a","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":121,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"1fb654d0-173d-43a6-ab8b-cde06f036ca7","block_type":"box","text":"increase.","page_number":121,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"8a1bed21-db02-4faa-9094-2a104c9650ae","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":121,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"ca95a56f-a3d3-4a5c-aa44-4a7998b0cdf6","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":121,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"52871139-5409-4572-bb9f-72cf95baf826","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":121,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"0802439a-3cef-4827-95c1-28a62401bcb3","block_type":"box","text":"Electric.","page_number":121,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"d02f33fd-bd41-4d6b-b9a9-ecba0bdc94f7","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":121,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"6021169b-2740-41b3-bef9-a41292a508f5","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":121,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"d287b3ae-1196-4426-b218-7c6caf795d63","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":121,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"b5d3acb2-0f65-4790-ae4e-f4ab6e5c0982","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":121,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"40da44df-934c-48b7-8e7e-66c77e2d99d8","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":121,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"b2f81c5f-8d0a-479f-886e-9f87477d75a1","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":121,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"5b3ab31e-2d0e-4eeb-9471-66f3a501d57b","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":121,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"202e09ad-b1c2-40f5-b3db-ce5b967b4164","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":121,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"c1005985-c230-48ec-86ec-17fe58c792f6","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":121,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"c39cf4f8-8ba3-47e8-8207-51af5505c48d","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":121,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"ba817740-e585-45d3-9956-e6cc4ba9a09b","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":121,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"b382721a-1f2e-4e88-8174-bd35496430c9","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":121,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"16234e22-b26b-45b4-8a8a-98b3165cc9e4","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":121,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"bd89be61-c5ed-4444-8df6-c5c6bf77ba88","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":121,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"7aeaa8f7-11cb-40ea-8c4d-976db4b4a838","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":121,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"5ed9f88a-dbd0-4940-8d07-d6cff0cf9f35","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":121,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"5705e444-e726-435f-82b8-9ad7b88bb1b3","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":121,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"d86c4e31-e3f3-457c-8688-a8945be1e3b8","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":121,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"c216a404-e48e-4ee5-bbff-67aaffc862f4","block_type":"box","text":"and for decommissioning such plants.","page_number":121,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"02a7d169-5fc1-4e55-98db-b808c7b86941","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":121,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"e884c1db-b8a2-4ad4-a573-0cc58afc7d41","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":121,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"089f2960-927d-43ba-ad17-9040e03fc1c1","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":121,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"d7cd0be0-a35a-4fd8-a2ad-dfd4cfc02796","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":121,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"2d6e89e9-2c43-44a0-ad37-dabd09b79beb","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":121,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"95888e8e-4f29-43e7-b9eb-173c217a61e6","block_type":"box","text":"greater predictability of cash flow.","page_number":121,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"ab58eacc-4ced-4cc5-a8c8-44d30e9fc340","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":121,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"c505af1a-3a8f-454b-9c48-3a0157957aee","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":121,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"a218f79c-5724-4c08-8b5a-822c167e5b49","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":121,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"c33d6352-01b1-4348-a74f-ea6ce38fa0c4","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":121,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"306c15cb-328c-461a-9f3c-07b3a5acf55b","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":121,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"76ee2b4b-89ef-4d06-be65-8ef449b3b6ea","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":121,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"2faae934-f72b-44f2-9ed2-f97474c5b896","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":121,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"a716daf2-9ffd-4d08-ac46-b38e31b12748","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":121,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"ef29b329-9f6e-4e08-9310-cb528b63c509","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":121,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"28e23ddb-b42d-424c-87ac-888bd79900e9","block_type":"box","text":"II-78","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5f1be79e-afa0-49dd-8636-572870321c50","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf4e775f-f1b9-4b8f-b5b3-faa6b2fb4b37","block_type":"box","text":"Telecommunications.","page_number":122,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"a486801b-7742-40f8-ac9d-68b05c0c9c47","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":122,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"dbaf2bb8-cdff-4a64-82da-321ae6e8c0a0","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":122,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"43e5722a-b8ca-4965-946f-2350b8be4fa7","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":122,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"d0fd5c7f-30cb-4ab3-9c53-f1cc602b0416","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":122,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"8ff3182a-34bd-4d83-8b3f-2e89436924a7","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":122,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"722f63e8-5959-44e1-be54-19884501892f","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":122,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"e24f72c3-c6a5-4452-acc2-84b75bfb621f","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":122,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"7431e8da-42bd-4bae-8fc7-133c6b131b29","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":122,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"6867f918-5c50-4001-acbb-d6c8e56bc5f6","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":122,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"9130b1cd-d07b-407c-92b1-20b41a02af39","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":122,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"78602d3e-a1a7-45ba-a390-ff337bef2279","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":122,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"9a338f4e-a9cf-4841-b7c7-c67f56b1c947","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":122,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"9a731d5e-0008-4784-a7a2-a54b46204b53","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":122,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"c02db5f9-2ebf-4846-b3dd-efaafa112951","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":122,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"cf7202e8-3daa-473c-8301-18a0cb64977f","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":122,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"12a8d355-da82-4c9c-aa48-5a3582731acd","block_type":"box","text":"residential, corporate and governmental customers.","page_number":122,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"545391a9-4cb1-4a6b-84a1-22121a6b301a","block_type":"box","text":"Gas.","page_number":122,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"c6b6bc82-bb12-49fd-971e-317e487fdb5d","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":122,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"cedfd7df-687c-4f78-bbb0-1838ccad14e5","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":122,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"6badf0c9-ae96-418d-a662-494672516ccf","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":122,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"562b2493-461e-4d9a-803e-f376ee64d072","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":122,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"165f1698-3224-44f8-b4f6-ee6881cbc8e3","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":122,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"a662923d-0fc6-4092-b6ef-90486adc0ee2","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":122,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"c87c4b12-b768-4324-8f38-87a1f7ce71c5","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":122,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"a304ad00-8eaa-4e09-8f44-4c66180ca1ef","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":122,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"45f6146e-1de8-43d0-bf07-5148da00008c","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":122,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"d69bfd2d-fc57-426d-a129-c042c3e14917","block_type":"box","text":"Water.","page_number":122,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"fb230837-c342-4551-905e-20c5c8f7efe9","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":122,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"fab37da3-7236-474d-8a2b-502836f8b356","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":122,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"18de34c2-0b73-45de-b334-504bb56528d8","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":122,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"ca7c6aca-7485-4b15-90b7-3f8b41e71a19","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":122,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"c5fee61b-f982-4895-8e0b-4dc23599384a","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":122,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"9030e25d-3359-4d05-b4f4-1f9c187bb972","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":122,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"d4c8f2cc-1e94-4b42-baf6-da56009701a0","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":122,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"16e81958-c8bc-4cc8-887e-250f56e66d61","block_type":"box","text":"Utility Industries Generally.","page_number":122,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"23a82235-72bf-4c03-b915-27d158e270e2","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":122,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"556dd6c4-80ae-4c9f-ac5a-bb5405394f9b","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":122,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"7ba9c127-25cf-4156-a0bc-713bd96c2b56","block_type":"box","text":"not develop in the future.","page_number":122,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"a1a32221-e175-4564-82b6-55b5b72ba06a","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":122,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"4015509c-3645-455a-8ab0-6d2c0258fa6a","block_type":"box","text":"A Fund may purchase or sell","page_number":122,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"e28780a3-0356-4998-bfa4-4eded2e954a6","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":122,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"ef8d7561-d60e-4267-b751-250a502906e1","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":122,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"55bc1099-b423-4c08-87e0-2e1e159771fb","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":122,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"07c9a970-e94e-4dfe-b853-a0bb30cac83b","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":122,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"a1017264-1bff-497b-8a17-bf6a43e7f864","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":122,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"c5acd5db-1d9d-4eb4-84aa-14c8abd4862c","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":122,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"76b7c02a-2e2b-43a0-86c7-b1140ff1bceb","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":122,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"14dabe4b-5921-4a49-86ee-f556d2eff24f","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":122,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"2d42dbb6-1d05-4353-86b4-67bfbe2dd614","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":122,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"f7991349-b7a7-4a39-83d7-78674c3fcbe4","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":122,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"aecf5448-fd16-4ce2-ad5d-202a82e19cb6","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":122,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"05c10af9-9f2e-4ba0-9475-d9edb3d74ba1","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":122,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"f676cbbd-dffb-4278-b322-7eaf1e23c336","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":122,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"a8cf05a1-149c-43e8-aec5-06fd7748c6b6","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":122,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"fce7f7f4-1789-4bc8-ae5c-9c66810afcee","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":122,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"8fe07e89-e831-4550-86fa-1f1ae736a26c","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":122,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"6fd6e100-0166-4a8e-a95c-ca015b38c0df","block_type":"box","text":"II-79","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"488f1ac1-667c-4314-a9d8-57f20855643b","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8179bb8-f0bc-4546-8a6b-16aa27fb4a14","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":123,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"7a97b446-90e5-4c65-88e9-2ab8bc5fea30","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":123,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"9ba77f9c-2c05-4458-bea8-fc221958974b","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":123,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"8e4fae82-0a37-4582-ab07-3132087578b8","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":123,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"460892f5-178e-46a6-a221-436d6f0e5461","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":123,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"5b6c16fd-c515-44e1-b758-d920ffab8402","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":123,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"39ea3074-fac7-48e9-9309-912cbaad6392","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":123,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"bd9eb298-6cfa-4a8c-9b1f-e508a1d4c948","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":123,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"3d9adcc0-4ac9-4f94-93f6-b959806d8d85","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":123,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"fa0e9a14-09aa-402e-9245-8b969aac1ba1","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":123,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"f3e8fbe0-15b9-4e3a-882e-da0be63d0870","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":123,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"cb00eaa7-853f-4221-96fb-564344ff17d5","block_type":"box","text":"securities (","page_number":123,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"836e07b3-3a8a-48ae-9a04-d605a14bae70","block_type":"box","text":"e.g.","page_number":123,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"49c811cc-3cf5-46e2-91f6-3fe17ce4060d","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":123,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"777d1f2b-ef01-4e13-a0c9-53868e8d3ae7","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":123,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"c9079fb9-097b-44bc-9641-fa607f460021","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":123,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"307ba083-9e90-478c-8b93-13fb1ef62d25","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":123,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"8e7922db-7440-40da-b1de-a63a64c1c705","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":123,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"e8938faa-9690-48fa-96f7-e807bcfc4bd6","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":123,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"32b9d7f8-6d4c-4057-819c-836b136c9ae0","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"3bafa06c-ce84-463c-95f4-96d33435e782","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":123,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"eaba1a25-2f04-4ce3-b6ce-a5fe2911a609","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":123,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"2ab9e6c3-e8da-4bc4-915b-6ea5e8853303","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":123,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"d30b91b4-7934-49b0-9f2f-46b0ed81c239","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":123,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"4fd6722c-d721-47b2-a010-9093e2a35c38","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":123,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"307a3d33-e8f6-4f67-a5a3-a807fb7d5b6f","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":123,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"2ff079da-61ec-4202-8c77-d262c7020107","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":123,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"25440eba-e710-4e89-a257-44c562650d78","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":123,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"40646efa-88c9-4fe5-a8a8-a145293eb5ce","block_type":"box","text":"Yields and Ratings.","page_number":123,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"3028911b-8b19-4dbd-a929-e9bb5d05ae3c","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":123,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"41b62cb6-ab51-406e-ac8a-ffe75e900259","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":123,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"2b7e13b8-3d49-4879-91dd-66dddf57c680","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":123,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"6ff37c4c-ab14-410e-adb3-7e19c1259da4","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":123,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"436f622b-67d5-4f17-9892-2e8ba429744d","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":123,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"c9bc118f-e2a4-4312-a649-32fc5a2829ce","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":123,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"c5c2af83-3cfb-4ad6-a928-955aacc4e681","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":123,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"091ca448-fe31-4ec1-8cce-81f8cffc18ed","block_type":"box","text":"continue to hold the security.","page_number":123,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"33bd21f3-d4da-457e-bc28-71dccf6ded39","block_type":"box","text":"Zero Coupon Securities.","page_number":123,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"1d325446-3b09-4951-9b41-0c8dbe29f2f7","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":123,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"0bc92f56-1487-4b4e-b215-f42cb58fd546","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":123,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"199d9338-ad45-4975-9d0d-1a5ddd2d56df","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":123,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"db79f86b-6f0c-4948-bf44-75987c77ef74","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":123,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"ec161f18-fdda-4acb-87e4-ac1b0b9cca7c","block_type":"box","text":"security.","page_number":123,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"965562f8-e4a6-4c21-9d2c-e94e2db5e7f7","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":123,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"128f42bc-6ca5-419d-9750-b17a01c3be78","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":123,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"b37acb7c-786b-472c-86df-844ab302c32f","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":123,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"92cfb138-67f9-4091-9ad0-f591510495c2","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":123,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"53b54257-b9f9-4507-97a8-960128332747","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":123,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"1ae21e31-c363-4989-98a9-a6027d89b8c9","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":123,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"063b4bf3-fd00-4329-b376-0c8f532a8d5e","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":123,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"1dd36aed-8dd0-4bca-99fb-eb814ee1d4d5","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":123,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"05493da1-4db6-46ab-a7f2-dc719efb7dbc","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":123,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"a226a9bd-1bb5-4cec-bd0a-48ee91ff5f5b","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":123,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"58244cd2-f716-49de-bebc-a4519827a70b","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":123,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"6a26115f-e672-461b-bbc5-18a6ccb3d363","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":123,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"c9867bd1-759b-4180-96ba-b1406678519a","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":123,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"2bc0bee9-41c1-47ba-96b7-68a684b690ba","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":123,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"96f3dbde-7dd8-4cb2-95c9-9a339cb0a7ea","block_type":"box","text":"intervals.","page_number":123,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"7ff672a8-8651-4c2a-82c3-941182e82f43","block_type":"box","text":"II-80","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c7077435-8af9-4f90-8505-b1f005b5c21e","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c3dd5bb-7f6a-4f10-9a6a-cebebd34106f","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":124,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"466ee4df-3ff4-4591-8093-33e08d6bbd92","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":124,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"0375d74c-765d-4ea9-ad6e-6fee7c696ae1","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":124,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"e1fd562e-076b-414b-a972-82a616e1bfee","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":124,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"b8c2debf-cf54-4285-a09d-6057c4821b28","block_type":"box","text":"exposure to zero coupon securities.","page_number":124,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"5efab67f-ed2b-4f52-ba69-d0a0fddef1bf","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":124,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"752216c2-1645-4f6b-bb2e-0404d6408d96","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":124,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"60f680b5-0b82-4f5f-a39c-db62fa9d6f7e","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":124,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"5b6284c3-d5f4-4f4d-9c66-ad918c96e9ba","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":124,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"26caeeba-482c-4274-9e50-4de4b15fd604","block_type":"box","text":"Suitability. (All Funds)","page_number":124,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"e8ecac8e-6a9d-48cd-9a7d-1fc1f0df85c5","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":124,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"fd08730d-d7eb-415f-84c1-5cff583549f2","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":124,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"4417db4a-fbc2-48f5-b80e-c437dbd41e07","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":124,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"545dc3c7-7f3b-488c-89da-912e05d6e6cf","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":124,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"3a02bbf5-699d-4b16-93b6-43c4c6d4603a","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":124,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"eb4d00ab-1cc4-4cbf-9e46-e86c94c92b4c","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":124,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"37afda52-0ce7-4040-80d9-2405d4cfede0","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":124,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"98c8bbc6-2a97-45f1-b2ae-1c6935dc5610","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":124,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"4171b979-57e1-484b-a515-9b1be177bc98","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":124,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"6d0640e2-b80a-4c6e-915e-234023f7d2aa","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":124,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"2e0459c0-e7d7-4864-9308-3ecc8ff44906","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":124,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"eff18846-34cd-4e3a-871f-ad1da4a836d8","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":124,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"4f4a85f2-d5c3-4451-9374-a9b75d5465b3","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":124,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"43ec0720-f221-4a79-8ece-7ece9d33e444","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":124,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"64c87bab-4903-42ac-b969-aa3242c5f559","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":124,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"fb9b1183-a2b5-4f41-bd4d-e74fb18011f3","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":124,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"6bb3f984-ac78-4555-96e5-f7a486610245","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":124,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"e381833d-344f-4b9c-be21-d56cfdf9587d","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":124,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"1574acf4-b00b-4d2b-abcc-049b98c106b0","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":124,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"4261c60b-68bd-49c6-887c-c968dc5fcbe4","block_type":"box","text":"(","page_number":124,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"f9b254b7-4794-458e-be1b-b36b86952c50","block_type":"box","text":"i.e.","page_number":124,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"c6c004fe-45af-48c3-8cf5-cef5f02ea08d","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":124,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"8997c3ed-274c-4120-ab52-b10f3893c24d","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":124,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"ba607f3d-1ee7-473e-8a80-918783185811","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":124,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"a0ccac37-9318-4673-8508-9e86355196c0","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":124,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"22398e01-8706-4436-a18b-0fa3325e9c1a","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":124,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"b09140eb-a724-4185-8994-ee87b7e1f6a2","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":124,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"99f9a424-ab0c-4af2-9ccc-e93e3a12bb8d","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":124,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"8d418f88-85ea-4339-8ec1-2d3c32765e57","block_type":"box","text":"regarded as the sole issuer.","page_number":124,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"b3f64278-19b5-4e96-95ba-e70f43bfc9f4","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":124,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"44b81f12-23e9-41af-8dd0-b23fb6580c6a","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":124,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"301ad95e-1777-4b63-b852-76b77c99eb8f","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":124,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"8c5f0699-36e1-4c2e-a305-b7f3a1638d8c","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":124,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"81436a31-92c5-4090-bb9f-230e63633855","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":124,"box":{"x":70,"y":717,"width":834,"height":12}},{"id":"cf6ebc6a-b702-4052-ae0d-fdb5c85a08b7","block_type":"box","text":"75% of its total assets.","page_number":124,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"b719c1c8-0ec0-4b34-8c7f-5674e0706625","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":124,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"20d1d9a3-9c81-4d56-ad03-7420eeb01ae5","block_type":"box","text":"Directors and Officers","page_number":124,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"3e39fc37-1cbd-4789-b30a-cfa19e2236a7","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":124,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"7903dfef-b062-4cb3-8759-464f85592380","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":124,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"5f64da3d-6141-4c17-9821-a4c96d2fe9c4","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":124,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"a659d878-a093-49c3-b7d3-df307ffde221","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":124,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"f77f4d60-333c-4225-8ec9-1afb9483bfa4","block_type":"box","text":"II-81","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bc1bb361-6103-4469-b95d-7e8b130a758a","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd15dbb8-1980-477a-9a91-d3ca36cfce10","block_type":"box","text":"Management Arrangements","page_number":125,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"c75562e7-fc0c-4708-8115-63774b2f4fa4","block_type":"box","text":"Management Services.","page_number":125,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"f6ed3d3d-3cff-4dfa-bff6-59a15c20c34f","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":125,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"fb05ca90-5956-458b-8a8c-a24bccbc4b57","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":125,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"92c7eb3d-b203-4627-9d9b-a253d1c3fff7","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":125,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"862a9464-0e59-47cb-9bb9-6a7c276e8213","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":125,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"7d82e2a6-3fb8-4513-8768-35934ddfc55c","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":125,"box":{"x":70,"y":128,"width":801,"height":11}},{"id":"5af69cdb-c2f4-4610-a1c5-29012d83d16b","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":125,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"a256e5a8-b270-4445-8090-b60527ce39c7","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":125,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"62f5859e-6aab-428e-aef1-bd98af20224f","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":125,"box":{"x":70,"y":181,"width":800,"height":11}},{"id":"4ceae386-9174-4992-9c5f-41c2a97e7df6","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":125,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"21eca191-edce-49a9-b2fa-2594497a0039","block_type":"box","text":"Management Fee.","page_number":125,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"3211bc20-c59b-4f69-bee7-035276dda0a6","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":125,"box":{"x":235,"y":219,"width":646,"height":11}},{"id":"14f74e74-3b7d-4799-8343-e552d7ecb6a7","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":125,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"9f4c68d6-e560-49aa-88ad-994db868d809","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":125,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"e09f1ad9-9bfa-460f-bb6c-468443330340","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":125,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"91bdae9c-9076-4b1b-8c94-e4b73e2886c2","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":125,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"c597aac8-6440-4556-9f00-0e54c9250e05","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":125,"box":{"x":102,"y":302,"width":774,"height":11}},{"id":"175366e7-9a11-4ed5-8fa0-e3d2701c3daa","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":125,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"53fbe548-5736-4af8-8b8e-d216e8cd2e32","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":125,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"86222e98-11f0-4443-8181-21fc699492ec","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":125,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"b717c2ef-ac45-4edd-b5c2-267d9f3493f2","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":125,"box":{"x":70,"y":362,"width":830,"height":11}},{"id":"5463c78d-d7e5-42f7-b9d8-7fa214b3384e","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":125,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"1ff60389-3899-4bf1-a6da-4e806a0aaf09","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":125,"box":{"x":70,"y":392,"width":809,"height":12}},{"id":"9dcbe461-c847-4d66-8d38-6a9ae8f9f20f","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":125,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"930b9a34-354b-4efa-b010-439a82912e98","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":125,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"959c0a17-a8ad-4b65-8198-593e45209a10","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":125,"box":{"x":70,"y":438,"width":784,"height":11}},{"id":"4f6bc59e-3276-4fc5-ab35-9d221b6c9536","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":125,"box":{"x":69,"y":453,"width":767,"height":11}},{"id":"2227dbf0-ce9a-4028-a004-083b648de381","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":125,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"cac413e2-d849-44a6-97ae-2372f9bdb442","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":125,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"70c55b18-ca51-48a1-87f8-5021317c3519","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":125,"box":{"x":69,"y":498,"width":794,"height":11}},{"id":"ea4ec9ab-cefc-4975-ac7e-baa9cc5af832","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":125,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"6106cefe-ed04-4460-a5c9-7e029e662e24","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":125,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"f60267ba-fae7-4224-a435-db965073eaec","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":125,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"659db72f-cba7-4503-a6ed-8b39cf325e37","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":125,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"6013e930-609f-4b10-85da-85ccf0a97dc2","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":125,"box":{"x":70,"y":574,"width":743,"height":11}},{"id":"de5fbc7e-9fcf-4df1-8181-2b661f06176b","block_type":"box","text":"Sub-Advisory Fee.","page_number":125,"box":{"x":102,"y":597,"width":124,"height":11}},{"id":"69a2130c-5153-4f69-8b1c-3e5c460a0b93","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":125,"box":{"x":232,"y":596,"width":643,"height":12}},{"id":"470c8c92-8a7b-4a76-9402-4ffbb3c6b8c5","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":125,"box":{"x":70,"y":612,"width":839,"height":11}},{"id":"c27461c6-f7c8-4c53-b08b-e71938cb59f5","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":125,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"844d91f1-6a5a-4138-b38c-24814561f276","block_type":"box","text":"Organization of the Manager.","page_number":125,"box":{"x":102,"y":649,"width":204,"height":12}},{"id":"6cf407f5-1863-47b3-bfb3-62cb665af545","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":125,"box":{"x":313,"y":649,"width":560,"height":12}},{"id":"cba61a75-9e75-4541-a7c2-0ec19c164680","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":125,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"d97d14ec-6b3a-40d0-b6ae-d2c267568e5a","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":125,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"c8c99df2-7262-464c-8e93-126c6efac34d","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":125,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"a4ebbbde-6f12-4f68-92b7-76d2ac19cfff","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":125,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"190e7696-760d-45c0-901a-08202bad4253","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":125,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"0b1e6387-3256-4aee-9819-3b1e07b51339","block_type":"box","text":"Duration and Termination.","page_number":125,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"caf7a42d-63c6-4ec5-b3ef-63fa4c6f1453","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":125,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"027973ec-2180-44aa-bbf1-43d2be274b0d","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":125,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"1f34da3e-cdd9-40a2-ae53-ea429d8a99d6","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":125,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"820ccb6c-60df-417f-98f5-c843c4200672","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":125,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"27b524b9-e6c1-4f88-986c-4136511085f4","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":125,"box":{"x":70,"y":808,"width":778,"height":11}},{"id":"103676f9-2da6-48cb-88b4-bbb7ad3872f3","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":125,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"330d3ab1-f9a2-40f0-ae17-d72ec9cb28ef","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":125,"box":{"x":69,"y":838,"width":388,"height":11}},{"id":"a7b9ba95-4865-47c5-add4-9d024877f1b3","block_type":"box","text":"II-82","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2c07230c-f771-46cf-963e-b84a5e363c3f","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da573768-5018-4f46-9c70-69b00883c026","block_type":"box","text":"Other Service Arrangements","page_number":126,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"a1fe8241-4103-44b7-9996-b14b0ca1441c","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":126,"box":{"x":101,"y":67,"width":338,"height":9}},{"id":"46b910fa-39ec-4d81-ae6b-aaa19ff5bdb2","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":126,"box":{"x":446,"y":67,"width":439,"height":12}},{"id":"94311d0e-fc83-4837-89c9-be10af207416","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":126,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"69836d76-b304-4be5-8ba3-2d2876640690","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":126,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"d7fecb0e-4165-4358-b0ce-4a6820fd1e1a","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":126,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"0eeb86a5-f401-4283-8be0-96d8b5d311d1","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":126,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"8e38fdfc-c968-493d-a5ea-24324a827973","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":126,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"3e05b536-7b81-4d15-ba74-fe31e558c7b0","block_type":"box","text":"that Fund’s SAI.","page_number":126,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"7e6779d1-46e6-4507-acc5-8822158d65a6","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":126,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"abbee410-adba-4cdf-9873-962554897cd8","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":126,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"b709a484-5a06-4711-8d84-ee22ecb17f3a","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":126,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"14b5f6c6-fa65-4e2b-b63c-01266247d063","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":126,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"e19c54ce-3018-4302-87b3-7c7428285190","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":126,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"e45cbfe8-2aa8-4398-ac8e-70ed90b5d643","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":126,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"5cc1aeb5-5794-4ce6-80a0-dc41af2059d3","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":126,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"64222184-e1a9-4d65-ae00-38da8ecca801","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":126,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"3d305cbe-a692-495a-ab99-a226680fd2a5","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":126,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"60b4ea82-44dc-48a7-919a-6196327b1844","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":126,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"1134bed8-5b0b-4a7a-9119-9d95fd0ef9a7","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":126,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"0f7969c7-c677-448b-adb6-8bd6aa7e46cb","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":126,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"0bf4a4c8-d7e5-4896-8236-d42db79ce8f2","block_type":"box","text":"shareholders of the Fund.","page_number":126,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"1213cca2-8e7a-433a-8b49-1842d2335885","block_type":"box","text":"Transfer Agency Services.","page_number":126,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"6e3818a4-166e-4418-a665-349669057227","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":126,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"6b3b4922-cc3f-431f-a958-6c25a5c64923","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":126,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"1f09f6a4-5c37-4b3d-8451-4e29115ea48a","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":126,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"fc06b7ba-674d-4bf2-90c8-4eee198c6339","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":126,"box":{"x":68,"y":423,"width":792,"height":11}},{"id":"595b77f7-d3a6-459a-a700-dc61717b88d6","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":126,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"443ec2d0-e389-4460-b175-7645dd8b3b27","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":126,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"a714c474-7068-454a-85aa-089b771d1332","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":126,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"9ceb7542-7ba1-4d12-b129-4b94dac7704d","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":126,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"5b306f8d-41a8-4ceb-8bf6-93809957a4fe","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":126,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"57db3144-aa89-41d5-b7ca-00d515326f1e","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":126,"box":{"x":69,"y":513,"width":806,"height":12}},{"id":"c4691aba-315a-487e-9f28-72945dad34cb","block_type":"box","text":"class on a recordkeeping system.","page_number":126,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"34e6b662-36d8-42e6-b9f2-67d91185e440","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":126,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"244430fd-9e63-4a8a-b30e-4a55503f0a01","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":126,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"dcc6da49-3a79-4117-a6aa-b87b88bc4ae3","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":126,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"54ba4fcc-24de-430f-8835-7c6f9bbefaeb","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":126,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"1586d4d3-1210-4dad-ac72-cdf94ebb1be6","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":126,"box":{"x":69,"y":596,"width":627,"height":12}},{"id":"a7976750-2809-450a-b0fe-7e2a51d861a7","block_type":"box","text":"Custodian Services.","page_number":126,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"ea5d1a95-403f-41db-8900-dae1f5b9c5e9","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":126,"box":{"x":249,"y":619,"width":654,"height":11}},{"id":"7a1c6d65-088f-4372-8b7f-46ed55da379f","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":126,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"067231cc-405e-4dc3-9ada-8b1d45385cb1","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":126,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"662328e8-cf30-4e04-a070-e99de94fafbd","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":126,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"758f7b96-a95f-4f19-9c8b-7331f46aab59","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":126,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"1691bd66-a886-46ec-bdfc-571bcec8ccaa","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":126,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"0f39b673-4d18-4c9b-a3dd-e496a0c81fcf","block_type":"box","text":"cer tain assets.","page_number":126,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"ab114438-838a-49dd-83b8-aab7c6530c60","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":126,"box":{"x":102,"y":732,"width":716,"height":11}},{"id":"e0ba666a-3a80-44e2-a609-ea7a7aa239a4","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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BlackRock, its subsidiaries and their","page_number":132,"box":{"x":102,"y":775,"width":731,"height":12}},{"id":"21f60dfc-4f08-4a48-9844-cc1eac5a133c","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":132,"box":{"x":69,"y":790,"width":799,"height":12}},{"id":"df789bee-624a-44fe-b16c-64df004f0743","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":132,"box":{"x":70,"y":806,"width":786,"height":11}},{"id":"2e47be49-1332-469d-bf30-b64754db0aa7","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":132,"box":{"x":70,"y":821,"width":829,"height":11}},{"id":"df70d1d7-e722-4c59-9695-f7b7920cdb89","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":132,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"d35953c6-f815-439f-8d2a-6ccc1ec9d992","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":132,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"38262c3a-7ac1-436d-9214-53aef30414a2","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":132,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"35b0924d-d130-4753-b9f8-c3048bde7169","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":132,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"cc700add-aa0c-416b-8ea5-c06691336d51","block_type":"box","text":"or sold by a Fund.","page_number":132,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"4a9ba252-1566-4b56-966a-1b268fa26341","block_type":"box","text":"II-89","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ca80ec16-d2cd-473d-8a57-d2dcb7b2f75b","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32007126-104b-4e5f-ac8b-7e3992e65ca5","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":133,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"1dca42eb-5bbc-4fd6-84b0-2014688e4377","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":133,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"54d80201-53fb-43a5-97e0-967f743826ad","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":133,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"72a6ae68-5ff9-401c-ba53-20154f2e58c4","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":133,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"a83dc4d9-9248-492f-8021-10f2ee134f36","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":133,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"4d2c456c-78ef-439d-806a-45130d4ff007","block_type":"box","text":"services provided by BlackRock","page_number":133,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"ed0797b8-0c97-4ea2-8cd2-7deea37b3237","block_type":"box","text":".","page_number":133,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"dcc3595f-baf9-4362-bcf4-f135b2a4e645","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":133,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"c4e0caea-eaa5-4ee8-9880-7ced8efdb83a","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":133,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"5a189261-ab24-4b58-9f33-0eeb20e13487","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":133,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"e1e368bf-41c7-4525-9b84-85935d4cd199","block_type":"box","text":"a Fund invests.","page_number":133,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"dc0bda64-7957-46fe-8dbb-f395182bf420","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":133,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"d280b0e5-b22c-4a3a-b763-68a3e44cd057","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":133,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"a5e2d0fa-98e7-4aba-b9ee-f64be3b6684d","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":133,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"76f0dd01-c0e6-4b96-b2f7-7fd93e676b34","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":133,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"f5490a20-df8c-4a82-b3b8-a7922e466750","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":133,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"1c29611f-43e4-4c53-b7f3-714b8b839888","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":133,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"f91a46b5-fdf5-4db2-a7ca-ffeb6aba958a","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":133,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"7bd4eb24-3322-4a13-909f-3714e4f4620f","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":133,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"e0cd2335-9958-48da-9120-e0feafce027c","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":133,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"1f390b38-825b-407b-8bb4-82cb22b9a752","block_type":"box","text":"based on the information received.","page_number":133,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"ac865c19-d0aa-428c-84e1-5b97820271b1","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":133,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"fa8335c5-1176-4837-918e-7b63705f63b4","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":133,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"de7206aa-6b1e-4cc7-b172-d057a123949b","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":133,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"c8e38426-f52c-40d3-9ab1-3b11db503b48","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":133,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"861231e1-e2cc-4b1d-9688-fbeffb7c72ee","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":133,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"b42dee7d-2653-49ef-9c90-0e90df46e21b","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":133,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"07193e80-0c14-4a12-a1d7-ec5fce51d29a","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":133,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"fa9c1f4a-ee05-49c9-87c0-98ca4fd67ec8","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":133,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"f2f04731-e8e7-44de-83cc-57116f09d53f","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":133,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"167b063b-9d67-4599-a5e0-030ae135283a","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":133,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"65934bf5-a57f-464d-adf5-dec1047c3c77","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":133,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"859a98eb-6ffd-4759-afec-7e42bfc053f0","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":133,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"eb68f9cd-407d-4bc1-acf9-f73976760629","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":133,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"2c127d83-182b-4564-ba81-a0df6dbb8978","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":133,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"5a5c083a-90b6-4367-8937-bd2ada8cecd8","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":133,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"04b0f203-c04f-463e-a04b-d1aa0b2a0c11","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":133,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"bf7947b0-151b-4b6b-8d3c-6ea467091615","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":133,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"b60f0d2b-c97b-4f3f-af6e-212707dc7912","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":133,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"1a59f03f-f091-49fc-af19-31320b1c9658","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":133,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"a0c2304f-51ae-42f9-aa95-663c70327099","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":133,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"35303ef4-b022-461c-b059-06b839642311","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":133,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"d4b91559-713f-48f3-8b34-2366abe01760","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":133,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"6163f7c1-0495-4711-a992-96798c50aa35","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":133,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"fe808f7d-85c5-4dee-8b7e-0686f768312d","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":133,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"70f6f433-20cb-442b-9ee4-9e74540d6f2b","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":133,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"e648a51e-86aa-4aa8-969b-a9c1f86997c9","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":133,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"afbe80c3-d7b6-4fb7-9258-6860ea2371d3","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":133,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"21509bbf-5ce6-42f5-884d-7b5cb599476e","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":133,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"1b9c9d48-3bf2-4bc7-9986-5491b3b3b48e","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":133,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"27c9f7a9-4410-44ac-bf4c-c97cb9f11eb0","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":133,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"251ea7da-d2b6-4155-b356-c843d69fe2d9","block_type":"box","text":"Funds.","page_number":133,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"8453e197-79f4-49b7-b1fd-13e0b3a41c52","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":133,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"ef3ec7b3-6750-4cfa-9e52-544d8deb7fd3","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":133,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"1e314f0a-a91a-41ac-a921-af5ab1cb4f00","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":133,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"845944bf-0619-45af-9f71-06c8407ba258","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":133,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"2d7153b1-c971-4cd2-9481-0d0dc23d5286","block_type":"box","text":"II-90","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"09e46bd8-0cb0-4ffb-8a76-9ebfe22a7949","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"256d40ca-1a9f-4b81-8e6d-b3c83e8d4a21","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":134,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"e2be5b82-3987-4a27-ac51-b7fea50da903","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":134,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"81a7f9c8-b220-43fe-8fc2-50c1dc79953c","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":134,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"d4565082-afa5-4fe5-9c63-5aef725b5510","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":134,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"dca91a2e-d4cb-4c3e-b635-be3a2c286d7d","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":134,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"aa415fce-e4fd-4f77-811a-dc4f31f0403e","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":134,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"c4f6120d-5e3e-4b2d-b0c0-71a16a45113f","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":134,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"26c3dd61-51dc-4a51-be1b-70ecd8283431","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":134,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"765fab04-85e6-4d48-b00d-440d0638d0da","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":134,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"5005dc92-8e30-47db-b9b6-25c080218871","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":134,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"a4f98b33-c6ce-4cb7-b5a6-35e7ee22e987","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":134,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"5e45aa3e-516f-4000-a86a-0524fe492df0","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":134,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"4e0905db-4cc7-4e55-90ae-184147a8cd47","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":134,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"31bd60a5-1fb1-4ebb-a39a-72910aba6090","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":134,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"bf3b7726-867a-4f87-af1d-c13a66563611","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":134,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"d95298dc-85d2-43e7-bcde-e5c3aaae8290","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":134,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"bb2782b5-fcd0-4ec2-9409-edbdc39df09e","block_type":"box","text":"case.","page_number":134,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"0364377d-e11b-4d34-9b5e-c1db3f65bda6","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":134,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"4265fea6-3623-4613-83a3-8291a2ac5218","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":134,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"ce075f97-8ec6-4390-92ef-50a05acecbf3","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":134,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"9cfe2369-530e-4b88-af56-b51daae1275b","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":134,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"3d5e433f-a8be-485c-8a56-218c4fa51562","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":134,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"5a483a67-20ab-40af-b221-7d1f8e7ad2ac","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":134,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"0c3e1b8e-0cae-46a6-acfe-9adcfa64c55c","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":134,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"1106376b-fc05-493f-a89a-ae6148e2d9cb","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":134,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"31554931-d4bc-4898-8f69-f82056ed8a3e","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":134,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"ac06b0b2-4acc-41a1-beba-1ae3bc446024","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":134,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"336ed765-ca96-42e8-add0-303fcfce3787","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":134,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"cb35d234-2d5b-4f91-8711-bc8ba8f91a83","block_type":"box","text":"when position limits have been reached. 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BlackRock will not be under any obligation, however, to effect","page_number":134,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"8c28d079-9889-4fc5-bded-38795acd2ed9","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":134,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"c24b5705-a9f3-4d3e-b77a-432950b31f84","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":134,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"6473312b-ddbe-4205-983c-eb0a430c86f2","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":134,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"a68fc74c-90ab-4d0c-b2ab-acd1695320fe","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":134,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"72994172-5536-4873-b4f6-a749b882fccb","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":134,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"ca53f452-aee0-4c6b-b898-e48e6a823394","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":134,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"92ce4f3d-2828-45ce-a1de-8c63fef91ad3","block_type":"box","text":"managing a Fund.","page_number":134,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"3554267e-3d18-47ab-8939-b4243c3abf96","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":134,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"949f369a-53fc-46c7-ad84-31098b18bc04","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":134,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"7534afe3-0658-4856-bbc2-3bcd0a76ceca","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":134,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"035e0911-3cc7-4146-b4c3-edfa1dffd54c","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":134,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"5154f3e9-68d4-4afc-820b-011ec0b630f8","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":134,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"15aedea8-1bce-429f-868a-d20e218bd55b","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":134,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"73da85cb-96ef-4186-9ba0-9483c7632730","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":134,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"c1676dec-113c-453a-8179-ad6a4ceb1918","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":134,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"126943cf-18df-4ed2-975a-b01f859ad0ec","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":134,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"e08d88f7-9597-450a-8100-dde6552dd3a6","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":134,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"d4cfd5c2-69bc-40b0-aec8-847a554bfad4","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":134,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"96d4ca1a-06f3-4bce-97c2-146bd07d458f","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":134,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"fc9e9bfd-dae1-41fd-a266-fc574e791ae2","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":134,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"40d59642-bf4d-4864-be9a-58596a051fd9","block_type":"box","text":"II-91","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7961bd5a-2dc1-47f3-96cb-6858107f487f","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"103f3e33-2e85-49b1-a5f3-2ebdfa05b07b","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":135,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"7d13ca24-6abc-4779-8fd8-49abbd62c3bf","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":135,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"e9c07480-0c74-42fb-913f-36b4a014d28e","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":135,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"c3d193ad-d49f-477d-b495-e677ba381b33","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":135,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"655636fc-9243-47af-ad3a-2af205fc78a9","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":135,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"761cea80-9ce0-426d-9074-7b51df634266","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":135,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"cab2296a-22db-4a51-a7f3-2e7b9f647698","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":135,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"471d6d30-3ec4-47b6-b2da-881f0958a7b4","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":135,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"760af966-1beb-4c71-9674-08e415b897d9","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":135,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"0701eef6-7325-4926-bf89-bb4e6fee463e","block_type":"box","text":"under management for BlackRock.","page_number":135,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"be8bb932-4ce7-4c70-ae45-6c1422bb316d","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":135,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"d2e803ef-b74d-4f39-8f6b-05071c34a848","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":135,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"8d80cc43-a562-47a2-a2ff-e0519581a590","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":135,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"22b0c439-61a6-46a4-b190-cda9fba465b1","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":135,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"8911a162-59db-4354-bfb0-60dadc386d83","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":135,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"fa58f585-910c-46cc-a7cf-d3b41818f3a1","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":135,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"6f846cd6-3458-4972-b6bc-4bb8e3290d79","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":135,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"31c63eef-3dd0-4101-aedd-3a3ff7451201","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":135,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"10886857-a368-45d2-90d7-4e5db99d1269","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":135,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"9d2b07a5-35a0-45e7-ac4e-4f444ff42145","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":135,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"12749693-fcdc-4b30-8b47-b6faefb24654","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":135,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"922ab56a-9c34-4215-b8ae-e82eede74140","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":135,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"bb079621-eb3b-4d7a-9741-d01a79a2bb83","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":135,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"104c8b0d-dc5d-41b0-b74e-43cf6b0b764c","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":135,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"326d9f0e-42a4-46a1-8e14-027d10714322","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":135,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"7a0142c7-6711-42df-a8d7-31673af1f46d","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":135,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"51c88c3c-ff47-4e5c-9147-8df997982531","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":135,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"209c0b67-43a5-49e0-a3db-9bb577e858e6","block_type":"box","text":"any such fees or other amounts.","page_number":135,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"7fc6da42-6240-475d-823a-a4bb1031cd6f","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":135,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"8bb951e0-b37f-46c1-8c33-b9c50af4b28d","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":135,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"a334be29-a1ff-4a2d-9e03-eb42c14c6226","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":135,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"798cd69e-4079-4d61-a409-8805331745c1","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":135,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"22c9e5f6-3ce4-4516-a15e-dd10ed48458a","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":135,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"d8b294d1-924b-41ad-af0b-47f371d30f50","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":135,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"0520c68c-92b1-4f80-a043-f970d5c7b826","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":135,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"6fdfc906-aa0c-4568-b5aa-a5fbbb38a855","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":135,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"417fb8f8-747e-4b41-b702-787b323a6c8a","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":135,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"25108a09-8908-4b25-a626-763492fad23d","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":135,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"d18a291f-7dfd-48c0-845d-1401ec057dc1","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":135,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"5d76d2e0-1e13-4ad4-b6bc-4ceedb59d7ba","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":135,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"1aa897d6-b289-468c-b3d4-15182a7ab4f9","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":135,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"76d653eb-f4de-41fe-995f-7d74fbcf7a1f","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":135,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"cd095258-41cb-4958-8c48-2c0c1518b701","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":135,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"77343df4-be37-4cf4-8d5a-b53f56bdb79d","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":135,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"6b329177-1ed8-4969-ba74-67409dc34924","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":135,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"364f45a7-e6b1-4dc3-b3e3-be26fe59af48","block_type":"box","text":"II-92","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94519961-534b-4e19-947d-0c126ab44439","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fbc893c-d1fd-44c1-bf02-13c51ddc8654","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":136,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"54872382-a5b1-48ae-b199-5e0dbdfc5b8a","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":136,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"03b1b801-de48-4d06-bff9-cf8e69c16e67","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":136,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"df3041e3-ad8d-4350-9102-d57ee8606575","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":136,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"fcaabafc-a43e-4a80-8879-77a770318b90","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":136,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"4eb68730-0729-4122-81ae-a54b7c2b4d64","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":136,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"0fae3023-2029-4fb7-b6cc-b05cfbacfe99","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":136,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"3dd6ba57-10f7-4ec3-9e82-100f54a120cc","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":136,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"8e3cb51b-6443-4abb-9e6c-4ce4baf0a451","block_type":"box","text":"regulation.","page_number":136,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"ac705ab2-12c2-45fc-9c22-f98aa6c90a58","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":136,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"67e62ec7-8a4e-420e-9bf7-7a65ffa1c4ff","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":136,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"d4458d15-b505-4c78-92ac-b5a58a94faa7","block_type":"box","text":"various program limits (","page_number":136,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"16ab0921-0c59-4494-9d2e-6bfc4558b126","block_type":"box","text":"i.e.","page_number":136,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"4a951d47-de59-4c65-967e-f1fd3637d12b","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":136,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"5b0e7b0f-7c7b-48e9-b5bc-4a12b4baf151","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":136,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"355db11c-6647-4fbf-b99f-be21983389f4","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":136,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"fac70d48-bef4-46cc-9e5b-f74ad648b6b3","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":136,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"aa2c8b09-6a31-437b-9b5f-2bd08105d9c0","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":136,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"5f5134f5-f0ad-4470-a09c-9f866a37d874","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":136,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"0eb49394-35cb-4651-b3ca-79550184753d","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":136,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"08f94a74-0366-4ec9-8a71-e6449da41825","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":136,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"3cb445bd-91fd-4f26-9070-81ca68edc3ba","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":136,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"fe9f442a-13f7-400e-b0d3-9d864ae1f824","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":136,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"30fd3393-1db2-4dd9-a55b-19deecda268d","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":136,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"682890af-7509-427c-9caa-e3f5f983dbdf","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":136,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"27a72303-b76e-4dcd-8d35-f571c39cbd3d","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":136,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"af0fe39a-f270-43e4-9488-8a4dcfe7784c","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":136,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"ddd8c0f0-5a4d-4ad8-9e13-91ff456757e8","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":136,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"a9664842-3e85-44f8-89f9-89844de788ef","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":136,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"1f464ecd-a056-4a77-9e2b-94170fe86466","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":136,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"0d513fb7-7e9a-4f7d-afc2-78ec64d61570","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":136,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"9692292f-0d59-499f-aed4-6a41939afd3c","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":136,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"88f69690-8778-4818-9b91-93132c447954","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":136,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"a3ea2fd1-5688-4251-aa64-042f58c1e506","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":136,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"61bfa4de-f748-41d3-8fff-54cc02d96445","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":136,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"13183b9c-4754-4c9e-8b3f-e9d765eda3bc","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":136,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"f13bf313-f965-4d70-86c9-fb98f292ec89","block_type":"box","text":"than through client commissions.","page_number":136,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"6e9da5d8-e14f-435f-af92-c3e139bb302f","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":136,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"824eaf45-358d-493e-b162-c3e572ee2f12","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":136,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"7ab220ba-1e90-4b02-9e7b-d3bb77758e22","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":136,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"597eb610-d982-46f6-9ab2-96789d057869","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":136,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"bf8c3aa3-7b3a-4c16-8111-8c93640944af","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":136,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"b96a64ce-dd09-4c00-95d5-0d01a844187b","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":136,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"4362ff78-bc4d-48fc-ab1f-b398d87e382d","block_type":"box","text":"research-oriented software and other services and products.","page_number":136,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"145236ed-964b-47e8-ad30-a088535867aa","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":136,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"4302d1be-4871-4448-9fe3-0fd631adcf13","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":136,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"3f8e5aba-3458-400a-b361-38cc057a5c85","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":136,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"74cc4f3a-7922-457e-b85c-6ae9033ffff1","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":136,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"3edc1768-3f71-451b-a780-f25f74809544","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":136,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"27865314-0db6-42a0-a351-739c0c665a9c","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":136,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"222dac0f-32b7-44cf-a8c9-b7d3be09664f","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":136,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"649a65cc-2ee7-4768-a54a-f76e57d0ad55","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":136,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"14e37bfc-fe65-41a3-9782-76d2b8845639","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":136,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"47ce080f-0cd3-46e9-8a37-cb6eb16bbd9b","block_type":"box","text":"and services itself.","page_number":136,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"da9f78d4-1b50-44e7-b971-01fd0a912d83","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":136,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"fdec6af6-846a-428e-a374-b5b86e7bc1a5","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":136,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"7dd31516-35b9-4562-8916-4d54641caf06","block_type":"box","text":"II-93","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de8de4ef-c3ee-456d-b872-73e934fa4a46","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e4c5d29-f1d3-4791-9637-fa15c92885b3","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":137,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"9157a0a6-47a2-4285-bcad-91359b1eedbb","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":137,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"3334584b-8068-4d7f-aa05-7953e9b45654","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":137,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"c6ae6e78-2e84-485b-bae5-c476f7e15129","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":137,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"beb73463-1be3-4418-93e9-b973e328bbd1","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":137,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"66cf37a5-487e-4e36-bac2-91c4e37cf21d","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":137,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"fd1cc43f-3aae-4fa6-af27-9070810fbf4a","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":137,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"c9ec7312-7579-4dd7-a4c9-06cc14689a69","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":137,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"f5c60031-5366-41de-a3b8-9e4af0262e2c","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":137,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"987967ee-abf2-4dd6-b826-a2a087cadfec","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":137,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"1d5e40e3-c963-423f-8a1b-eefb38ba14ea","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":137,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"b3f2b046-c480-4b35-869b-d9cad2fda385","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":137,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"8cd3384a-1c58-4850-bfa5-a3c3c4c639ff","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":137,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"686dd9ca-c809-42a9-ad89-99616173264d","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":137,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"ba725f44-c1da-450b-877e-fe941270b76c","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":137,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"4030c7cd-3fd2-45af-a36f-e0e6a2729fb3","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":137,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"fdb74269-0f9b-4442-bb68-71df90688690","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":137,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"fdfc82be-15d4-4776-83cf-ad7f6c12584d","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":137,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"6ea83f1a-f556-4e3a-a404-c9533689f4cf","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":137,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"65a258b0-ce45-4d8d-af60-5b0c176da826","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":137,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"b9f32fed-ef80-46ae-ac38-9664ed592700","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":137,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"3bb85612-e0e7-409b-96f5-228cb88b4416","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":137,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"3199cf45-afdd-4be7-a5c3-b26fb4613c4f","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":137,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"849abf61-ecf7-47dd-bc8d-f96b5925cb2d","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":137,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"3bef2da6-138c-4534-b458-86f41a694531","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":137,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"1c2c494c-a1a7-4739-9671-51b8dc5acd1d","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":137,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"0376171b-21eb-4c5f-9dbc-99aad759a385","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":137,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"028c6d3c-730c-484a-ba71-017928b3f056","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":137,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"14a24734-16a7-456f-a4b1-2a86be5ba926","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":137,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"eb201c68-35d7-4791-9227-a4ff07194460","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":137,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"949dac52-41f7-4f4a-8bd0-6a9c929103e0","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":137,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"0e7b8900-6ef0-4a1d-bdfe-bb7fc0f59e7a","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":137,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"5e83e009-c009-4d5a-8c26-23b0c3287c4c","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":137,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"a52f4c23-90cc-40c9-9e58-f0e561e7527e","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":137,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"d2fc85a5-6060-4403-b577-1d2f22101f12","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":137,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"c1f763f8-791e-4313-8ec2-b39131cc085e","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":137,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"681a4c73-b693-4dd3-9f05-a0a8bb6d1a6d","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":137,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"2e64c3b3-c43d-48fe-bdb9-b20f98d5a7df","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":137,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"fee11579-a08b-4368-8192-15f174be1212","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":137,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"4c5c5273-e306-4561-a79c-39f94d863856","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":137,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"956dc146-82e5-4dd4-9893-c15ef173eb7d","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":137,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"46fbbf2b-049c-48b7-ab63-055db9e9200a","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":137,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"9036c5fb-3844-4829-8f71-ccda6ce1c62d","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":137,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"04bdbd4b-51ba-471c-a0ea-1e25c75ad612","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":137,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"63947e81-d4cd-4381-b4e3-ec13fe7d5a7b","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":137,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"cfdcb5d8-ed1c-4fa5-8ae9-c95ff4c67a0a","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":137,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"dc7518e7-abc0-4448-b442-7809dd42344c","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":137,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"5f70177b-3d18-41e9-ad8e-f9bce7b9ed21","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":137,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"37cb050e-f76b-423f-9972-c3c6d5a974ef","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":137,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"367ffa05-afa8-407e-84b7-424f773cacbf","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":137,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"2e317ec1-a2ad-4046-89bc-4b67a92abd05","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":137,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"16763f1d-27dd-4a53-8c10-02b8d1a045e5","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":137,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"05c34010-f5a9-4f7c-9f61-3117b9a3ede3","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":137,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"8251dfdf-4cf1-4c8e-89bc-d222c367a326","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":137,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"3ff9cacb-fe9b-4954-9b98-21fb3b60298e","block_type":"box","text":"II-94","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"173e9690-8f67-4564-918e-7f0361088456","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb9aeb38-8f2e-428b-a7f0-6851235b357e","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":138,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"2ed8ba23-1d6a-480d-9520-1c698d53de6d","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":138,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"e5e438c4-2163-434d-9c1d-b008c598ccab","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":138,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"1b8c8d4b-58eb-4047-81dd-a02cab1632f8","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":138,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"671dc6c3-3094-4451-9799-0aa0be057ea7","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":138,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"46136ad0-9263-418b-8239-0f8b76a71ad7","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":138,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"0692d202-0114-4bec-b7a4-eaa671fb70d2","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":138,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"a0497685-1a03-47ec-bc0b-e994f209f2d0","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":138,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"4017a231-84a0-4e2b-a732-c352563066c2","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":138,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"86a4f4eb-6a58-4b5b-afcd-80020518af15","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":138,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"c45bc2f5-9223-4f3e-8f84-1870b5640628","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":138,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"0ab81c98-e5c3-48f0-929a-01cdf18382df","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":138,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"d2746655-47a9-47a5-82de-63c4fcd50161","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":138,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"7b26c353-5caf-45e3-972c-2376ae90689b","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":138,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"8182190f-c2ee-4715-87ef-fdfbe102a9f6","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":138,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"f99faaaf-ee19-49ac-aa6b-c405458e7b3e","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":138,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"d79eb5df-d36e-4f1b-b635-21c95c35113c","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":138,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"1b0d9bd7-ab89-4df8-9b23-bc1603272e91","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":138,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"e3a089a8-1b94-4e94-b596-041d15b67a60","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":138,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"86f351b5-7fbf-4136-9cb1-d4542490ea2f","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":138,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"8bdc0d8c-1037-4650-a7f8-6eb554d9d32f","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":138,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"96ded368-fb36-470a-ab7f-1745faeb9e18","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":138,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"af3c6942-a083-489a-82ba-ea6cd1346422","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":138,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"bb598c24-f1ba-4d14-8836-94978de93597","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":138,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"aaf3fb94-f979-4907-a579-3329f8dd3b51","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":138,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"2a2c1857-59f6-4f2d-b577-43999f8afeb5","block_type":"box","text":"some additional expenses.","page_number":138,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"2f3744cd-741b-4d91-b8b4-c3b1ffe7b01d","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":138,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"71f8b293-39e7-4193-b41d-cc414100297e","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":138,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"32f18c62-85fd-48f7-b4ba-4f8084389e04","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":138,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"1a1bfa1f-424d-47fd-9766-15046b2478f1","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":138,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"9ff9f2f6-511d-4464-b14f-34a8b41f6655","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":138,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"25e56e40-badb-48fa-91a7-8b89c4a02ace","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":138,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"f41b1c25-43f9-4e15-9db7-2d50bce1f9f6","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":138,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"70a40968-2cd8-4e96-aeb3-53a6ca587c70","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":138,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"c44211ad-cc75-4084-90ba-9602e3d7ae3f","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":138,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"7fa20fc6-ad95-4062-b89b-9af2750809ee","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":138,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"0802595c-09c9-4752-8f7f-a502ac01f9a5","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":138,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"17ef779b-cbbd-4fd5-8153-7c4ee88d47f9","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":138,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"622e1d66-1799-4818-a2fe-1aa811bbf972","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":138,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"dbf4825c-5705-4e87-9959-e4e60230c2e2","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":138,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"1584e93d-9f3e-4857-8c5d-9193c6ca31c4","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":138,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"5ca478e7-29b0-44e1-9600-fb12500319f7","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":138,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"71a15d7e-6622-4ad0-93ad-62da3e7c6802","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":138,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"1cc7e942-e3dd-414c-83f1-080454852499","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":138,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"bffb5ba0-bad3-4372-a094-a084f5009a42","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":138,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"d0f91ad7-784e-4657-812c-2df608ba0cfb","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":138,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"8834d816-5cbd-4746-bae4-2564c04ccf70","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":138,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"117b3007-f262-4784-90f9-d41a8f2b3a43","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":138,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"a00f3c04-8fb9-433f-aa30-4c2282c82de7","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":138,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"30579935-b63f-4131-b85e-3b585b39c508","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":138,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"e9a519f5-eacc-4e6e-942f-c2f241f1b5a5","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":138,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"9c1234ef-a5e7-4ac3-904b-413f6b0d6fb6","block_type":"box","text":"public information about the company (","page_number":138,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"8d960b78-3d3b-470c-bd06-4ce9661522d0","block_type":"box","text":"e.g.","page_number":138,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"f80f56b7-db85-44bf-b8c5-5e6bb751db78","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":138,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"afc98e91-6cd6-4768-923d-3d5f2c281913","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":138,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"b8b9e17c-2a67-4d44-977c-a0a001adb9b6","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":138,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"bbea6a0e-2cd8-46e9-b053-780e95e8d24f","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":138,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"a21001ec-7b60-4a5e-944f-493c8b52a3d9","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":138,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"d21d8d5c-ac3e-4493-8e04-7033bd33fc6d","block_type":"box","text":"II-95","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eb179103-7528-4cfc-81ac-54b4cb679f84","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13b55353-598a-4675-9646-1e02088de735","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":139,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"e688c781-0d93-4bde-bdda-b1bdc9323dc3","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":139,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"f3ed63bd-a5a6-443e-af67-bc72f1f19a6a","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":139,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"4350d452-672e-4930-9669-330167a92872","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":139,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"0df656db-b04a-41bc-8999-540ccbd7ca07","block_type":"box","text":"of the issuer.","page_number":139,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"83cb19c6-124a-4b62-b6dc-59a9b3190689","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":139,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"0d3f8963-4c61-459c-a58e-1c4c51b95580","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":139,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"eb970826-43a9-4cad-882d-0c849ab671fc","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":139,"box":{"x":70,"y":158,"width":817,"height":11}},{"id":"e674fcfc-32e9-4c53-bde9-6e3118dec4ea","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":139,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"8b6566d5-1b9e-410f-b1c0-324e9c8fe7ac","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":139,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"88487fd5-4a38-4283-8fdb-ccc229750685","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":139,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"345a89d8-3f43-4724-b195-3c8a35e15187","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":139,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"7134ce85-6aa7-4ae8-94b4-751845cafc5c","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":139,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"f8696e97-e8f6-4d8f-bef2-9e4d15a21ff5","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":139,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"7761c2f7-49d8-45ac-aee1-0d6f2e8bcc34","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":139,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"85cbb3e7-0eb6-4a64-baa9-d3c8249a520e","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":139,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"7423bddd-9c1a-4ee3-b290-6fe97390632f","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":139,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"91ca32d5-db17-490d-b6f5-803669adc46b","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":139,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"92fef902-66ff-453a-9d6e-364e8b83f572","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":139,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"ecd22f56-c2d7-4d51-9b16-bf9ce87baa7a","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":139,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"117d8c44-fed2-412a-9648-c6e42a72aa66","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":139,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"e06e76c8-2f8c-4cd1-bd74-8e0ac9e6d9f2","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":139,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"4f051478-d0dd-4f95-978e-037cd2901f93","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":139,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"c63a47c2-f7b0-4e0e-a417-9825d51b5d0c","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":139,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"63b809dd-d41b-4ba9-89c2-b02403a94fae","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":139,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"d14098a7-f440-4aed-a61b-04b59d3f42d2","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":139,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"06c8a195-2087-4612-99d2-196c7d5b381a","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":139,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"355c3dd9-54fe-4924-a06f-63ce3818c6b0","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":139,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"357d986b-9a3a-48dd-a5ad-3fc75e17fd53","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":139,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"a22acd71-6050-4e7f-97f2-96b178a46bb0","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":139,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"ac568573-a163-47eb-880c-6d4c2f93c3c4","block_type":"box","text":"a barrier.","page_number":139,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"eb424bc3-526b-486c-a679-2aed32f9c446","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":139,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"a2155b66-c56a-4261-ba5c-0cbaa5274529","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":139,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"a249b849-ce1a-48d5-a506-5248dd8e54a4","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":139,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"c271e0c4-c982-4ef6-b81b-299dbaf7cd70","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":139,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"6f84cd16-06ff-4343-b826-f6f615fa79a3","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":139,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"279d0932-d393-45fa-a0f6-adea16db8de5","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":139,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"dee47121-db99-447e-98f1-8894c162743d","block_type":"box","text":"that operate in cer tain industries (","page_number":139,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"c35d97b8-48a8-4312-9dd5-7b97fc76d87d","block_type":"box","text":"e.g.","page_number":139,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"fb5d47ef-a9b1-4b8d-8a60-a31da0a95f34","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":139,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"49b91bc7-7fef-4f68-a189-c5690d7e5a8c","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":139,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"9aef61c7-b810-422a-ba08-f40b478ca5d0","block_type":"box","text":"e.g.","page_number":139,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"2421a730-c3e1-4819-b741-4976bd9302ed","block_type":"box","text":", with mechanisms such as poison pills","page_number":139,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"2c89935c-f7f6-40f7-8b3a-4bbbb8011b2c","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":139,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"e60fc2fa-d152-48e2-b2b7-565af28aa004","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":139,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"1d51e128-5ee4-4ceb-80f6-025e87117263","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":139,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"efc1b665-9e9d-4dd8-84f4-49d80f530f13","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":139,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"25c797b1-acce-4b09-8630-8d23b1c15da9","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":139,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"c9e3db82-e07f-4ed6-9361-1e193d0d21ae","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":139,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"48e10908-4a9f-4ee0-a0ed-2ed74706b4bf","block_type":"box","text":"seek to make indirect investments (","page_number":139,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"898a561c-b96b-4d22-b28d-3dccd9f447c7","block_type":"box","text":"e.g.","page_number":139,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"dc7195ad-3f51-407a-8010-c7a577846754","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":139,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"532ab123-fd09-45b8-92bd-74c98b97de26","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":139,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"0bb8f7c5-8f84-43e3-ba11-a6ed4f34088f","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":139,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"b7947e46-b093-4d54-ab25-d573976cc7ca","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":139,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"e88a4995-39f7-45da-90a8-d11b17a4fd89","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":139,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"076b4f1e-f390-4717-b3af-5fcd9d0533b0","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":139,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"9ddcbc9a-fbc2-4aca-b6e8-ee0385820527","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":139,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"55fe4166-8392-48eb-b7f6-7fb7c2dbc423","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":139,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"b5e53124-87e6-44be-b4ba-8fe7a47d6938","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":139,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"e3d32c8c-1ca7-4c35-a253-8dfd08ab4793","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":139,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"82a00d95-b690-436d-b1f0-83c41fdfa8c3","block_type":"box","text":"II-96","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1ad9036e-ad60-49b5-9afd-e8b0d5561c67","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a564198-6b88-4621-88f1-8c33298d9b48","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":140,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"2c301b00-49dd-4c24-b66c-7c8b8a2f36c4","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":140,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"1c31acaa-65de-40d9-b1d7-f1cd56be8535","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":140,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"ec9e234c-28d0-4726-ab48-c390adf951d8","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":140,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"9c33c1ba-2a3b-49f3-a05b-206a90a3ab9b","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":140,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"2b3d6dc9-9f54-462f-8353-403e8de425f1","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":140,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"3fe59ade-e674-4a0d-9921-ed9da788df42","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":140,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"124c98d9-6f5f-495b-a042-92e1d699867d","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":140,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"85c999ff-df85-47db-b603-b08dc38b7bc2","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":140,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"c6f9a9e2-6420-45c9-bdbd-b24e4964013f","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":140,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"f49359c4-199a-42dd-9ff3-d43e50b04000","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":140,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"e3ef606d-3215-4b08-94ea-ff01488513a6","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":140,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"2970d9fc-e4fe-48a6-b6af-521aa1a4aaac","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":140,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"938be818-36fe-4c75-b917-c79cb52c02f2","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":140,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"dbd38e4e-f88a-41dd-bf69-662262b19d39","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":140,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"66e7107f-d0c1-4ffc-968a-0e91bf006879","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":140,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"5c7af942-c251-402c-8ace-59b33f8ababb","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":140,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"15f339cf-29fa-4597-bd55-ff27edd26975","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":140,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"8b0d971f-dd8e-4a2e-8087-1b9a05a27d8a","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":140,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"d8d93668-eb90-4fd4-a98d-c6eadcf5973a","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":140,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"368cd374-173c-4e85-b19a-1742d83cff0b","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":140,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"13090a6e-954b-4082-9955-923dde046e85","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":140,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"1a12ec23-d8bd-4734-9cce-89134dae9f42","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":140,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"0a62268e-0d68-42bf-b338-3f33147aafe3","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":140,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"7b8451d7-d57c-4818-a5d6-55e840568422","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":140,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"505aa2a6-43c1-4f41-b4ca-daba503180cc","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":140,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"3dc54b7f-7cd3-4038-86d2-7acb9b3c69d0","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":140,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"2deda669-8c46-40cc-9364-40c79a0894ea","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":140,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"b503653d-7db7-45a4-b198-53101df03c9d","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":140,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"6170fdf1-7d19-4e1c-a3f4-018a4b53f1f4","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":140,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"3c380516-c461-4aab-9659-4debab3bb136","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":140,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"ac6f6c15-f4db-4b8e-bc25-feb9b2536b96","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":140,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"3c874ae8-9b97-4e17-ae4e-64cb526ebb68","block_type":"box","text":"strategy with respect to such security or asset.","page_number":140,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"1b8740ca-8465-4364-a910-53d90aafab4a","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":140,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"630fa7b0-31bd-4eae-8391-14ec820a6ad9","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":140,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"cab8dd0b-1847-47f6-a869-3d44dcf6a36b","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":140,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"e45f33e4-9f66-4595-9170-8495b9682d26","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":140,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"21a96304-1ebf-40d3-b128-57852a35c834","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":140,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"b85b143c-de57-4fdf-ae07-9fb948b4da9f","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":140,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"4fc6660b-1b9a-4f2f-90d0-1f0cff8798b2","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":140,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"b9815469-b97a-40c5-8c0f-e7cc0d32c650","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":140,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"6dbb7d0d-569f-41bb-a292-82ea4658b941","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":140,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"7d95fab8-4cdf-4958-a213-5a74afd56cf0","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":140,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"79af0b29-03b0-4ac7-9719-24fe454300a9","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":140,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"9555e660-85c8-4c31-bf76-978133a1a13f","block_type":"box","text":"e.g.","page_number":140,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"30d9c643-1a95-4b5f-b5ac-ba25079a816f","block_type":"box","text":", custodians,","page_number":140,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"5847d04b-0e21-4c9e-bc11-b07c1824726f","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":140,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"bb9a15eb-ac00-4a0f-a9cd-884bade4defe","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":140,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"0992a29d-7b2f-4d05-975a-bf196314582a","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":140,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"868d6f2b-a835-4c33-81ef-3bc085937e16","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":140,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"459bae0c-8a81-40df-ad05-5badd552bf47","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":140,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"625aab40-c1d8-4433-85d4-881d9f74c9ab","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":140,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"502b7844-97de-4ea1-b0e2-24c48bce8720","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":140,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"790c2103-4014-429b-91b3-654fc10d6a17","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":140,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"d5d66015-5a0e-4e94-8ea5-24951a72ef32","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":140,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"9f6ef031-f175-4520-be2b-f2b279bbbf51","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":140,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"00621b4b-6dbd-431a-a98c-519407aa32b3","block_type":"box","text":"II-97","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"12ae9035-48dc-42c4-98ef-299194e7806c","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edb9990a-51fa-4851-96f0-c880fc314472","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":141,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"70eafc6e-347b-4a06-9c0e-1151fa83eba1","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":141,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"e99c7e7f-0d24-49f1-82f5-c41ea0886c32","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":141,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"bbf81e65-862b-42d3-97df-b3662dd61e0b","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":141,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"a7fc6745-4047-4c9c-bff9-cf0a7d921e49","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":141,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"42ac0a81-29fe-469c-8bd9-87e797ee0b37","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":141,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"f362c857-449e-411b-8970-928db7a07353","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":141,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"65eb9c1d-bf7c-4b3f-a401-804747a0202d","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":141,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"fe16544c-9136-4fb9-817a-03402e017911","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":141,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"616512ec-7022-43e7-b91f-87f99c822a23","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":141,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"d5e32a90-3ceb-4535-98c5-af2cb3a328c8","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":141,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"7b670927-c733-4f68-8c35-7ffdb3866eb7","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":141,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"0c3f7614-06e6-45eb-8802-9d7d6b9344b7","block_type":"box","text":"provider.","page_number":141,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"6168bba4-b45e-4c98-b4d9-38924db97e71","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":141,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"f9ceb50a-0cd1-4b8f-a4f5-62f783c9290d","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":141,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"1bcdf144-4c4e-4301-b402-fbec2abcfdcf","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":141,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"dd7a6f8a-1385-4ca1-bcba-97de608c7dfd","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":141,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"321a7793-8cbc-4aa3-b5b6-8487211053cd","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":141,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"1c71e94b-01ae-46e0-8876-7c9f7789d319","block_type":"box","text":"PURCHASE OF SHARES","page_number":141,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"1b61b02f-d3f6-4fa1-a469-1743de79ef47","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":141,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"7e29d2d1-b89e-45dd-8448-19ce2adf608f","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":141,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"7b7ca593-825d-4a5b-8b0a-bc84978cd9fd","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":141,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"1ce25051-dc61-4e8d-84a2-759f47502e2a","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":141,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"c5173ac7-388d-483c-a820-cb664efe93d0","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":141,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"3fd78816-7c0e-4bf1-9532-87ecd19f1d33","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":141,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"9bb3ed3a-4ac6-408d-9158-40c7512de7da","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":141,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"61497015-5946-41df-b30e-4878cc6517dc","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":141,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"1a94afb2-fa95-4dd1-802c-11a7c3ff92d7","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":141,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"dfb9e3ec-29c6-4070-9fa9-c1ac90f0a138","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":141,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"3dfec4b6-f3ad-41b2-9aa4-696730c8f4fc","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":141,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"6392bd89-2005-4b36-87cd-5d51e9d08fb5","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":141,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"5ffa906a-8df6-41d4-89de-116f89a4b506","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":141,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"1f65946d-9325-4040-b908-34323ece18aa","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":141,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"8df4023e-6ee7-4d3b-ad3d-ac5985720515","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":141,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"3ff4ce62-24ca-43f4-963e-d3c484cb8ed7","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":141,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"0b3d5c48-5258-4011-868b-bddfe1625301","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":141,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"f029a57c-fdcb-469b-92de-314ee9a35d1b","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":141,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"8f59951c-0fc4-44b5-a620-f1b41674a71e","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":141,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"4c680d3b-cc34-45b7-813c-5c12d998b217","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":141,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"687de32a-8890-4b5b-817b-34c7ddd46a56","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":141,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"c076a40e-0f0d-4a9e-b227-91b68921ea13","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":141,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"ac58d0af-c27a-496c-852f-8dfdb22ae4ea","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":141,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"7477841c-1533-4f56-a6db-3a8ce113c209","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":141,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"0a7a2746-7758-4cd4-b711-5fc3ad7c4695","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":141,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"503d63ef-6a6f-4544-b45f-67dd590c2838","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":141,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"c2191253-cb5a-4d1f-96b7-58a72cfd3f69","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":141,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"d775f909-d555-483b-bae8-28b9afcf2cb7","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":141,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"cf5cde88-232c-4438-9f0f-b9cb3cd0a44d","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":141,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"a61ee917-540a-462f-9354-68ec2421c600","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":141,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"2a0db59c-1d56-43b1-a05a-0692f51fd658","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":141,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"df7cc293-22d5-4e37-a1e4-8a2dbd6486a2","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":141,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"6d265b8c-6242-41f0-bb13-2c8b87ddc0e9","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":141,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"e95f5bb8-3fd0-40de-9638-f210ca09d5a7","block_type":"box","text":"investment is $25.","page_number":141,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"3e7a64fa-139b-45b4-8eb9-5d371a7a1e55","block_type":"box","text":"II-98","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2b9dcaec-f778-4ae6-a73a-51cad2dec756","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a286acce-7825-4cdb-83db-5642cc2dcc2e","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":142,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"756280d1-aab8-4566-aed0-d6aa7b93a404","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":142,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"ed8e3edb-27c3-42e1-8d97-865f9b9ebeaf","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":142,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"a85140b9-b54b-4f5b-b2c5-05490e73e95b","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":142,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"17c18e21-b770-48b5-9907-6b2832438227","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":142,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"0e72bd6e-81ec-43ec-82fa-d2fea7bf56bb","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":142,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"2a1cfff8-c219-4507-9e8f-b7a259208e05","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":142,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"dab58237-2bd9-4f3d-b1f1-463d6a40df39","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":142,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"f4dc6262-8565-42cf-829c-59c4841bc70e","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":142,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"671606af-8b2c-4ccf-9ed5-03498c3c3f65","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":142,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"fcc35307-daa9-4258-b667-d93b10c2091c","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":142,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"25aac7a7-50e9-4bf1-ae6d-71d741589325","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":142,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"774cfdaf-df0e-41f1-84de-b661833d7896","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":142,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"88a96d78-d7dc-43b8-8a38-8674476ce0bf","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":142,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"067a915a-2893-475e-a67e-ed38482a3824","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":142,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"9e6f836d-cc6e-4ebe-9bf5-28770a442c02","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":142,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"9bb2bcb2-147b-495b-b7ab-d250a5f30b14","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":142,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"16dd65fa-0835-4035-b962-18906e5cd977","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":142,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"f005abcb-0171-41d9-bca5-5302b51199e4","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":142,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"ff6352c3-3ca1-4eea-836d-b1991c91bcc0","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":142,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"a12ba1f7-6029-4012-8066-950c1fa92332","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":142,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"e56be439-5561-487a-9340-be583c395df5","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":142,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"2b071986-1f94-4e30-8ec7-2799957820bb","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":142,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"20b3ed5e-2d95-47b6-b50d-816907f02acf","block_type":"box","text":"adviser.","page_number":142,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"c0b90d18-6df9-4dbc-861a-ae176f8b8b29","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":142,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"059b5a6c-e9c9-4c62-9b00-a04278424a0d","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":142,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"215a424f-321c-4a21-89f3-0f62e3eb0e69","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":142,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"de6bd489-6120-4a1c-a2fd-6bb05a25c533","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":142,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"67a69910-59d6-4ac5-8541-1feaacb4411c","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":142,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"4d0f9a58-cb59-4e10-bf82-2bda9ef0ac9f","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":142,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"90405475-4546-49ad-ad0a-4ae9be3c0d1e","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":142,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"88a7d0bc-b348-477c-89db-6a608869138c","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":142,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"d7758068-dce7-4ca8-ab35-9ee03383413a","block_type":"box","text":"also be restricted from making additional investments.","page_number":142,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"0f0f84c3-1286-4d2e-9571-60dbff710bb2","block_type":"box","text":"In-Kind Purchases","page_number":142,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"9a145367-279b-4533-a1d9-668b6d255764","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":142,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"81ed83ae-77be-4ee1-84a6-f8f2f5817887","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":142,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"b8d7dc4d-8c1e-49c8-b100-1a27c9b0839b","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":142,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"54d21232-d37e-418c-9578-435ec6e81542","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":142,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"61abe129-afd5-4818-9fb5-ee91c0920d3f","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":142,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"f734f3c1-f45e-483a-9e94-18e2bfb12850","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":142,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"66e24782-e691-4164-bd05-895cf3484ee7","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":142,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"69f6b548-4504-4ecf-8c2c-642bf95086bf","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":142,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"3f0fa97e-e9bf-470a-b4f2-8e5dce440c03","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":142,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"abc0a2be-02a3-4a23-a7a4-b19f71b57706","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":142,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"725eb06f-b0bb-4715-9b1a-b542a8f544ac","block_type":"box","text":"has settled.","page_number":142,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"01c95f5b-cd51-4655-908c-12d4f32f325d","block_type":"box","text":"Institutional Shares","page_number":142,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"6ecd31f0-4d02-48b4-8775-039a347108f4","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":142,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"7951ff4a-5a1b-437a-b48d-3b31898f0ca3","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":142,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"a7e39092-23b6-4de0-a160-a79f0b4db830","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":142,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"235b41d3-44cf-4b03-9878-ace0546b1761","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":142,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"acc7c851-3156-4a02-ac15-2866bae125f2","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":142,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"0933f844-f5e0-4aad-a182-51b97358a288","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":142,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"a02d6374-039e-4915-8744-c0aaaf94ff4f","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":142,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"0fab3c42-db89-4ef3-9542-2fb5823a5c3c","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":142,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"a16e5d95-334d-4692-a4a7-7dc1122474ba","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":142,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"562f5ad3-86a3-4672-99b5-7828daf988d3","block_type":"box","text":"II-99","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ab8fa848-9d17-4277-ba4a-567348bdfd38","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"516b8d68-150c-4075-b18d-180195b3e39b","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":143,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"d4f75c93-3fa1-40dc-9b2c-c1f5684cd1ae","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":143,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"eaa5d342-7563-4bef-8613-ef3fc3ac1bd4","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":143,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"d6737c4f-b9f7-4a26-adac-6bb5b6110a4f","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":143,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"e7efe6af-0019-41a2-8717-c379e1e361e8","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":143,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"77df66f7-6bba-4f12-ae6b-5b43362b50eb","block_type":"box","text":"these fees and conditions.","page_number":143,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"966c3f30-dcc6-44df-a731-92f963466695","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":143,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"b2dd8eb0-6617-4664-9217-08bbaf292549","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":143,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"a52dfc3c-e4a8-4001-b42a-aaafe63c7947","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":143,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"06f116fb-cd87-4be8-b13f-bbb9f431f0f4","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":143,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"fff64acc-bdb1-4802-b5b8-00b34d6129fc","block_type":"box","text":"incurred by the Fund.","page_number":143,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"4f301298-e86e-4465-9211-ba3b15fe35b5","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":143,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"15dd5102-1776-4220-bf18-4dce60bb2c89","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":143,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"cb754c97-4e05-442e-b45b-84774e41fb01","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":143,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"134bc230-b14a-4041-8f44-b6dd6c461c3f","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":143,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"7ebbf84e-b74d-40d2-b14b-1781d34f6fd5","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":143,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"021715cd-7ab2-45f1-b94b-30136a116e7c","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":143,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"ba28de8c-3d10-4571-905e-728356f42902","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":143,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"20fc69de-40bf-427b-aa30-981ce7293c90","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":143,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"8866cb47-6c64-425a-bbf9-dbac5575021c","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":143,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"c08d3a30-43b2-4ec3-9f89-353fc9fb5b59","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":143,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"3f0d2256-0ad9-4fcb-af78-2abc0a48ff68","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":143,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"b2ebecbc-c5a4-40d6-bf35-1a6cbde237bf","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":143,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"8b500b13-c754-44eb-a3a7-5de2b7adebb2","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":143,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"c89edcf9-1b6f-4373-8852-fb4be4851317","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":143,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"f309fe01-a756-4654-a06f-f92f34b66df3","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":143,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"6bc99c86-1182-4400-9415-f07542286e2f","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":143,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"aa7c8298-c212-4e78-85b8-3b07eb8a3dfb","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":143,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"ca1b7b58-0bae-44af-93d1-a799d582051b","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":143,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"53583e41-2cf0-4f6e-8e15-0c0c347fb3c2","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":143,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"8b055d17-0d73-4f0e-8dfa-4ba359f3985e","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":143,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"b2832194-8a7d-459b-b475-b7f201ac71f5","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":143,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"2bd5b39b-e690-449c-b41b-d175042d6d7d","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":143,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"e2162147-e6bb-4cd4-993b-d2c99465a7b5","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":143,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"6041da40-5c10-41f0-9405-8ff94effcf28","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":143,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"43314dd0-ea43-45e8-a039-c3bd8df3f23f","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":143,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"b2a60f53-a24b-42cd-a0d6-e2250f412355","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":143,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"12f379f3-6233-488e-b0d3-d200e0306c75","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":143,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"0bee45aa-735d-4452-aa7a-3398e5cc883f","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":143,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"9c779c7e-a9cf-4b35-8416-0eec5656e655","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":143,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"4f7c2df5-db78-4a81-8f2e-1df1ed4b3a9e","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":143,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"980dcdaf-bb90-4bca-85e3-af0f544b9117","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":143,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"d8aeef8a-c1eb-4052-880f-db101377c8c1","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":143,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"aa4c697a-d9f2-4a93-9c7a-8dc53034866c","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":143,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"5a9c7fdf-6a11-44a5-b44b-f3941a38e6d5","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":143,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"59437036-3b2c-4593-aace-5bedad2450dd","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":143,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"4dce7a6b-0436-48ac-ac4f-367245f56026","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":143,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"a127c5eb-9d76-45cd-a068-07809ffe358b","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":143,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"b5392bb7-ae6e-41df-b571-a58fdf74a553","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":143,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"f89f9e0f-b1c1-47d2-a018-ee00882fa2d8","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":143,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"b185b5e4-fced-42aa-836f-99a36b8e1f5d","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":143,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"7a0b4b59-3bab-4d52-83ab-7232cb5a7dbc","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":143,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"0320bc75-bbd2-418c-bfd6-f13718c5bf70","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":143,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"731dd71b-aaaa-4ad2-a3c2-9c01f08c95c4","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":143,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"f2bc9aa6-3775-4371-8efb-bf195330dc56","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":143,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"93ef8188-29da-4c86-b445-3d809ec86bf6","block_type":"box","text":"II-100","page_number":143,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"49f283fc-31d4-4ff9-ad53-e4d3be6341ed","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a4bf7d5-66a3-4a77-b36c-193d4ae08ad6","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":144,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"a72c990f-48f9-4536-b0eb-14f01089e3e6","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":144,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"d64c4454-c6d5-4eea-af14-5a00e43cfc27","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":144,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"f3122cc8-94f9-4433-8138-145c5f36c210","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":144,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"c7d55cf4-fc37-483b-a286-0ccf845f56e1","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":144,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"9ffa594c-28f5-4420-9641-aa46220ff73f","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":144,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"e94eb781-cabd-4bdc-b9c1-48b7aa22bfa3","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":144,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"bd6c9a1b-b9c7-4926-b608-6fe0202d3c50","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":144,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"e0b3fbf6-0984-4f7b-adb8-57f830ba2f21","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":144,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"071ce59d-94d5-43f6-b4e2-3d8d50a8caf2","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":144,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"c5394a4d-987c-466d-a613-b7f10caebfbb","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":144,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"2407da86-d336-4dfd-b8d7-a9497c4f4be5","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":144,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"9de4e2e1-b25a-4283-91b8-8249719aa0e6","block_type":"box","text":"periods indicated.","page_number":144,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"e777ff0c-adbc-460a-9a48-e8a04b5f9178","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":144,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"2794cf7a-4203-4161-80d6-6c636446c734","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":144,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"835338a7-e2df-4747-8bf1-cd59cbc4c205","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":144,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"d726473f-a050-49ab-a0b2-2dd373d328bb","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":144,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"2ae109e4-9359-428f-9ac6-f5a59f166921","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":144,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"5568c403-1213-4eda-bdc3-baa4152fdf33","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":144,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"c70c77e7-0af5-48f4-bed2-6f6011140d66","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":144,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"a1d79ea1-d64c-47cf-8aae-1f5ef4b481bd","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":144,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"b39e5cb8-9c90-489f-b021-b806462615d3","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":144,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"91cebccf-ad1c-4ffb-b2f8-ecbcaa414402","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":144,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"51d99ffa-c6cb-4629-b34c-8055fedd9a3f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":144,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"2fa6750c-6275-490b-9eae-7924c733fad2","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":144,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"e1904ed6-c0c9-4634-9099-ce07ead6e614","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":144,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"5800e452-b459-469c-8c50-4dcb6a0ca3d4","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":144,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"c9b78fe8-4257-4f15-a298-1d2c3937abc6","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":144,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"19093181-f74c-4574-aae8-b91c0092dc10","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":144,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"0176fbad-382a-42b0-91b7-ddcff888d954","block_type":"box","text":"Reduced Initial Sales Charges","page_number":144,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"fadf7a75-2aae-4f17-b3b4-71fd531a8477","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":144,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"c83f61fa-999c-4c8c-8a01-7bc007bf6bf5","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":144,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"ef053f27-57a5-4b81-a34f-3ea974199be9","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":144,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"c5093fe0-6028-42b2-963f-4106b8167594","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":144,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"267ca5d6-39a5-4df2-86d4-a9618690f694","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":144,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"4d2b3159-b383-45f8-b4a4-8d780012416c","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":144,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"e989eb8a-253c-4422-ab6b-27691daed11a","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":144,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"645bcc3b-a2ff-452a-838f-32716f0c9b97","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":144,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"7f541cd0-aaba-44e5-aedd-9b9eb2b4d879","block_type":"box","text":"Reinvested Dividends.","page_number":144,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"e1960249-9437-4956-bd6f-101ea92dbe9f","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":144,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"19b092c0-8c7d-42ac-8b49-7493f60c33f4","block_type":"box","text":"reinvestment of dividends.","page_number":144,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"69059936-6406-4c5f-ac55-8fca2b8ed83b","block_type":"box","text":"Right of Accumulation.","page_number":144,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"d4c185fe-fe2f-4533-8808-53a98b5fa443","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":144,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"98d8785d-8df9-4f0e-a0f6-31f9fd1aa323","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":144,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"8639d3f9-9c4e-481e-ad73-45671d39f845","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":144,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"01ec76f4-5c1d-496e-8c81-1f50d29f0485","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":144,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"ebf55a2d-51f0-4519-ad52-49759a7ff585","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":144,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"9edf8729-cf09-48dd-9c31-822ca4ac4677","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":144,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"9e18af77-6818-431e-8502-47f54f2fafda","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":144,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"520905dd-48a9-41a3-92e0-45a24047903f","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":144,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"4c8f610f-9a55-4015-bd49-f8ccc74a7a21","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":144,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"70abae97-2f89-46ca-9783-e9b750a161ab","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":144,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"7368ee39-e51e-4c9b-90d1-2a468b9cc267","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":144,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"692102b9-c865-417e-a9b7-e35b0dc31354","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":144,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"1b2bd6f6-953c-4b98-a99d-7801324d8bdd","block_type":"box","text":"II-101","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9d42143a-bc92-4ca4-8c59-0d6d989a638d","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a2782f0-c756-4a41-9519-17eda345fdc6","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":145,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"15a89c7e-bdd9-4545-940f-7c1b133b374a","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":145,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"c3fd068c-3540-4a2e-a98a-2fa27d69faba","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":145,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"2f0339a3-7af0-4824-9e52-97406d64d694","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":145,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"f4d920a6-c707-4bfb-8939-3dd52fbdb069","block_type":"box","text":"Letter of Intent.","page_number":145,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"f97442b9-b1a7-4429-8e06-c189aa606437","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":145,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"b0162ba4-b5e0-4b61-9ab9-a7656bafb8ca","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":145,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"f3549561-6587-46dc-bd46-67f11267b3b5","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":145,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"ca5e57da-a15a-4bb8-9fab-f03a3548bd2a","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":145,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"0b290c21-dce4-4334-bd16-5beb2ff941cb","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":145,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"a4223509-32c0-4c41-8c02-d7d5361ea09e","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":145,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"37bee388-6f6a-4423-a36b-15e259b78b3a","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":145,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"8813c61c-9b8f-4ad7-bed4-9a01d81807b7","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":145,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"e58373ac-9383-4ade-bacb-ccabb3126b01","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":145,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"a65ccc03-33d7-4911-a829-7f81c0d5d896","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":145,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"de240208-db21-43c1-aa32-bb5cabd9f3f8","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":145,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"2b0bec9d-6613-4fc9-b8a5-b553253d98d0","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":145,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"db9fc6ae-31d0-4a82-862d-15a729f7a2c9","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":145,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"e8a84f69-2bf3-4ea2-9b69-a9753898d4c2","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":145,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"6d7920a5-5c2f-49f9-9795-e3806eb1a22c","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":145,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"fc4b7eaf-df53-4dc3-990f-3483095bfc9a","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":145,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"5b581f9b-90c8-4e28-af99-499b9dbef888","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":145,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"0a95d4dd-0df4-4a7b-884b-458a4df18755","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":145,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"f82eb16d-1f7b-4bd8-81f8-a599cc1eacbd","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":145,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"bb6d7c00-bc04-46ac-b96e-81a58f33a662","block_type":"box","text":"Placement Fees.","page_number":145,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"6c6fce07-cdaa-43b0-9939-906bbf2e7d75","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":145,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"f00dbd39-9ae7-4b85-a1ae-e8e2d3486aa5","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":145,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"6e04932f-635b-4e66-9c9a-d1c81f0e0a8a","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":145,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"ac9f4fbf-7122-4c86-a2da-cb965b0e1945","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"8ab67989-7cae-4818-8d7c-ca7777c94d43","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"10d57143-a982-4299-94c2-2092fa3935ad","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"4e4b9379-17af-42ce-bf7b-64d7858b443e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"cb525bb5-1c71-4ef3-bd42-fe8d7e243363","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"9bad15bb-676f-4316-8fa4-1328fe847681","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"c3f82a44-2c35-465a-aa57-adc32c86c33c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":145,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"b49bb7e3-82c1-4548-a628-8bc2b47ec739","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":145,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"04f8ffd7-aaa6-45db-84f2-5828929fd4e9","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":145,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"c2546e40-2f3f-41ce-a949-02d8e7bc39fd","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"f7264d36-aaf0-43a6-96f2-b35f4c7179cd","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"7f8580dc-e8cb-43a0-ba61-46a539874d71","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"a4410057-6497-46e4-ac52-937053abeca2","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"96cab6cc-ea3e-446b-92ca-fea52841af30","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"218d17aa-7e0b-4f05-be2f-ed362bc4be13","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"cd828fb3-9307-4295-bbc3-3983483a69cd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"699dc844-cb17-435b-b574-6639c95eacf0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":145,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"1eba3ddd-fb0c-4e0c-9313-f17b664a0dec","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":145,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"4c8d9024-6315-4540-b5e0-2d922a689072","block_type":"box","text":"SM","page_number":145,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"bcc7d6d9-7415-4994-80a6-8d499f6e3b0b","block_type":"box","text":",","page_number":145,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"43718341-cda1-4b62-aced-5b17c3aef5c4","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":145,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"8154eb58-a85c-441b-9d4e-57c29c8d28a2","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":145,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"22ef9a8e-1c84-4457-b9ce-9ee851bf3cb4","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"7a6cf4aa-dae4-4a55-840f-ecb4752821a1","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"aa40bba2-c1b5-4fb4-9515-7d626a755cd4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"9cf7c7aa-ed19-4c14-aba3-84aac20b54b1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"97ec9f42-4dfc-4496-99b3-a45b29a386ae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"7feb5607-58f8-4715-b0e3-d2663acdba5f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"517767f1-6597-46db-a2b6-9c38575ceca6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"2ab1ad3a-beed-4d1c-a471-ccb2aed8dafa","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":145,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"cadaea79-da65-46ff-8d5f-8fc4ac50ef92","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"a2210893-ec2e-4c05-b11e-243e39b0286d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"f4e6faae-d451-47fc-be99-bc2f9c6b3dfc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"fd94ee77-f5b0-4f8f-b692-c04e656cdd9f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"b0e00a9d-ea46-4975-83f0-57d7115cffdc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"a3d76f9e-ff22-467a-9f23-3d5b96269870","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"fa7c0c41-a752-449b-b98e-5091dc194b11","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"d206f312-b974-4af7-88d8-27365d224300","block_type":"box","text":"II-102","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e8881487-0448-4345-a661-41be9301d0f8","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2fc4264a-f026-46b2-be90-01b5c69b0f3d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":146,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"9319bea3-8b79-44e3-b197-24b106ae1420","block_type":"box","text":"may be up to the following amounts:","page_number":146,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"87c05536-fee6-491c-af21-609c8d7821f1","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"1c29f1a8-48e3-4de4-85c6-5d6e8305350b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"7068be37-8b7c-4d09-9509-6f1b80dcb9d4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"76f13bdf-dd14-4ffc-b36b-6231458efa90","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"eccc0b9c-569c-4ccd-a874-47ca0ea32566","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"8019b96a-414f-4aa2-b720-c287f5701dc9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"aa9b865c-04bb-40b5-bbfd-3adf40036341","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":146,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"92a94d6b-30fa-4af2-ac47-3dd06a6e6852","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"07562c1a-5595-4895-8e03-5036379930a8","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"d5954840-3808-48f6-8331-445915990da5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"2dfbd235-230e-4ef8-90ad-8b51809c46ed","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"6eccfa70-af58-4d66-9e20-1cb8cacb11c7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":146,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"e1ff23c5-5474-410c-8237-e1f9cd309009","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"7d071ac6-84ca-4733-bf5a-9fd4873ea46c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":146,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"c0ffcdca-29d4-49ac-9bdf-baa00fbf576b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":146,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"d4a590c0-ea38-4e2f-9d0f-e42a737d58e3","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":146,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"7eb96795-9463-4eae-bdf9-57f728a02c69","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"8b6eae8c-ffd3-439b-9bb8-9bccacbacffc","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"a2f66462-3372-495f-a973-2174482c7bbc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"1b99e1bf-7f54-443b-bffa-d36e087cd495","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"ec1a645c-972c-4337-9f67-75a7395fba5e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"36a445b0-a865-4e72-a421-c65cc68035b5","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"daf93352-9a14-4829-a37c-32582e2bcd9e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"8b3345af-1b2a-4f24-8ac7-4b03019fed57","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"0d16d496-4e44-4fbd-ba05-f1fa7c0899b4","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":146,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"48d05a0f-3da4-493e-8cbe-739c1496d2d6","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"c8e6f22f-6429-4497-8c3e-cd8bd55f991f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"4d7fc7a7-d80d-4ec4-a2e6-68cef4aac527","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"c3730dd8-d17c-46d5-bcfe-27a1bb67a77b","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":146,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"ddd36054-b1e0-4d1b-b421-50f488b05265","block_type":"box","text":"the following amounts:","page_number":146,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"dc50d630-6c77-4a66-a381-4c18a45cf4c2","block_type":"box","text":"$100,000 and above . . . .","page_number":146,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"d386717d-f03f-44de-b5ea-f8d3c9f24172","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"822295ec-2001-4752-a9db-2ac3e7c920b7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"43ec760f-4ea5-4b3a-9a2e-5b012c86426c","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":146,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"a4a2d7cc-1427-4efc-8694-0bfa1b98f985","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"566f66ce-4d58-4f8e-a2ae-68a5cb917432","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"58b0be00-160e-4972-ba76-55269c60e7f1","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":146,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"3e0c372b-2f40-4fb8-a44c-bb3b0fba255b","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":146,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"53e95616-0d45-4198-b5bc-11067afb4b27","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":146,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"f4e66c8c-9b00-47fb-827e-24fe55a41482","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":146,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"0e09e6a3-9c1c-4307-8003-cd231b178deb","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"9af00d10-47b9-4735-a186-20f00fee65ea","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"60ed89e9-42d3-46dc-bee2-3ed9bcc72b66","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"a62aab0b-b1f9-40e9-8e8d-16fa7489fec1","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"9c352b6d-22bd-4e18-9f40-741b1b1fdda8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"3e614746-c764-4b9a-a216-65445a122bbb","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"c70fa03d-68c5-4bfa-9584-6f256f20301a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"4cda00e9-325a-4e86-aab9-bb24be0056b5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":146,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"0727ef4f-b728-49db-828a-43c111d6c604","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":146,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"c3b9f9f1-853e-4c75-bfc6-f09cb391fc2e","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":146,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"7a983bc9-7b9b-4ab0-bbae-d05801d3c640","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"f6d205dd-fd38-4ef9-bdab-d311b43fe9f7","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"458ce623-1c17-453a-8cfa-7eb75421ade1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"a59e1946-ac59-4a07-b602-4cb261002c06","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"8c395870-ff2e-4488-9a3f-094cd94952a6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"56b4f536-7fca-48cd-959e-a05179de4ecf","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"ebdcd880-2c73-4135-82b7-4e229e645c9e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"ed672e9e-a83d-41bb-842e-da93bd75037f","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":146,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"75628f04-fba5-473a-a65c-ac2690fb874a","block_type":"box","text":"®","page_number":146,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"d4cf2176-d46a-4559-b7bd-ba2d1a69420f","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":146,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"0ba857bc-c402-4168-9c1d-bfc74a45b08a","block_type":"box","text":"®","page_number":146,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"54caefe5-6cff-472e-9385-bb53805a7650","block_type":"box","text":"Index 2035","page_number":146,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"9ac12f5b-0a55-4be1-ad4b-6e7f27c5c5bb","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"50e0b385-f202-4a90-9966-9dde699368b9","block_type":"box","text":"®","page_number":146,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"2ebdec13-0ba5-4241-b0d2-7a3227d29451","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":146,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"7d8b8f2a-4ada-4692-b760-8fad92dc7d21","block_type":"box","text":"®","page_number":146,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"4048d3d3-c842-40f0-99b9-0e3c5588b71d","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":146,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"88b6f95f-7d98-437f-877c-5fdccf31b900","block_type":"box","text":"®","page_number":146,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"b87423bd-2e68-4545-9f63-ac1ef9f9ad99","block_type":"box","text":"Index 2050","page_number":146,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"7b2d2c0b-5e89-4500-8680-0eb45a164024","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"cb559b25-48ea-4f80-a5cd-0456dd4fc97c","block_type":"box","text":"®","page_number":146,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"f2641042-8c78-4e9f-adf1-d8008e774361","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":146,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"34263ac7-4453-4a29-b328-5bd9010125d9","block_type":"box","text":"®","page_number":146,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"29da9370-88a7-4304-90e0-50b306433f4a","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":146,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"baa6c8fc-bd0a-4957-92d4-5ea09b121958","block_type":"box","text":"®","page_number":146,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"65631a94-fae6-4715-a887-c2a119e215e0","block_type":"box","text":"Index 2065","page_number":146,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"f55ab928-0804-4965-804f-bb2af831d52e","block_type":"box","text":"II-103","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fb0bc71e-61dd-438d-93dd-62a431d8ad36","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b509ee92-d771-497b-a659-0e5c65a01396","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"8510b50c-cc47-4368-a6e8-1aeec6450faa","block_type":"box","text":"®","page_number":147,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"850c2ea8-d3de-408e-8a29-bab5be04b046","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":147,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"7a4e23e6-d5e0-49df-82f7-d69d0e1415d4","block_type":"box","text":"®","page_number":147,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"41ed31c1-0d5a-4623-a3f5-9cba52e1a33f","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":147,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"3e701d50-89be-4b7c-8096-a0fe3922396c","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"0ef0b908-be09-48f7-b018-302fa73a1486","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"953ceefb-3aab-4aa8-a7e1-5374af8ebde6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":147,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"4f05de76-34e9-470f-8922-593d7245a560","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":147,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"e3374e6b-538b-470f-9c98-bea8d50c8afc","block_type":"box","text":"SM","page_number":147,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"7e6ccd12-cb9d-403f-b0cb-a4eb8fbb914f","block_type":"box","text":", the placement","page_number":147,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"25da0511-1b74-49ee-a5a9-02fd89043ca5","block_type":"box","text":"fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"644c2db3-26ed-4ad5-bd41-bb7b776dd8bf","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"ddce9277-d277-451c-947b-0cdfbc0efcdb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"f93f2458-d062-436f-80c0-248dc3546844","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":147,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"86950e31-02a8-4a87-84f8-bfff85388861","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":147,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"661d209e-82af-4795-9f6d-85d019006e55","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":147,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"54214a42-bf7c-4d90-ac00-e204d2881567","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":147,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"a8c1bd65-af66-477c-b2ad-40cd3329eb1c","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":147,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"e90174e7-7deb-4cbb-9b21-8487ceda3720","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":147,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"df64f294-756a-410b-977a-9b38566135df","block_type":"box","text":"$1 million).","page_number":147,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"e3aa4ddc-8bfb-4525-8dfc-6604a57afe09","block_type":"box","text":"Other.","page_number":147,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"9cd17b62-eca0-40d8-8724-bdded5ecbb2a","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":147,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"b7923836-53ad-4f27-a868-0ae6f808904d","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":147,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"0b841224-14fc-4207-bedd-cd4d498a587c","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":147,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"9f149135-60ce-44e1-9f52-4ad7feca9a6c","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":147,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"50657f20-2e39-476b-b8cc-79688ca7bed9","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":147,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"caf07a7a-cc93-488e-aea8-8cb2fd80d339","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":147,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"ed86c1f1-1488-4b72-8ad5-9ac843bdd861","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":147,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"0ec3f1cc-45fc-4acf-9a8d-0fa6023f3f2a","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":147,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"22b68e78-a5c4-437c-b225-fd714a4e2ebd","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":147,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"17be3de5-1eb3-4ee3-9b98-819caa51b1b0","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":147,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"afb2cd2a-370e-43ca-ac67-43ba917f16f5","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":147,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"d4c0f677-88f2-4552-8bdf-c2f690130462","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":147,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"634a25ec-5630-4456-ba14-174f5ad951eb","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":147,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"68cb9fd2-a959-4643-b317-51526a6ac185","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":147,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"568ec892-e9c5-4b4b-9203-2e8de4610820","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":147,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"75b27afc-fa0b-4ea2-8156-a298fe34f6f3","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":147,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"f5ddf02d-3d5e-4be7-b739-2a45ed2a07d6","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":147,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"178e228f-b9c8-498b-bb3c-f05752a6d307","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":147,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"36e14325-a6dd-4274-92ac-0ff05515d697","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":147,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"ea08bb05-da86-44a1-86a1-8e24b11e543d","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":147,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"7fc6881c-a302-43b0-8732-a29f69459d67","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":147,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"ddb31d24-6acd-4d1c-a2af-73c9c8a7e5b5","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":147,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"0027930e-f288-4261-89ba-084ef7af5faf","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":147,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"0175b5cf-cf0a-4cab-9d7b-f24ade80e430","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":147,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"4ef8c56e-e787-4ae5-ad99-ee8f0e092a6b","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":147,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"56253b7c-9150-4de4-9ae3-388a5ab4d409","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":147,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"62057498-f6cb-4d31-a907-40c7c10d5724","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":147,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"a3a6038b-0523-431c-9753-3e652451f752","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":147,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"24d3c663-2264-415a-a6a7-2eaabde33991","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":147,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"131b013e-60d9-40f5-b63d-409e8db3207f","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":147,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"16412371-580d-4ffc-a96a-36f8596de1f5","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":147,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"52bd1ba5-30eb-4f3f-b9b7-a5717b826f10","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":147,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"33a30f5d-0c03-4f00-9010-ed7da7d9c2a3","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":147,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"0fefcd98-a205-488e-bc25-dddf07747582","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":147,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"1de58d81-9551-497e-b5a4-db342df21e92","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":147,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"342d24f8-cdf6-4918-bb42-d966ec587fad","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":147,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"5ba6f280-9b35-4f56-939c-03ed98387bcc","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":147,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"0d1833c9-90d1-4978-a95c-57fb05b2dac4","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"49645716-b5cf-4359-a29a-bf3aa3dc5087","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":147,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"b00690a8-641a-4936-a3f6-f828934c3bad","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":147,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"8b8bfc62-924b-4c90-96f7-3114a1c8b7bf","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":147,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"92a77666-a888-4598-8dee-3c97f3c7c88e","block_type":"box","text":"II-104","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6c1ad54b-bee1-4bf1-8b9f-1da368e69dbb","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60c3cafc-bf7d-4a41-a3f0-be9fdddefa76","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":148,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"d5f47269-c15e-47ae-853d-5155d7c867d6","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":148,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"854ad8b0-340d-4862-88e3-15857fba89be","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":148,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"f91ecd9f-203a-41a5-8510-1bf5d09943e0","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":148,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"6d48f6f7-08b6-4387-9d9c-8367375b73fb","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":148,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"84cd01d5-9aef-4b64-9a66-0fd2f248cde2","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":148,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"61398309-8218-4856-bf06-bc0c07637353","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":148,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"bea31905-d402-4a14-8a4c-6277ecfb12f5","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":148,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"f9ae5d5a-fd25-42d2-936b-b155c346fa82","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":148,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"ebe73a5a-b4e9-42be-a926-bffe1323504f","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":148,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"08a99582-a896-410a-b41e-b36af91ce50c","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":148,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"2844e5c5-e0d0-4994-9ce1-aac49f88a098","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":148,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"83e7bf8b-50a1-4b11-91e0-5e34f9e45fb2","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":148,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"74a56762-cdbe-4a9a-921f-26055b505611","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":148,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"271ac186-41cb-4bc9-a955-678dcad2746b","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":148,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"2d6e79a4-fb9c-4f81-afd0-a87df17c7602","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":148,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"209da98b-53b0-4f9e-99a7-09c678244827","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":148,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"c03e0b9c-3b8b-4a13-98a9-c7ebc9d6b1d0","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":148,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"6677d6c1-b2eb-486b-b46c-ab04d29426b4","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":148,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"4ba5a2fd-076d-42d9-ad68-da0c3345975b","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":148,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"eac2775c-bf24-42d6-ae11-928779f02cab","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":148,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"74d2a549-d5a7-4373-bd4c-901b7aea83d7","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":148,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"93c8654e-df8c-43df-8fd3-f3c1ba4377f3","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":148,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"0dab40a2-47f9-46fa-bdcc-161d0f560ce5","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":148,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"52faeed0-7006-4b3e-89f3-54edf9dea8cb","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":148,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"11d95daa-16be-4876-9d4a-e7f5e4e078f7","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":148,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"40f683df-0261-4ee6-aed6-10ad3e12e48d","block_type":"box","text":"the absolute discretion of a Fund.","page_number":148,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"9d357089-3812-4174-9f1a-40052514f69b","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":148,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"3a77c956-9914-4c82-a088-bd710f31cf12","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":148,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"4440f0f7-1f63-4975-9e55-9f3f689dd17e","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":148,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"74ebed69-a437-4c1c-90e2-2afab7c01368","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":148,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"2bb939e1-c7af-476a-936c-cbc253c6a42a","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":148,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"0849b7ba-541c-47e2-8288-7daac8ac8c29","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":148,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"734fc8ee-e155-40cd-8363-18a15ddb65d5","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":148,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"d06aed81-2aeb-403d-9cb7-692abf7a7b25","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":148,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"1016785b-0545-40a4-958e-b51ec5ce1a99","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":148,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"0d36c34f-3e08-46d2-b24b-e9c238bfa891","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":148,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"888a3ab0-85d9-4e0d-92c6-7422a3d6ddc7","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":148,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"c8da4641-acaa-4a48-b98d-15f09a659f61","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":148,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"7dc5bfa2-ed46-4a48-bd92-de9a231dc738","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":148,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"c962a351-cefe-48bb-b45d-117275ad151d","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"5003ce97-9c58-4850-b8b5-91a7a4200e4f","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":148,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"cffe7fea-3eab-4b06-9cea-f48ad1954b14","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":148,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"acb6925b-a3b8-463f-89d1-1504b936e4fd","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":148,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"d086a780-a8e3-42e5-a68b-a9a13a0d4c99","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":148,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"8b2cb877-02bc-425f-beac-c00c21f26106","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":148,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"ea150cd6-e24b-4645-ad7c-6f8177eac8a7","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":148,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"44a05572-d6ad-459b-b02c-2440cf4cbfda","block_type":"box","text":"public or private investment company.","page_number":148,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"70a8442a-491a-487f-851d-47ff5504258c","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":148,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"a520e779-a008-47a2-883d-e10111ff486e","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":148,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"b34a9b2a-46f2-4fde-8cef-48515f6b864c","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":148,"box":{"x":70,"y":816,"width":825,"height":11}},{"id":"7f7529f3-2486-470a-8b72-fc477f08b08a","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":148,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"cb328b45-4519-4b85-ad3a-9beb314a75d7","block_type":"box","text":"II-105","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"45afd666-7043-4861-914e-259295e9ea8b","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d822f861-9f9c-46ab-b014-a864ab5b6e10","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":149,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"d0b7cd30-30c1-40ab-84db-c3187ddb49d8","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":149,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"6610245d-1017-4558-951d-ae97496e06c2","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":149,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"09f05d4b-7891-47b0-8e1c-ee5af434ea5d","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":149,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"32557642-5a2d-428a-9f50-ac0f72549faf","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":149,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"891c03f7-bc70-4452-8c5e-c8f57498a008","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":149,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"cc79d464-cc56-4700-925b-679da2c7d731","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":149,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"043638ef-8703-4938-b46e-724305d0fa17","block_type":"box","text":"intermediary associated with the account.","page_number":149,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"da84843b-6d04-4f74-bfb4-e35c9f32b0fb","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":149,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"60d031f3-984f-4eae-bb24-2e26b32d5f40","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":149,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"2ac2a116-e6ed-4282-973f-0bf58a4a85cd","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":149,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"25631b3e-798a-41a3-8b11-b4e52a47bcbf","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":149,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"e98b5514-684e-4ba1-a0f4-b01147f47288","block_type":"box","text":"CDSC shares.","page_number":149,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"4c5fa04c-96dd-40e6-8160-a1f3e76ae229","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":149,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"14020103-2554-45a4-9d77-728bb6296d15","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":149,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"b2ce238c-5d17-4816-a65e-14b3c359a902","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":149,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"78a3fddb-be96-4315-bb0b-000ea4daba27","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":149,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"cb582fef-d006-4aef-b109-8680f658aeb9","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":149,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"6817b5dd-2330-43a1-a5b3-740f72fb3f33","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":149,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"44a6f4ab-773e-452d-9331-82413c3ac53a","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":149,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"a3f8d645-c0c7-49ef-8473-bb54501982c8","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":149,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"3b619839-9d04-448c-a7c2-0fdb60e623c3","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":149,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"cf9423f4-a7fd-4954-b4c0-366c392d8ae2","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":149,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"27b6d6bf-5fd6-44f0-b59c-af6c99cc8e96","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":149,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"47e49f1f-2026-42c2-b44e-c40c34fa04c8","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":149,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"046328f7-c24b-4824-ac29-671bdea9fc0b","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":149,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"45a10eef-c61c-4b17-92fd-65a273051306","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":149,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"f66b5c0e-45c1-404a-8846-d190732f6e91","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":149,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"b3896a83-85b8-488a-8f3d-60220c049a75","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":149,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"1c539a92-8f4c-413a-b0e8-58a66cb1890b","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":149,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"b453e291-3683-4efa-989a-185bbd060bc9","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":149,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"aacee35b-ec65-4835-adab-360d7f07b458","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":149,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"fd836ee9-c3c0-4215-b733-5bced368b8b6","block_type":"box","text":"Investor A Shares.","page_number":149,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"ace512c4-8737-4e3e-b868-4bfad692bc8b","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":149,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"36000fe6-13ab-405e-84d0-6540172b8075","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":149,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"886ba4e6-4989-4493-b038-028cb82c64ab","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":149,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"6cd382fd-c3bc-414a-bb52-0c070fbd6b45","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":149,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"f549a58e-2949-4b49-8a8e-6537db7e8a9a","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":149,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"ac5e874c-7a05-49d7-a311-26c4d35fadc3","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":149,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"aa97b89e-0962-4c99-9b66-e76628fc4cb0","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":149,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"1d3ad18f-b92d-49ce-89b1-949ee76e504c","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":149,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"ee48b743-2fa5-44c7-99f9-037bd921c5b4","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":149,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"61161346-bdfd-46ce-a9fe-6b53f387c7f6","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":149,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"82e91c79-7d8d-45e4-94d8-172a4d1b1382","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":149,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"55afd63c-80d6-4826-b353-851551239812","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":149,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"b663da70-87c8-490e-9d8a-b929af14fc37","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":149,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"85a22b5a-0f4f-4ec8-a92d-63cbbfb9c30c","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":149,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"937f14ce-67af-4430-b6f6-df8c39b8eabc","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":149,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"2108d4d7-92d1-499f-81e0-761e41cbe610","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":149,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"6549c29c-7747-4da1-b39b-bd0eb54996c6","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":149,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"a9107664-d5b1-48ef-9230-8d50bc31fb30","block_type":"box","text":"“Investor C Conversions”).","page_number":149,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"5bd551b2-8af1-4bf5-9f6c-038b05914b70","block_type":"box","text":"II-106","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"957f4d80-0bdd-4f87-8dd4-705be8f53c4d","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f692bdc-aea5-4942-944b-99cdb7a5b20e","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":150,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"facd8ea4-eae4-4701-8411-275ed8729b9b","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":150,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"4dbfb430-beb8-4331-9de8-07ba987a7ebe","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":150,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"dad0c97f-9f90-4cfa-8479-18d96d1a3631","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":150,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"f63b2e56-93df-4d6e-ad3f-080fc070b50b","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":150,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"72a02bf3-47ff-4431-879e-59762bc059c0","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":150,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"d7a8367c-da1b-4740-b66e-e80a32e9a835","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":150,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"f059cd5f-8ae9-4924-9fa1-e8071cdaea4c","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":150,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"5c6ae990-9498-4b8d-a69d-44750dd1cec2","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":150,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"65ac2b5a-f141-4df1-aa81-46765a6a779d","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":150,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"bce6cdb9-a24b-4918-882d-75a18df607c6","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":150,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"b8d77507-708c-4d2b-aff4-3f9d366b81d2","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":150,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"868558c2-7bb3-42d8-9a0b-abca09ffefdf","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":150,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"0259b94a-7074-48c8-b918-3008e33408d5","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":150,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"d5983daa-f9d6-4af8-b99c-181054311125","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":150,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"0b6f5f52-5ef1-4789-9823-10690ef55ef3","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":150,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"de1ce497-1362-40a0-8243-0797f16199d0","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":150,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"217baa1e-1c60-489b-b28a-fb8e064b7986","block_type":"box","text":"redemption.","page_number":150,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"4a771f9c-21f8-464c-9dde-a2f0b0f220ee","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":150,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"30aa489c-7539-47b0-b375-d19835483058","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":150,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"dea31768-faa5-45fe-9c60-b7b418ebbca7","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":150,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"28ddf138-7735-4be8-8262-5bcf403ecf00","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":150,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"1256846e-e607-42fa-9296-17428a812ef9","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":150,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"2db98348-c568-4757-b326-2dc568501fd0","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":150,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"9af85735-0b26-49ec-b2a6-2dfe69159aa3","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":150,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"a82b3a98-0a26-4cf0-9be2-eecaaa26f824","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":150,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"9d912ad5-1807-4945-ba8d-68716fae2751","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":150,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"e7fc98bd-799a-4c20-9a61-da3bf36ef43d","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":150,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"c5bb9dc2-285a-4605-9134-2677a316cda9","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":150,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"9d01c4b7-6d77-4ced-92b9-ca0c57cd82ad","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":150,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"44db139a-78a2-457d-adc1-f2ed148378e2","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":150,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"1dddd9f3-42c1-4ee4-aebc-f153b357e0b9","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":150,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"3e91c844-bb83-4045-97c7-07fea7423b29","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":150,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"6a5534ac-a077-4c3d-b665-34dd2a20c7d2","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":150,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"350cb058-baa8-4203-9599-40767494c414","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":150,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"0032e401-ef1a-4e7e-9979-93ef3edeeab3","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":150,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"8223674e-9413-4b2e-a864-1821106b8945","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":150,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"8d4d0970-ca5f-4ddd-91ac-f6ffd0709631","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":150,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"751e5706-f432-4d9b-a0f0-f41e78e550eb","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":150,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"f9f89581-5f91-4def-aec3-d6bbd0b18061","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":150,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"4ccee80e-28a1-4e0a-a567-5af740fbe72d","block_type":"box","text":"Class R Shares","page_number":150,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"0d5ce8e5-b131-41a3-9768-9f178b350f3c","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":150,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"04b1b80a-20a0-48fb-a9b0-3c83328198c0","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":150,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"0b73c101-f8d3-40e7-be8b-fa6f4fb39f82","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":150,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"e95fc8d6-3382-4ad2-93b1-b80e5f7b3e6b","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":150,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"4c483ec3-a8ab-4072-9f1e-20754abb1aa6","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":150,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"1c548d89-1722-4a49-9fea-086008b6c224","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":150,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"80e4ae53-1162-40d6-9ec6-bb9d1c24981b","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":150,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"39f1acfd-1ba2-43a5-864f-eafc6e21034f","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":150,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"29435d5f-c223-4c78-bb23-26f0914b26b1","block_type":"box","text":"II-107","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1dd4957e-68ab-45f3-a240-26156aa225e9","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6670d7a9-cc4d-4760-8107-6e2ee8459c47","block_type":"box","text":"Class K Shares","page_number":151,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"51ae14ce-2b5f-4a0f-adc3-aa630abd09c9","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":151,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"14249676-8196-429f-a41b-3d90c98ffde8","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":151,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"ce53080b-243b-4edb-a224-0774dcc8eb4e","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":151,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"1b5c66ac-03f9-400d-8c0a-1fadf5bc1ea1","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":151,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"d7a001ba-ab93-4d5b-a8aa-a32c265179b6","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":151,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"4604adfd-126f-4d65-b618-8ccb36ad98dd","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":151,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"14584f1f-00dc-42a4-b57a-0e2eee09f92f","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":151,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"0ed19ade-c6af-4e1f-b4aa-dd3d05296630","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":151,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"351ccd40-e161-43d1-ac5e-1ef4b95b9c9f","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":151,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"411603f3-284b-4a24-9287-9f1907a2c617","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":151,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"303a0505-334f-4532-9767-79a827394d37","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":151,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"d1e2eb75-2d1b-4791-bdf3-af5aed4c9b43","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":151,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"652d5469-0092-4b69-b43b-409c04f4d75f","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":151,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"c9a05ef6-8d7b-47b1-bc81-f3b225d4ec1f","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":151,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"cf29020d-db57-4ed5-a2f9-96354dc9c509","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":151,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"a2cf3908-0522-4bf7-8520-ba87a0660064","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":151,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"6bda9e42-f2b7-4280-8316-cc4cc8624a60","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":151,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"59c8471a-9926-4d20-9add-ed45072c5dfd","block_type":"box","text":"distribution and marketing agreement.","page_number":151,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"8f5ca797-1c7f-4040-9487-b7b867eddb71","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":151,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"c2591a80-f20b-41d0-a75a-5f87103d9838","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":151,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"6570e120-a5f0-4f7c-af50-26d3008464eb","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":151,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"ab2ad847-924f-459d-b134-30565f25cb64","block_type":"box","text":"Class G Shares","page_number":151,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"54566dde-cade-45f7-b2b4-525492c3b703","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":151,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"9d6a9c07-c434-4174-bc19-bb4e9fd75d49","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":151,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"93c6dc20-aaf5-409b-a8b4-6345392a3659","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":151,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"9cc9b3f0-509b-4d14-989c-f399be3d3bf6","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":151,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"574804e2-b581-444e-a1ec-45eb8218705d","block_type":"box","text":"eligibility requirements.","page_number":151,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"21c1bc3e-ed50-4420-818c-99b2f453cf20","block_type":"box","text":"Service Shares","page_number":151,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"6ea6d642-eaf5-44cd-8158-bf39d24bc56f","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":151,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"f242a8cc-ab6f-471b-b9fa-d604d3fb188b","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":151,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"6bfeaceb-0bab-4141-ae44-41775183a91d","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":151,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"d9cbc7f7-28ed-48a0-83db-b28be3f5ebe9","block_type":"box","text":"®","page_number":151,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"dc907e76-7691-48e2-a2b1-76a3fb9bae45","block_type":"box","text":"Fund in 1996; and","page_number":151,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"e5cddb03-18d8-4677-9f69-d627434fef74","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":151,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"87be4f81-79d0-4dd7-b9e2-d7ceaf523265","block_type":"box","text":"SM","page_number":151,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"6e52cc9c-ba58-44e2-bf8c-64375af59ba6","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":151,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"b1c81691-d0d9-4a18-a64f-d646eb57ea52","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":151,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"bd22ed6a-bec6-4c03-8b37-6dfe292ae39c","block_type":"box","text":"BlackRock Shares","page_number":151,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"4228afd5-0ba4-4648-b081-3de79502e454","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":151,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"1dcd403a-0247-40c7-b3bd-94b08924e156","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":151,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"6fd53dac-18ef-4bcc-a4f4-4d1617d5d549","block_type":"box","text":"fee-based programs.","page_number":151,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"7d075370-085e-44de-bc27-90bbcd4b9c2c","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":151,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"a2f9811c-b915-475d-a123-54e5b14de79e","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":151,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"e492324f-bf0c-41dd-bba0-22f823ffff98","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":151,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"9d50d852-8b0f-434e-934d-626be8fe7b31","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":151,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"0263a441-7516-4910-a8c1-d606cdf75d60","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":151,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"cae53012-31e2-4cb4-8c28-f983e6d96dcc","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":151,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"8a677af0-fd9f-4f9f-9be2-8398f0e211ec","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":151,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"c100262a-9c7c-45c3-a210-1962d49cdd50","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":151,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"b8c0539d-68b0-4bd2-9cc1-0f00505fb99f","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":151,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"12fc8fc6-d831-4cfc-8531-a94b2f7348e7","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":151,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"9217f043-b985-4dfc-8ac1-3784ca46e563","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":151,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"369b5b1e-b9df-42be-a093-2df7884b8f33","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":151,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"23d8e476-7da8-4c7e-a631-ce50ed6a8e85","block_type":"box","text":"II-108","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a76a5288-1ad9-4a18-94eb-c9171a42a364","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02700384-d813-4c57-af3f-555d4f04d1f5","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":152,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"8d9f4f6a-9c8b-4015-a924-e8b1a0822038","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":152,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"d109abbc-2520-4fc9-8dd4-3f18d4cfaeb7","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":152,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"7abe119b-e122-4cf4-825a-44778698323e","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":152,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"02441ef7-14f5-47df-ab0b-0462db8d738f","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":152,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"7bcc07c8-b2ed-4c33-a213-59abc25bfe16","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":152,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"40c64251-24a8-431d-bdeb-4fa1b88d43db","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":152,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"5968f2af-0909-4c7e-9cba-19922b0c0f52","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":152,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"a4ce4d44-0a7e-47fb-9974-1100339cd7b1","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":152,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"0fa78167-331d-42f9-b4ae-52af202b88d7","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":152,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"1f89191b-28e3-449d-8463-fed3c0066adf","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":152,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"79af62ef-3448-4ded-84bd-13f2f4bbcf66","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":152,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"d0123fa7-85be-405f-a9ff-b85129aae93a","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":152,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"9bb7ef8e-deeb-421b-83e9-30175e660d1b","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":152,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"c1c7fa7a-b0a8-4456-96f2-5507f602ce4b","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":152,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"af50d67f-7063-4937-bf2a-5a3564a11861","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":152,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"742f2e66-1c43-461b-baca-4f6b5f966577","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":152,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"b436edf2-c1c8-40ea-a29d-284a3e2c919a","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":152,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"11ba8ec6-90ce-447b-8530-21cdc6b18e91","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":152,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"d04c5357-3151-44ee-944a-d1484e93463a","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":152,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"10910614-0939-4112-89d8-c450e6184fbd","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":152,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"2f80a477-1a13-4f38-9e74-bf5756621934","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":152,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"dc8cab2f-9d78-4d10-9bc4-bfbaf13827d8","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":152,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"7eb5a541-3ae7-4533-b5cc-d3b9dc1d3072","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":152,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"65c45192-bb38-49e1-888c-4c9a41b56a26","block_type":"box","text":"compensation for selling different classes of shares.","page_number":152,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"cc813110-6257-4752-a726-241bd97a80ea","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":152,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"69137df1-cd60-46e8-bc3d-ac61ba251953","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":152,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"e8ef788d-3de8-4a89-9625-fa2dee8d5574","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":152,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"a0420984-e68b-487e-9dbb-7273a3772b16","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":152,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"2f37b85c-73ab-468b-a178-cbba193017c8","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":152,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"11bfd692-7f8d-4520-a4aa-92d5912b7dff","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":152,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"99f63180-b12e-4f28-aa04-c41c015c5189","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":152,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"115d1fae-bc26-463d-a813-982cb898c4d2","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":152,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"be6ba7ab-a4f3-4b5a-81ed-e9f4052713d1","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":152,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"debc6e9d-fa93-4ae1-b91d-497d1c1e072f","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":152,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"e9070197-b28b-4c21-be22-321dbda0f3a9","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":152,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"7e1d93f1-f77d-4881-a2cc-7106a8f78975","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":152,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"5a7031b1-ddf3-4fd2-a915-c4904fda4b88","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":152,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"9ed868b2-da31-4c35-b804-8c13a6aaa330","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":152,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"bbbe91f5-561e-4594-af05-d868b3ee6717","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":152,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"46852d51-60b6-4740-89f0-293ca2813592","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":152,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"ba04bed6-cb11-4c46-8031-47a753b4ca7b","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":152,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"d4536880-ab86-41d7-9dfc-1ea1b536ebe9","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":152,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"221b5a50-a8b6-4992-a5e1-3ccdf3593177","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":152,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"d224d0ad-b220-4ad0-aab4-b9d3b33b929f","block_type":"box","text":"easily accessible place.","page_number":152,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"d76351c5-33d0-4256-96fd-fb217bf04430","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":152,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"cee29523-f8c7-46ac-b2a1-953072517901","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":152,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"2b9dae00-69c3-47b2-92bf-d7ac60b49a06","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"e1deb2b8-d36e-4f5f-9048-1e10d701cfc8","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":152,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"55de4b36-bff8-4fcb-9d69-6fb7b7b480cf","block_type":"box","text":"fiscal year.","page_number":152,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"2e6dd6ab-49fc-42ea-87f4-476a9aae55ba","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":152,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"fdba78f2-e1bd-434e-9123-d9f4fa0f9def","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":152,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"456e7f7c-451d-4ec3-961e-de565d06c832","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":152,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"88a77f6f-bfa7-4b78-a0d8-d2173409660d","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":152,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"2cf66a66-969e-4f25-92ba-3a86936f3a8a","block_type":"box","text":"II-109","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"99bf0702-4a30-4be4-b5e7-472fff10c4aa","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc724c6c-275c-4a57-8eab-245394cb3568","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":153,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"43f23572-4e31-459d-960e-5a2fac018a00","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":153,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"6278924c-81b4-4f19-aacb-ac51e2d6fb3e","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":153,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"21f2e7b5-8922-4f9a-82bf-7bb01b723cde","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":153,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"19d28155-4e1f-454c-b8bc-1ce2ecdf67eb","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":153,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"585c11b4-5850-4be8-9ac9-f49790e93180","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":153,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"1c552e3e-dffb-478e-a776-3fae11e4bc68","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":153,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"936d2a34-c9c6-4cff-9441-80df0c458a0e","block_type":"box","text":"and Class R Shares of your Fund.","page_number":153,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"92b88a78-51ba-44e6-9b43-3e3fe4b8cc6f","block_type":"box","text":"Other Payments by the Fund","page_number":153,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"4bfbc2d5-613a-4b87-a309-dd0ee312adae","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":153,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"a39d5929-6a8b-49f1-8e51-82b462ef278b","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":153,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"fffe5388-75b8-40dc-b8df-c6f7d28c9573","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":153,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"9f28efef-527e-42af-a770-60a1e8401ce8","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":153,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"5b48b18f-e9f1-4925-a0b2-39fb983858c9","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":153,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"f7436993-3209-49e6-8d60-5f75fc116031","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":153,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"b0eb43fd-db0b-4b91-bc1b-3e6f5c18a548","block_type":"box","text":"of these payments may be substantial.","page_number":153,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"f0cba559-19d5-4333-a2d5-5109009ccc3c","block_type":"box","text":"Additional Payments by BlackRock","page_number":153,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"c4dd2bd1-61ea-4f38-90ff-168d4e22b8da","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":153,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"2a99bb5e-ff0c-458b-bce7-da0ff43830f2","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":153,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"8679eb60-2ec7-4f73-8467-dc1efe6ad837","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":153,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"fc1538c6-268d-4e3c-ad65-90a3ed1f591f","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":153,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"f93f1b34-2cb8-441b-8224-03a02ee667bd","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":153,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"711474f3-1a7d-4867-be93-21fceb8290da","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":153,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"8b0564ce-a4cc-4932-b2fa-b0150f9b0dc3","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":153,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"8f1afb3e-b8ca-4d95-8f5d-936414b67665","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":153,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"7399e7df-fb60-451b-b652-e37fac2e51bc","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":153,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"f307e11b-6012-4fb0-9603-5b951e0c3037","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":153,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"77b1ba57-b365-479f-879e-1a13218d7b50","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":153,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"c49ecfbb-3e83-401e-87ce-51246cfc623e","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":153,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"238ef289-fa57-4e0c-a3cd-3ed74d0785d7","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":153,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"049c1758-b183-4d45-80f7-f7868bea3ab0","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":153,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"ffe254eb-8454-42b6-8dc3-e63bc7d8adbd","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":153,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"c30add65-3216-4b80-8192-aff8b0275a7a","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":153,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"2705541e-9c4e-4ccc-9980-faf9fea322cf","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":153,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"24e8d79b-32d3-4be1-99f7-1cd386c355ec","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":153,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"64f56a67-03bb-4c69-afdc-daff4ed85dfa","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":153,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"db9f7cff-8cf8-4cb0-856c-939c343e4b6a","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":153,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"153e637d-6af7-4d12-b362-aa1e53325eb9","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":153,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"47f8f624-0516-4084-a0bf-8589b8a6963e","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":153,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"2e8eb59d-0f5b-497c-9b2a-328dccb912de","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":153,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"6c774c40-4bb5-47a8-93c0-4c264c78bc7f","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":153,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"493345fa-0c49-4309-9202-6ce4bf9c2a12","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":153,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"fcb1e8c6-a30f-4631-b7d0-494d06757edb","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":153,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"39f96302-0805-4ff3-9e66-af3dd94d8653","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":153,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"9f9d8413-8f31-4f83-924d-2d1fa3c82d3e","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":153,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"6bd5c520-eb89-4d3f-a5f3-9fee1552f90f","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":153,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"a6c9f9ea-b60a-4b31-a115-2b70cf315744","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":153,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"9e93c6ae-f416-42ed-936e-18ea8c649b72","block_type":"box","text":"Funds.","page_number":153,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"96afd4b2-3f37-4b9c-9c7a-d1c15d5271dd","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":153,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"ee7e6ba4-9d30-4f03-a54f-889bd191a389","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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Conflicts","page_number":157,"box":{"x":102,"y":872,"width":78,"height":9}},{"id":"a762b2e9-404b-445d-928e-7b7ff5b27e12","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":157,"box":{"x":101,"y":895,"width":710,"height":11}},{"id":"e21a53b1-e6b5-455a-b042-b53874bbd016","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":157,"box":{"x":69,"y":910,"width":803,"height":11}},{"id":"981fec64-930e-4797-9127-301a122d7e70","block_type":"box","text":"II-114","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"16c1c133-987c-45e8-bb45-49ffe02e957a","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a4f3bec-824a-449f-b4ab-df17bc40dd61","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":158,"box":{"x":69,"y":45,"width":788,"height":11}},{"id":"c0621d9e-7798-4286-8c5b-64ffadaf6f69","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":158,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"44e16010-7341-42bf-9685-eba129a3adbf","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":158,"box":{"x":68,"y":75,"width":473,"height":11}},{"id":"4c6aab50-ad1f-46b7-b189-b7aeafb21d79","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":158,"box":{"x":102,"y":98,"width":793,"height":11}},{"id":"e69ac075-d024-45be-a192-9a5a5fd84caa","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":158,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"4dfda0cc-dc4f-4354-9ad7-6fd4de0fef44","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":158,"box":{"x":68,"y":128,"width":833,"height":11}},{"id":"3e52fa43-2166-4c9f-af37-feafaceeae91","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":158,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"be671cac-bd57-47df-a3c5-5518617a1efd","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":158,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"d06dfb0f-54fa-40de-9b29-23fad8eeaae1","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":158,"box":{"x":69,"y":181,"width":794,"height":11}},{"id":"d71f21d8-de44-47a4-b6ce-6af0414aaf78","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":158,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"1e2c09fd-1e7c-4872-8e0c-c8b8e245a5d9","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":158,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"2c679420-8623-4368-9644-6d760e13e387","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":158,"box":{"x":69,"y":226,"width":723,"height":11}},{"id":"4c61de8d-c30c-4544-aefd-75ce2c5d3e0d","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":158,"box":{"x":102,"y":249,"width":759,"height":11}},{"id":"6d1e95b7-a196-46b3-9d5b-85179b48e934","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":158,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"ffe03698-20cc-406f-86e3-5aff5e9fed15","block_type":"box","text":"appropriate.","page_number":158,"box":{"x":69,"y":279,"width":84,"height":11}},{"id":"9c5623ce-f432-425b-a5b0-56444204eee8","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":158,"box":{"x":160,"y":279,"width":738,"height":11}},{"id":"9a2a8f39-b9f3-409d-8bbe-ed49c9887aa1","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":158,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"bfcb0f00-e4d5-4c57-85eb-3bb347edff03","block_type":"box","text":"described above.","page_number":158,"box":{"x":69,"y":309,"width":122,"height":9}},{"id":"6719ddcc-a3db-4013-abf9-43c4e70717c0","block_type":"box","text":"REDEMPTION OF SHARES","page_number":158,"box":{"x":385,"y":339,"width":208,"height":9}},{"id":"6556198d-cea3-4d0b-8200-37d9feacfa58","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":158,"box":{"x":102,"y":361,"width":798,"height":12}},{"id":"cfb4205e-4337-4a47-a193-36b2000bacd7","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":158,"box":{"x":68,"y":377,"width":817,"height":11}},{"id":"2ae652a0-e1da-4602-9070-58bd3129b66c","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":158,"box":{"x":68,"y":392,"width":840,"height":11}},{"id":"edc8f48c-94cb-419c-b00e-f45aba9d369b","block_type":"box","text":"or to accommodate a request by a par ticular shareholder that does not adversely affect the interest of the remaining","page_number":158,"box":{"x":69,"y":407,"width":834,"height":11}},{"id":"525ed644-b1dc-44f3-9f75-d3676a51be41","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s por tfolio holdings at its discretion.","page_number":158,"box":{"x":69,"y":422,"width":829,"height":11}},{"id":"333fd9ae-8220-4c73-9dc2-f67d29b0e1fe","block_type":"box","text":"In-kind payment means payment will be made in por tfolio securities and other assets rather than cash. If this occurs,","page_number":158,"box":{"x":70,"y":437,"width":834,"height":11}},{"id":"f83de5fa-49fc-42e7-a14f-5b0a0e02f427","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to conver t the securities and other","page_number":158,"box":{"x":68,"y":452,"width":793,"height":11}},{"id":"0a463751-40b6-43bd-a35d-7fe2f98686af","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata por tion of a Fund’s por tfolio holdings will generally be distributed","page_number":158,"box":{"x":69,"y":467,"width":834,"height":12}},{"id":"edd5b868-0905-4f9e-a35e-419f61334b9c","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under cer tain circumstances, deviate from pro rata redemption","page_number":158,"box":{"x":68,"y":482,"width":838,"height":12}},{"id":"8a730839-0796-48ce-9f22-3615e3e8b066","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of por tfolio holdings and","page_number":158,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"a1cebfc6-e005-40cf-8f47-fc9f1f3c8039","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":158,"box":{"x":68,"y":513,"width":831,"height":11}},{"id":"3587b966-3a24-4b29-913b-9818862f687b","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":158,"box":{"x":68,"y":528,"width":828,"height":11}},{"id":"bbdd8ec5-5073-444d-a302-f8eccfa1a702","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":158,"box":{"x":70,"y":542,"width":826,"height":12}},{"id":"b5b17f82-8dfe-4c2d-a466-034762e326d5","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":158,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"2e0f7707-4bec-45a4-9a09-e4a7386a7f95","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":158,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"5b3c3ed4-c88d-483c-88e9-0aba5537a29f","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":158,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"8f354236-dc85-40d4-9e31-bdabcb66970a","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":158,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"983b8861-9a8e-4ce3-9068-a8b2d65dbfde","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":158,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"9797b07b-6bbf-42d9-adc5-2ab237e0b683","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":158,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"1b3b5638-d405-459a-9eb1-1148d5e0a705","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":158,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"69b910ec-83e3-4496-8c47-63976250d583","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":158,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"8570a236-b6ac-4cb8-868e-966616f0fca0","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":158,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"0986ae88-243f-470f-a8e9-2b919795e607","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":158,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"8d2c3cc4-6f8f-456c-81e1-fcdc63c0441c","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":158,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"1d34fd9e-cfea-44cf-9a82-feed5c8c94d4","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":158,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"db61aa32-b846-4276-a9b6-e243b653032c","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":158,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"5ae589ae-2c64-44e1-a950-cba14e7f6fa4","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":158,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"07e617a7-3277-47ca-b316-725b3c3c976d","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":158,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"5f8380bf-901e-4f72-acf1-671d670d1ac9","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":158,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"3be674d6-a194-4924-a0ee-581ae0478867","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":158,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"d1b83b81-c478-492e-9c3a-482c1a92047e","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":158,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"dcfc4b39-1d4c-4a15-87ee-8aaed85fcc41","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":158,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"1bbdb18e-962a-4173-a947-6c69e69d8d71","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":158,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"93b94c6d-a423-4a14-99bc-997d273d2962","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":158,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"7f5b4ee7-188a-4d35-8f1b-d1bc4e2849f6","block_type":"box","text":"II-115","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f467922f-bc64-4ca6-a507-d4ab1ebdadd6","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e4231ca-3311-4768-b8bf-e85b90f2223b","block_type":"box","text":"Redemption","page_number":159,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"88ff3b28-eeed-43c3-947f-b4d765e85959","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":159,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"ab4a983a-6d57-4b26-8e60-273862b890c8","block_type":"box","text":"Redeem by Telephone:","page_number":159,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"1fbfa08b-d370-4157-a1e2-f3fc587cc7fd","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":159,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"796f54e8-4078-4cb5-8eb6-eb071e495919","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":159,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"8246c421-6a6b-4a08-aeb6-0b0ba97808b4","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":159,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"d1270a5e-b998-4c0e-b1a5-9c38f847a4ea","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":159,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"065a9406-b9b0-4555-8633-77763d9d3adc","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":159,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"06e853ac-1c93-4907-912a-eff8d124d43d","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":159,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"0f4bd204-72cf-4525-9b68-50761d33c412","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":159,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"8118577c-3bdf-4103-bf8d-30332e01051c","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":159,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"aa0ccc2d-faff-4358-b7f8-9753c34f439c","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":159,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"5917bad6-c6b2-49f8-9b61-35ccd64ec336","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":159,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"bdc624a6-39d8-4990-8fc1-d4926f514deb","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":159,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"45e1a837-3133-40f4-9bdb-7929197ef8c2","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":159,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"e07c26fe-73bf-40b7-8173-fbe660100870","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":159,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"216b518f-64b1-46ad-8edf-ae0c4d006184","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":159,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"3f2615dc-4070-493d-a533-255536e15e95","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":159,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"bcc1cab6-e9ce-4639-89e5-dc07b046fccf","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":159,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"6a0455a4-9693-4263-b6bb-edc7e8395818","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":159,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"363eb112-7fe9-4061-89e3-f80ea308ac76","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":159,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"1b7c6825-ecf5-4783-a087-5dcec7bcb060","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":159,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"519b352a-685d-4075-b0b8-acca21b9ba30","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":159,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"a7495c17-3530-43b8-86af-1b776825c9e9","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":159,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"feff13fa-78c5-4c59-ae15-097721e205aa","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":159,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"b92f9cbf-e083-4a1c-b950-d58f4a130a11","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":159,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"52382f57-8053-4f04-9477-a38cdc131c21","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":159,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"68cf8c01-6448-4455-8b1b-c3bb6d48447a","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":159,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"ef7935a9-66d3-43f5-99b9-2a8078196022","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":159,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"502639d9-2887-4b20-85f8-8516fde70805","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":159,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"5272dffb-0469-4cfb-9b49-ce5a5f8cc140","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":159,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"bc545e2f-9e27-4a2e-be9b-f74aad5dd58c","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":159,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"7d907573-8803-47ed-99c7-df745aa19951","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":159,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"74b85063-054e-46e7-93c7-099227c7a7f9","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":159,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"77b8c85b-f894-4843-91f9-aaacadbede18","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":159,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"d675b1ee-0e45-480f-8bdf-80a835450ec5","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":159,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"09f1adea-6e05-48c9-a1d4-02664891ccd5","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":159,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"78daf8bb-9381-4bef-968f-a93bd172be6c","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":159,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"22ac8441-6ff8-4aef-8c97-78bc649244bb","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":159,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"79ea5d39-0c9e-4f72-89a3-b99fa3c5fa68","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":159,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"6aa16606-0b24-4be1-8811-b9ce5e349123","block_type":"box","text":"Redeem by VRU:","page_number":159,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"4da21729-5a7e-4b91-bc29-7244e96bf040","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":159,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"4df345f0-6d9c-46a4-94c9-dadfc78b4bdf","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":159,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"a658862a-f18f-49bb-a9d5-b4851c605e96","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":159,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"0bd37c8d-5fc0-4d2e-904e-e45003f219e0","block_type":"box","text":"Redeem by Internet:","page_number":159,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"9dddd8e0-37ae-48c3-b2f9-45e00d773557","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":159,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"c31de5f9-5e8b-4f65-b65b-3a1d6aba745a","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":159,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"6908d9c5-fb0f-44cd-97c5-d63708ea8de3","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":159,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"06c9e605-9b6d-43c1-a100-b5db8b107332","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":159,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"7b603b2b-6b16-411e-bac1-e7b3aac2a866","block_type":"box","text":"institutional investors.","page_number":159,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"99298b23-d3d8-439e-a457-2105cceb8d84","block_type":"box","text":"Redeem in Writing:","page_number":159,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"a09c81fd-9908-4978-aa73-5e52969746d9","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":159,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"6978ca6d-d269-4304-83d6-0e954c3b3ca6","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":159,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"79a06256-49be-4cf9-b45d-9ebb3b0027bd","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":159,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"7bf804d2-d346-4928-9eec-088d81111c7b","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":159,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"b401502c-9151-41eb-9734-edb2a812a0b7","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":159,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"bcddbbf9-91cb-44b5-b86f-d652c152ce6b","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":159,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"04c43f4b-2a4b-40c3-a210-c139e15dd3e3","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":159,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"f57a7481-4476-4b45-8a07-2402ada77745","block_type":"box","text":"II-116","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c83b70ce-57a7-430b-ae0d-3632fc46808f","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fcde86c5-032b-478a-bb21-e5c4168fecd8","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":160,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"ddfdb456-8b2d-4f9b-8370-2ffa3065d9ef","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":160,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"da7c6684-39cd-4f07-a9ca-e95cdfe7e860","block_type":"box","text":"or wire to the bank account of record.","page_number":160,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"f9c8484c-1d49-4cbe-9036-71410107ccc9","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":160,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"a3ba5ab5-e9df-4902-a4ff-e7de2df82d04","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":160,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"a3c5b526-290b-4a92-b4aa-aacca70e366d","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":160,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"f5886933-e4ef-4e43-8b69-505a8b6b23c8","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":160,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"1885be7f-c300-4302-896c-be6dc569ee42","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":160,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"ce002a6e-882d-408f-ac0c-e8740059b22d","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":160,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"965f6e78-7396-4320-9d98-62d248d56b73","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":160,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"6d9c57ca-c9d9-48ca-b475-1242c17f93cf","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":160,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"4ebcb9a8-5f32-4050-82c7-dccbd22da884","block_type":"box","text":"redeemed by the Fund.","page_number":160,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"80d145cb-4d4b-4060-947e-1989e107bbf7","block_type":"box","text":"Note on Low Balance Accounts.","page_number":160,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"780146da-a3c5-41ac-97da-7311604e85fa","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":160,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"384f763a-1f1f-4b7d-923d-d187c7521210","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":160,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"95f44e02-45fa-4aca-9fde-5b7c83dd0194","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":160,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"a46dd9df-a0a4-4899-9e2a-c922784f188b","block_type":"box","text":"for any reason, including market fluctuation.","page_number":160,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"f37dd6b2-ff70-4ddf-8c78-03565244308e","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":160,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"c0a08898-e8c7-41d9-87a1-9fe1553e361c","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":160,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"ff3111f0-cf49-4731-95bc-a090dc298b3b","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":160,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"df2c4036-7bc7-4f98-96ee-6f448919d6ed","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":160,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"be3cdc30-a877-4703-9383-f95ed9cbe444","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":160,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"29b251d3-6a17-4370-af3a-c4ac9e892a95","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":160,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"8154b3c5-ba38-4081-93ef-9f064e2dc667","block_type":"box","text":"Repurchase","page_number":160,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"1284594a-c0bd-49f7-bdf7-d9f4b3e6da4c","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":160,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"be2c9b55-104e-4eba-bb6f-2d695124b993","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":160,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"a19080ec-cfec-4c40-9660-be60fa543235","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":160,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"0166108b-8192-46c2-8913-d2ded992200d","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":160,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"bb367808-8361-4736-850e-b67c853c8852","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":160,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"14bd8a34-464d-4cd3-b133-8bcfbaac7c02","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":160,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"253171ad-2d80-49fa-ba03-524f410ca03a","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":160,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"a43aaef9-093f-4e02-ba32-f8cd5f22e87a","block_type":"box","text":"next business day.","page_number":160,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"5452a82d-b8aa-47aa-b958-d875749e5b2e","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":160,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"196f87f1-866f-4a92-897d-484660a10dbd","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":160,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"965097f9-53ff-4003-baf6-8f2be00de2c5","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":160,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"d2b52ac3-03cc-4d20-927c-c77f0bcaf06e","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":160,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"2010b1cc-f42e-48d9-b3c5-121d77e09717","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":160,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"2e79e824-6c87-445a-b516-f7577988b4f9","block_type":"box","text":"redeem shares as set out above.","page_number":160,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"839a8e42-b727-4e91-b29a-c2a64c9fcd14","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":160,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"e3414e86-fcb9-4a57-8927-cb02ddd36dfa","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":160,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"4b074803-ac83-40b4-aa7d-4744ff1e2475","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":160,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"7edca12f-c4b9-4142-a9e2-d9aba5d78e32","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":160,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"be1438c2-7789-4e5d-bab2-b955c660eebb","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":160,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"fbc2cadc-01d6-4110-944f-8838b7935d55","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":160,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"07e774fb-fd83-4550-bc67-f149114bbaee","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":160,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"b26fd191-8cc6-43a3-95e7-53a460ff29e3","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":160,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"412aa4da-f703-44b2-893e-eb39c2d0ff74","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":160,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"eaf686ff-56de-4354-8997-2cc25f3b679c","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":160,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"b3d44822-ab96-4cf8-b117-d404519a70c6","block_type":"box","text":"II-117","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4c050bac-687c-4c97-98e3-757312b4d784","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ce74ea2-7ba8-4459-83cf-0fcd51c8f6df","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":161,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"3acd5ce8-877a-4c7f-b513-2aa0e9142b42","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":161,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"a7f9bac3-d886-41e5-8c13-64ad886783d2","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":161,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"31d585ea-80c1-4613-9698-dc3352c4136d","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":161,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"24ea5819-75aa-4f0d-866f-3a7f8e78a583","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":161,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"ec092297-7556-497d-a66c-716e5044ecd1","block_type":"box","text":"Investment Account","page_number":161,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"30a22b14-b673-447a-8b67-890595dd6760","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":161,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"21618bd1-ccd5-47ec-b9fa-0d4f813c3e92","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":161,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"74226ad8-c5d7-4e4e-980e-e55671a15957","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":161,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"a778494e-dc71-47b4-bf75-285f11d9e12d","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":161,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"2142b1b3-2688-47ee-86dd-886c2f63ddb4","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":161,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"09db20b5-fe70-4701-974b-f27d151ca781","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":161,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"92515212-8d92-42f8-bc37-bbdc3f836316","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":161,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"88a10298-f5fe-481a-8198-7e3b1695dd45","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":161,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"efefd334-a1ea-4ff9-bc8e-25c6b8d9342b","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":161,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"d850df57-d63b-4d92-9ded-6e672a9bf47a","block_type":"box","text":"automatically at the Transfer Agent.","page_number":161,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"bd9d3a36-fddc-40d9-bbae-cb9eade24605","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":161,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"35c595f9-35d9-4e16-83f4-783f3c01190f","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":161,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"4758ede3-364f-4b2c-bce9-c49e5a90f730","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":161,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"86d59cf9-0bdd-4469-a6bc-389bf2b92e7e","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":161,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"339bc776-f32c-4894-a269-5cf08e01dbea","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":161,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"5645c31e-304e-4e3a-ac66-bcc7c7d974b5","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":161,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"2f7de54b-019e-4bb8-b478-5d812c64614c","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":161,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"2ae0c435-2271-45ff-a52d-4b528aabc044","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":161,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"43a042cd-87dc-4aa2-9871-30d0254f7ec1","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":161,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"f74da56f-3ef9-460c-97ae-1a1f26d9037a","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":161,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"aa039663-a78d-4af7-a16e-f45513d0f440","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":161,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"f52a987d-de8a-4dce-932c-60e4a4429fe5","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":161,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"5f3acff8-6276-428f-b0d2-cbdad54b37b1","block_type":"box","text":"issued.","page_number":161,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"fc9fc605-4aac-4a20-b882-03ce12389077","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":161,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"b6be7dec-7e57-4727-9cf4-62174ffef137","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":161,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"f3a0ecf8-ac7d-41fd-9681-086a1e6ec8a3","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":161,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"97b50b84-e12d-402e-a72b-43f22738dfb5","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":161,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"0b6856ab-4166-47a7-8d49-433ec81ff67d","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":161,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"76e08761-4044-4acf-b8da-91d72e8e02ef","block_type":"box","text":"Exchange Privilege","page_number":161,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"42c1257e-d5ac-4988-ad91-698d5f76fa71","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":161,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"a5391ef4-91be-4e53-9ed1-4681f3496b5f","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":161,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"cdad5d55-a321-4d26-8ed3-74df718b5221","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":161,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"a1697ff9-6f4b-479e-9dd2-8e86c18b9889","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":161,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"c640c06b-bd33-4c5f-9e2e-18cebd67894b","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":161,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"2a10ef6b-229d-4afe-a447-231adb0e40cb","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":161,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"db9901a9-1cfa-4a78-bdb6-eaf929557bf1","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":161,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"9819d769-da22-4bee-8b0b-a84683de02cd","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":161,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"34e5cbab-8529-453e-9407-eda6ae12fde8","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":161,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"bc4f5f1d-e325-4114-bc2a-fbfc162a9b81","block_type":"box","text":"Institutional Shares","page_number":161,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"7efe4fd4-03bb-4ebe-8732-7dba7faeb429","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":161,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"44462537-78cc-4833-bce9-cd9743534b26","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":161,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"afccbdf6-b20a-4f90-b892-4949784d56e2","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":161,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"02aa8586-9c89-459c-b384-e0640fbb3f1f","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":161,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"181193a3-5207-4b83-9882-9bbc36682281","block_type":"box","text":"for Class G Shares of other Funds.","page_number":161,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"7874f59f-2b17-4421-acf7-3f0c09acbc32","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":161,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"5e9b8500-59ea-43cf-9b03-adcca291403d","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":161,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"6b208283-7eb7-4419-b37b-c69b22ecac75","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":161,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"b4d7f489-1527-432a-82c3-7cdd16976ba4","block_type":"box","text":"II-118","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1be3ada6-467b-4302-b2da-5fbae930330c","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"129da685-f0d8-4f77-bb4f-6a2431bf1f5c","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":162,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"e1bfa2a0-8966-4466-ab7e-e5b0940ec586","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":162,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"481ef97d-93f8-4e90-933e-273160885995","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":162,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"bb81eac3-1523-4b89-a997-56fc6181248a","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":162,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"b3d3ebb0-25d6-481a-aef7-ab23e24e4937","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":162,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"c2c48e8d-41d7-4fa7-bc65-1a64bf1351ca","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":162,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"4dc2b9b4-ad68-4a88-9481-528a6c70aa1c","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":162,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"5ed68cc8-0c5c-47d7-943d-d1f1811ec68d","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":162,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"b8629e47-9970-44f5-878c-d80c58d75013","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":162,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"1a59bb7a-28bd-4ea9-a40c-334814fd1e0d","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":162,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"6a70613e-2739-4864-a727-d96508ceebb6","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":162,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"167cecea-b787-4669-8cb0-85af796664f4","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":162,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"54b1214d-51ee-4ea2-b4c0-8137e5becb13","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":162,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"e672d9dd-d41c-417e-8575-c13881161c32","block_type":"box","text":"Exchanges of Service Shares.","page_number":162,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"ced03549-8d4c-4cff-8612-2bd4b372b76d","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":162,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"02ad3c13-1389-4138-b5af-921dbdebb4c0","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":162,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"9104c271-ee44-4501-b4cb-398f658cb5aa","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":162,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"446d3b63-d72c-4abf-b8fc-11a3ad0487f5","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":162,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"d91ed9b9-bac5-4425-a2ff-47c761ffcfe9","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":162,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"e3bbce82-8f3a-4f23-a031-0cf3e7a1d811","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":162,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"f055256c-ac5f-4d9c-8639-2bc21a927937","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":162,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"57a3596d-8896-4918-9ec7-fcb5cab7b3e4","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":162,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"b75e91f5-4fc9-4d8f-931f-3c813390e14e","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":162,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"47f31f68-4aa2-4d9e-86c8-039632a813e9","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":162,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"37e5d9c4-3bbe-4d04-a680-43d4d4428816","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":162,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"4215dcfa-626f-4a02-a1e6-582fe44a789c","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":162,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"577b6bba-8f0d-4fbf-ace3-e88fb80ade3a","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":162,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"664a5d29-4f09-4ad8-97be-c83ba30e9531","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":162,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"628dd24e-906b-416d-86b5-a2c13a81621c","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":162,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"e4ecc531-0017-42b4-9e20-db3650908b27","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":162,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"5a8abf10-d4e1-4244-9585-49d17b3204bb","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":162,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"96a6fce5-bdce-420b-a85b-b9a45a208ee2","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":162,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"b44f2ef3-adbe-4514-9aaa-39a07cae7376","block_type":"box","text":"exchange.","page_number":162,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"796cbe63-6151-4afa-bfb2-ac34a0e8d175","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":162,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"5d92119d-c27d-461a-b685-9806e71e711d","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":162,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"0cb72bab-fac5-4faa-937c-5d66ae358a1f","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":162,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"9a724cc7-558a-42a4-8b8d-27c8be1d54af","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":162,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"a7859d3f-41b4-4639-be6e-7d299fb53801","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":162,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"d48bede9-85bd-427e-9395-2c7405d17b5d","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":162,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"e652837f-5f80-4a7e-9d4e-ac0f69c7d8a0","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":162,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"28c62a03-5da2-41b4-8c15-a0c3ba3ee1c9","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":162,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"8353bc2f-d51e-4921-8943-19e0e89f58b6","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":162,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"ee39350c-cb08-4186-86ac-0ab89c4e71d2","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":162,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"fb5423c2-a890-4a71-a4bd-96c155f3426b","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":162,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"3d0ae64c-79fc-4042-80cb-b6dde7608902","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":162,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"d8bf4e03-5898-4adf-bc35-300a64e0adc4","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":162,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"e669bb40-d105-478b-ad05-d2a32c5f8713","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":162,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"857c1a2c-f281-48b6-bfe8-e109189fd144","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":162,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"c898d9d8-afd9-4fb2-915a-2df076d1ee17","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":162,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"ee235f7c-930e-4cd7-b262-f4b6171e8210","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":162,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"c39dac0e-2a7c-4cbf-b393-641bc4f99187","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":162,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"a97dbd84-2819-4310-b445-bfa6b1c5359d","block_type":"box","text":"Transfer Agent in writing.","page_number":162,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"52be50e5-da0f-402d-be4d-9307dfb00dc6","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":162,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"7bf7e13d-b832-475f-8906-de5d03132c98","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":162,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"1c39757f-00ef-487e-81b2-27c098388efa","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":162,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"8866e5d1-f8d1-4253-a607-3e62d5187810","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":162,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"4347f76d-504d-43a1-9313-aa97fe92e667","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":162,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"3a5a02ee-0557-45b2-9e45-83a6966dd537","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":162,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"4b28cf93-7b1f-43d8-99f1-766ac364702f","block_type":"box","text":"II-119","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"70a4e5b4-30a6-4ea7-993e-35234b991d1f","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1717d9a0-319a-4dc4-af1e-14b28d19a6d0","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":163,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"f4e62c3b-ba79-47ab-ac43-b77bf48c8986","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":163,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"5fe90379-d306-4ff6-88ad-bfd6f47d691a","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":163,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"11b935a8-0451-4a2a-b408-a2205b02d3aa","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":163,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"b55e9a02-9400-4da1-b39e-d7936b7bffe6","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":163,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"4f4724de-5786-4056-86fb-bb4d9afcdc50","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":163,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"9643f660-0581-4cc7-98f7-38b403504ed6","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":163,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"df6d21a3-edee-427f-b2f5-8d11e5225b2a","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":163,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"1f729e89-67e0-4753-8992-48ab1c12fa0d","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":163,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"d68724b8-f034-4157-bafe-cdf499dfe851","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":163,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"b27963a1-70df-489a-b2a2-ecf8729fa6b1","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":163,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"7b21c6df-ad0e-46ad-9833-f2f495517120","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":163,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"9b697d78-e952-4022-aa4b-144ba735f676","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":163,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"dd48544c-6b44-4933-b01b-32d69657b9db","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":163,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"8911a072-a42c-4822-bfff-f415653bad9b","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":163,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"8f09113f-184b-4c0b-8fe7-cc876d0ce1c1","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":163,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"77016427-4518-4ea3-8f68-b5c56ab483a7","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":163,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"dbb8301c-2c9d-4648-a26d-21190da4e987","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":163,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"5eddfc27-9c49-460b-86d2-c92cbdab0df6","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":163,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"2dde67c1-719b-44b2-93a2-c77eef7e3054","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":163,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"48c95896-a310-4136-a638-da2249d22317","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":163,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"86fa8cc8-9163-4e0a-950d-c2858b79eb92","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":163,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"4bc041c0-19eb-49f3-a776-afcf36338d49","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":163,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"5d28d1cb-98e7-4e24-abe5-09919d74e00a","block_type":"box","text":"may be distributed by the Distributor.","page_number":163,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"44a59fba-fc72-4381-b125-2d37ca344fbc","block_type":"box","text":"Participation in Fee-Based Programs","page_number":163,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"dd1e4b4a-bf84-4312-96ba-ac1a717bb33c","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":163,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"b8eba0c1-23b3-4ac3-bf7d-72cd88b35169","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":163,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"2bd18664-ee51-4f5d-b049-52c8f9e44288","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":163,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"6a448813-558d-428f-9288-fe0558a9ed95","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":163,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"c0337e92-6e11-49ce-a819-7b2c7de3a6e8","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":163,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"51bb397d-2484-44d9-997f-f8f64bf36985","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":163,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"a1e447ab-a872-48af-9a9a-0af1610c7d6a","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":163,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"b1b4173d-01ee-49ac-9696-84b91d0dcf44","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":163,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"0675a95e-edb4-416d-a319-fe5952486f55","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":163,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"58c70604-6604-457c-a416-dad79e4e86f5","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":163,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"533ca98c-e8f7-422f-8476-a0b594b1b9e7","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":163,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"163f69a0-09e4-417f-838b-8314d5169aff","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":163,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"f3fd2447-2ca4-4b03-9b97-f11139c9ebd1","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":163,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"8dced335-8597-4f0a-a7a8-44a2075a58e1","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":163,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"f5348752-fca4-4e2e-b6a3-fa229bb76ae4","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":163,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"62ed2d0f-57c3-4d9a-b47b-b89c7b1375b1","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":163,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"e76d523f-2328-4d65-8e09-aba3d5d39bfc","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":163,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"72ee0398-75c9-412d-98ab-d8a3799906d8","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":163,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"4a9e3ebe-27d8-40dd-884c-b3cdc8c5cfb2","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":163,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"3a1be0f7-e48d-4063-99c2-ad0d86068078","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":163,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"0a8d8589-4a40-46c3-ac07-0ad38b1e2a73","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":163,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"281e9bff-04c3-4e80-b1b6-3405860d5d52","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":163,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"6f2407de-f291-46e0-8d4b-c31237e8e54b","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":163,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"3ffb8079-7ecb-4539-9160-91145b144fa9","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":163,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"e132a386-0cad-42f7-963d-b919e40f1810","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":163,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"20956a0a-6df2-4147-b654-55937f9d19d1","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":163,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"97bd758a-9ff3-4ad7-a9e7-74bf9724f80d","block_type":"box","text":"information.","page_number":163,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"d83e6b16-642b-48b9-8b3c-505b47e79b82","block_type":"box","text":"II-120","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"589df7f8-c205-4ea1-a694-d25739e3ec47","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"986b7c51-df44-441e-9e6e-ef643648251e","block_type":"box","text":"Retirement and Education Savings Plans","page_number":164,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"73838ee9-4c06-4a9a-980c-61c30f9a7109","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":164,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"b02fbfe0-b7cc-4762-bbd1-50a125f7a210","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":164,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"f8d36aa4-9b50-4309-8542-e70ba21a64ec","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":164,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"0a16cc64-ec18-4491-99dd-adc5c73bd972","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":164,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"cec1190b-1338-4c9d-8463-48f7db0e06cc","block_type":"box","text":"your financial intermediary.","page_number":164,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"e1d3824d-1a13-4263-844a-9810bd6f602d","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":164,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"72b323f7-d670-4f00-8c28-6005f1e3346c","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":164,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"050edd4f-566e-4d68-be46-e540d6d0abf9","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":164,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"d64900df-6e39-4865-964a-6400b0e4dbac","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":164,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"3b1243fa-82d1-4eee-a6b7-82b479d253dd","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":164,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"2522ff2b-3875-4d28-a8b5-4e5421f97522","block_type":"box","text":"Automatic Investment Plans","page_number":164,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"f1e3524c-9d13-4bd3-a29f-0c2876dd535c","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":164,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"ddde897d-9c26-4d46-a5e9-05265ba460f7","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":164,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"40e64c2d-4252-4df4-8b31-9143a7ae7cbc","block_type":"box","text":"®","page_number":164,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"113471ae-8592-4e9f-8e96-79015b299a4a","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":164,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"87688d05-c085-4e30-af1a-a2f4ae4e0925","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":164,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"72ca694a-d3d1-424d-bb88-e7588f574d9a","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":164,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"99876f3e-1ef5-4bc9-8342-157615d2adf0","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":164,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"6a0f0f8e-6eff-4c72-bc25-c4e43b3c8f47","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":164,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"9d683c57-feb8-494b-866f-6702564e09fd","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":164,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"49d4e750-5c82-4cab-be1b-41656585668f","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":164,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"d95cc965-6cc9-4e7e-87aa-c032edef2991","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":164,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"4b3ba4d7-0fd2-4aeb-b167-1b990b804c58","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":164,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"98a624fd-1363-4f45-bd72-7a7936b5f55a","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":164,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"725eac81-c5d6-4094-ae08-de6e8d051b12","block_type":"box","text":"Systematic Withdrawal Plans","page_number":164,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"e0c9d7da-4156-4249-b9c4-b64d4fc7cc02","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":164,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"0753ec18-8ce4-444c-8a3c-84dbfddad996","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":164,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"46d9f5f8-9ddf-4e70-a09c-f426f69cf35b","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":164,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"96d2e36b-bb2d-4b9c-bd6f-24675a7e5342","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":164,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"c453af92-128c-4ca6-bfd7-bc405abfaecb","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":164,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"ef4cbc66-2471-41b4-ae34-205adaf7f5fa","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":164,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"8b4948fb-a35b-4899-9d73-cb848b179c82","block_type":"box","text":"www.blackrock.com.","page_number":164,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"456e4368-5840-4b13-afb1-2848c7b05e45","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":164,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"cafb4445-8658-4163-99ba-e677f7b85cf5","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":164,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"1b0e4a09-a9a6-47a6-a8d2-6fed2ca8d963","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":164,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"2da585e7-c845-4ed8-aa3f-24e42ef857f2","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":164,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"14fe0bf9-bf84-41ec-8346-2fc8a2a822e5","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":164,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"00684cad-3289-49d5-9636-863984bb4d86","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":164,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"20cd583c-67bf-4ae6-881e-0bf7eeafb8f6","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":164,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"0e8dc5a4-5842-4552-9d0f-55000c7163b7","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":164,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"bcc31bcd-de9e-414a-a008-81bd0ec6d58e","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":164,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"8a3fedbf-10ef-4299-9af2-4c062ffde0d9","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":164,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"3b952713-2a3c-46f1-a0b1-6b1b6b8e14bd","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":164,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"c9d47fac-59e4-40d8-a625-fc4c66e25296","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":164,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"8592c43e-6ca8-4ca8-a119-47aed5313ff2","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":164,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"f79511e2-913d-4431-bdd6-12f0222c53b3","block_type":"box","text":"Dividend Allocation Plan","page_number":164,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"69cc1e6b-5f37-4cbb-8f40-7c4bce72e7a4","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":164,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"f2f6a993-0226-4562-88bf-2f05aa86cfda","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":164,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"3b40864d-4985-4c92-9851-a616e067a60b","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":164,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"7b2fb75b-c0f3-4446-94ee-d956c83ad8be","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":164,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"998dcf38-0a46-4bc5-bf5e-3566f2faa891","block_type":"box","text":"II-121","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8b679303-68eb-4abe-965d-e2f650d5cdd7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4651ff44-50b1-42cc-9df9-09cae003a6ee","block_type":"box","text":"PRICING OF SHARES","page_number":165,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"9409a838-ef00-4b27-965e-b813d559ef30","block_type":"box","text":"Determination of Net Asset Value","page_number":165,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"b24d01a4-1acd-4978-af4f-a3954dcc0399","block_type":"box","text":"Valuation of Shares.","page_number":165,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"8ff39d1b-419b-42f5-a90c-d327e1a9fd24","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":165,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"514245b1-2e3b-4edd-b41a-2b9710fa3ff0","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":165,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"ce7f0ba3-8f1d-4b3e-bf87-03a0297f3712","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":165,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"75d0ab4b-fb8b-4f1d-b267-4ab04ffd68f4","block_type":"box","text":"Equity Investments.","page_number":165,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"96f9265f-c467-4654-9780-8ad5eb7d6127","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":165,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"631bcf5a-d06c-459b-a969-a2fa1a2666d2","block_type":"box","text":"e.g.","page_number":165,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"eabaa0ea-b632-4dda-97d5-98273c7119cd","block_type":"box","text":", NYSE), on separate","page_number":165,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"a481209c-4c40-4a07-9b84-16f871c3a859","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":165,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"2b04b1d2-6003-4be8-b46f-e3be3d656b09","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":165,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"f5d082f8-4569-45d3-9aab-14c125fac1d1","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":165,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"52a4ccab-7994-422e-8585-d5fcb66e0c7a","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":165,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"aef7686b-4ad3-4f34-b4af-78d7a05e3b77","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":165,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"3f7e422e-114f-4d36-8caf-3481b24840ff","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":165,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"2b1a3252-eed2-4d4c-8b7b-e7d0994b1a3f","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":165,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"5db13e96-8ef6-4fea-89de-25cf8b4ec6a8","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":165,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"f98d7870-2d8c-41a4-859c-4667b26c7a0b","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":165,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"5cd0a83b-aa46-4131-b35b-af49196da2bc","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":165,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"b7213cfc-56c3-4f23-ba33-3e99a3fbadc3","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":165,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"2e1935a4-886b-4f71-979d-b30e7c905c02","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":165,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"6869b14b-0923-4499-af3f-74a467867f3e","block_type":"box","text":"defined below).","page_number":165,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"f0fd44a8-6cd4-4435-b6d4-1ea2976da66e","block_type":"box","text":"Fixed-Income Investments.","page_number":165,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"1ae227fa-6181-4370-8af3-9ee699b58c54","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":165,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"02b625ec-80c6-46a2-80e0-a4ba0ef171f0","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":165,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"93d87c38-a1de-4d74-af94-f94ca29a1e78","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":165,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"b88f7bbe-10f1-466a-9e31-306a8e5de584","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":165,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"24ccad77-a079-43f9-bf18-69ac29afe5e3","block_type":"box","text":"e.g.","page_number":165,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"86b5fec9-ee3c-4d5f-8f46-40f64be3a157","block_type":"box","text":", recent representative bids and offers), credit","page_number":165,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"74d65c74-fafe-4a84-9cbf-441f7f438beb","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":165,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"27910ad0-d62d-409a-ac53-045b7d31e78d","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":165,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"8df7525d-8b71-4824-adee-eb6f8a58dcf8","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":165,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"b4846a89-ae50-467c-b228-9c1618e5de35","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":165,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"ac5b0cb7-05bb-4771-adff-4132bb113c83","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":165,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"2341fbe1-f88e-4688-9417-921956dc95a3","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":165,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"d208b632-880b-4ce4-b6a6-5669c64266e1","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":165,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"e8e2490e-eff9-48f7-bada-fdef2b93ec3b","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":165,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"7a47480a-6494-47d0-a9ca-609536ad43d8","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":165,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"0af9a515-5385-4211-815a-4d900c1b7d33","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":165,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"07ee8347-555b-462a-aca3-d351c8e6ed42","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":165,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"390fcf0a-f721-4cf8-a6d7-ee20967b7bbd","block_type":"box","text":"attributes of the tranche.","page_number":165,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"fb41d354-fa40-4dbd-b52f-c58691bd7261","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":165,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"546346dd-6702-4841-ba02-4dd2d0f0442d","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":165,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"2d28aa3f-86f7-4f3f-a8d1-e00ebde0765a","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":165,"box":{"x":70,"y":635,"width":829,"height":11}},{"id":"9ac50b47-eeb5-4554-afe9-8ce4c3e3981b","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":165,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"516f8a0e-cc3d-40e8-a9bf-ea16d2895613","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":165,"box":{"x":68,"y":665,"width":838,"height":11}},{"id":"d097115b-97e7-4f5d-8711-3dcae2326939","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":165,"box":{"x":68,"y":680,"width":820,"height":12}},{"id":"3e84f77a-8180-4677-8d98-c00fa450f191","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":165,"box":{"x":68,"y":695,"width":808,"height":11}},{"id":"3796337b-02b9-4ee6-828e-19a70ad86da1","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":165,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"460fc59e-a9d4-4b35-b5b7-52ac2d2bc3ea","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":165,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"4719e03f-e879-4814-a0fb-61c53c813936","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":165,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"9c61d2bf-4ded-4d37-ab8f-a029888f627f","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":165,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"dedcf7cf-2c75-4615-9bad-d5fd7f5948a1","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":165,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"0be21f59-82ab-45f0-8f5d-f9e2adef90e0","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":165,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"533a5b53-9148-4839-8574-f28fac59f4f7","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":165,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"a9275445-6486-4699-9ded-744ab2f64130","block_type":"box","text":"Underlying Funds.","page_number":165,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"26eda839-5443-4f47-a5a8-31ef00b15c7c","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":165,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"4322bae6-5fcc-410b-a565-3c0bb0f4baeb","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":165,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"9e31eeb1-141e-4cc0-bb9a-045ec9b54a1e","block_type":"box","text":"General Valuation Information.","page_number":165,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"ee7c58be-11fa-4136-abd8-549bb07755c9","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":165,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"9e0da842-390e-4a1d-8b88-36f78feb4dc4","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":165,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"37ee4bcc-f75f-45f2-b3a2-9ee89f4270cc","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":165,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"fbcc7abb-c102-4d10-876f-a7a99ecc8f95","block_type":"box","text":"II-122","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e8550c80-a497-4bfa-a681-555621c5f38f","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17523e13-da11-46cb-a929-94963a661233","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":166,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"33090f05-ce7a-44bf-b125-f3404ca797ef","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":166,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"cca7e46d-1848-4659-973e-f95fce3750d1","block_type":"box","text":"the revision.","page_number":166,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"1f9c9c4c-cc29-46d4-a596-c429d56d9883","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":166,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"67de5759-0148-4f87-8f88-b1e9d47c88cb","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":166,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"379c08dc-75fd-4839-a1c6-b802a7198bbd","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":166,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"aeb6420d-5808-4c86-b3f3-aab1db86ca5c","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":166,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"98ad6cd1-90af-469c-aa12-9dc23fc0ee77","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":166,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"04fa97d7-7ae5-4b4d-b19e-97239199b06d","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":166,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"e4e0a010-62c3-431e-982e-faa44cf377b3","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":166,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"ef8c5903-0711-43eb-9d0d-445c870b2b26","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":166,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"692a8b58-9281-4ed6-a341-81548c3fe9df","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":166,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"e7fb4d78-c440-4140-93f2-5bd0b19f7812","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":166,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"634d4d04-14ee-4a63-857c-03cb27d896fd","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":166,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"0629f172-4405-4b3a-9961-9be548438a75","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":166,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"b63a3da5-5ed8-4eb6-896f-b2081c5e427e","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":166,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"a66b742c-7fd2-4406-b9ff-c6f41925dce1","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":166,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"b9caae6e-343c-45a6-aca5-8c285287e3f8","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":166,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"6fa17312-582b-43bc-a991-5a2092374f7c","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":166,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"19528249-eafd-4909-86d3-a1acf93be631","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":166,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"e63909bb-e343-4d86-abab-0575005e2971","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":166,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"ae9c068f-c66e-49da-9560-e9c888e755ff","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":166,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"1339004a-b3ff-45d6-b6ad-69f6a1af417f","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":166,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"fc65f082-2c9c-483a-8630-cc2ed86eb6cf","block_type":"box","text":"Fair Value.","page_number":166,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"1f3aa5f0-4cbc-4610-b83f-700828bc0d80","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":166,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"f961b9fb-1d61-4734-9e04-b10fc0559a25","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":166,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"4143eced-17fe-4e03-9306-07b531731887","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":166,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"b017522c-ea4f-44b5-8f6d-a94e0e688a01","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":166,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"c129d5fc-1a73-48f3-80d0-1da7e273cde6","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":166,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"33237b08-2617-4a89-a450-632a8c69706c","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":166,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"b47f3df6-72e8-46b3-a7ea-ccf3df78b9c2","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":166,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"831ab380-7564-40a7-9d09-b37174f62544","block_type":"box","text":"(","page_number":166,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"3fac5f6a-32aa-49e5-9ac7-c674b8ac7dfa","block_type":"box","text":"e.g.","page_number":166,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"9f65e2c5-9c68-4d31-b7a6-2665c63931e2","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":166,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"6cc62ac5-c580-439b-8b82-251bd43dc97d","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":166,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"47258b84-4d56-4400-bb6d-85170fa75c27","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":166,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"c5c258cd-aad3-4ec5-8a4d-dde760766f91","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":166,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"f8cbae58-8b12-4434-a67a-38a6d267f6b1","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":166,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"b601f38b-9087-4afe-a0c2-ec0973b7544c","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":166,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"50a2aa62-9c5a-4c24-a330-8e6933175a1e","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":166,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"20ff2a0f-50ae-4d91-8e8f-26a7b8e12a40","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":166,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"57fb2282-6076-4c2f-8f0e-4f3bf74985a1","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":166,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"9c738acb-69d4-41db-b263-492f82142c1f","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":166,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"87ece813-3959-456f-882c-c26ee88dea9e","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":166,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"a7a57d9e-e30c-4ac4-846c-5ddf84e04fa4","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":166,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"27ee8910-a8ce-4477-bc1b-f0ba304aded4","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":166,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"26573852-860a-4b99-aedd-4465959d0281","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":166,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"c873c683-0f32-42da-a015-7f7cf0d98383","block_type":"box","text":"pricing time.","page_number":166,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"e1b91d31-8e38-4d7e-b085-ab7e2d349691","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":166,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"df3e1611-0a91-4448-be46-5702b1d1feef","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":166,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"4aa7d86f-e534-49df-981a-b0cd7f95fbc7","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":166,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"d620018e-db70-4e24-a645-a6c2758a6a5a","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":166,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"5f030340-9548-4503-8cd2-52efeec1c3fe","block_type":"box","text":"assets and liabilities of the Funds.","page_number":166,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"0c1aa132-0c4c-4e53-a617-5a8c04db20dc","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":166,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"994ff4b1-8e9a-4930-9b1c-4d48b77248ea","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":166,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"d75331d2-f03b-4f6d-9c8e-620b0341557a","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":166,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"42c43bc2-049e-494a-8466-a868a84ae168","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":166,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"ee9aa9bb-3c94-4c24-8e03-bd48cf94178e","block_type":"box","text":"II-123","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3aee2f0c-5519-427b-88ce-09f2781ccaf8","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a5fb881-a34c-4aee-aefa-2af6f5baf781","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":167,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"7139fccd-750b-478e-b87a-334d46e72214","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":167,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"8b55470e-3a4b-4184-98be-1e7b986e6a6d","block_type":"box","text":"valuation models.","page_number":167,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"748a394a-5df6-468d-9931-f581aed7dfd2","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":167,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"2c22ed87-9837-4ebe-b671-d332a5f618ae","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":167,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"3f87ec75-aaa6-4220-89e8-802a9dac1d5a","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":167,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"b1b9e294-78a0-44b5-a754-84d3cfc36be1","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":167,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"58325edd-8b4b-400d-bad1-8aa69bdfbfc1","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":167,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"424eb702-898f-4265-8a5e-a5cd19a552f3","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":167,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"1ef79f5c-ee2b-4918-8314-0594014594be","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":167,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"b6ad1c0d-33a9-4cbd-88a1-b8421bb57fc9","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":167,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"37a01233-9b8f-4503-9f67-85e7ff3bd11d","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":167,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"abd1be58-c107-4a01-aa80-44fa4172f78d","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":167,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"5c2bac7c-76d3-46a4-97e4-91820ab59d5c","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":167,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"8a740a14-5714-41e8-8495-aeda5d4c481b","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":167,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"0d60f289-d8c7-4fea-b466-e5c76d7a00cd","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":167,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"9d5068d1-fa84-4869-b1d9-b01862e829a6","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":167,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"a8d36555-221f-4861-9f3f-0cfbfb1b233b","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":167,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"3c7ea328-3ce9-4ad2-b5ed-a0a7e659d7e1","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":167,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"cb83ecf1-7145-4caf-817c-861feb9ad36c","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":167,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"8b117860-4ac0-459d-9f02-ea6fd5bdf805","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":167,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"2f09d5e8-490c-4e90-8556-dc4cec9ce12d","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":167,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"b635d502-2410-4fac-a79a-4dd1c8523406","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":167,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"d35a761b-cb70-4d01-9337-b64c16f4761b","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":167,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"a50dc82c-3128-4415-8289-3469929733ab","block_type":"box","text":"par ty determination of fair market value.","page_number":167,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"091c55eb-9657-420b-a90b-115720ac244f","block_type":"box","text":"Computation of Offering Price Per Share","page_number":167,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"70b7b53f-ff2d-4c52-859b-84bc9ab54057","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":167,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"d0b6dc42-7ab5-4b21-a3ca-3f2e1ca5dcd5","block_type":"box","text":"the offering price for shares of your Fund.","page_number":167,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"73721b67-c786-4541-8f81-5443fc45cfd3","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":167,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"4677c66d-a3db-44c0-a69e-80dbe42111df","block_type":"box","text":"Transactions in Portfolio Securities","page_number":167,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"6c264726-f9d3-4689-b8dc-a1eb106acc4c","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":167,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"9834636e-fe48-4d04-9cba-6818c20c17d1","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":167,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"5f3b3c3f-08ce-4981-8208-32165f2eac5b","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":167,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"9667aa50-a39f-49dc-834e-5d79fcd625b2","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":167,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"c4bb941c-f19b-4e32-85f3-ad7cc4547671","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":167,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"8a4cbd61-14d8-4b2d-b7bc-28c253fe9419","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":167,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"e203b32b-4033-40c7-9ad5-2113b81c8620","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":167,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"e553d2d5-4bde-415d-9723-19d609d388ca","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":167,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"2fa75704-806a-4d1a-b31a-45338c4e5103","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":167,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"364b92cd-2807-4127-9528-a425427263b8","block_type":"box","text":"reasonable in relation to the services provided.","page_number":167,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"04ad349e-962c-4b90-92e6-4cfc3d2dc7a7","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":167,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"d2a032b6-0355-4904-be52-8923fa86402f","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":167,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"647ab171-f09e-4b52-bcb9-47655e506a84","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":167,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"3cc2a743-5d5e-432b-82dd-6a2a05b2d6bf","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":167,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"550e2c39-de44-4a3f-956b-9eb458382275","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":167,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"8427ca31-6716-4707-8d39-12c2c9b34ed2","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":167,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"e4332f42-ad44-493e-ac74-f1c690d47813","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":167,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"e1bfdf00-2928-4a44-8e77-0ce3b0416d8d","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":167,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"786b889f-46f3-416f-9fe3-4ee62a677090","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":167,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"0a5c6692-a247-4ffa-9f96-9d7f0a92abf2","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":167,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"432f5515-d1f7-4178-94c3-b85138449250","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":167,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"2ef65077-8c02-4e35-9b52-b7f1371b2704","block_type":"box","text":"II-124","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"89a5963c-cab9-481d-8f50-cc79e45d0d01","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"001285fd-0097-490b-a72b-1a417237ecdd","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":168,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"158e266f-3946-4e8b-a6d5-b23a9ba94449","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":168,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"ca2e878a-e301-4cc8-ae8c-667e0ef50c75","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":168,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"aeae199c-bef1-4597-9802-649fd1ec0a12","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":168,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"ecb913d6-0e57-4404-a919-3e79abf9f66d","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":168,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"e5865162-2f47-446a-af3c-f72d3597061a","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":168,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"ff1ffd6c-b7f8-479a-be20-8c8b5ec60783","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":168,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"d7cc00bc-a455-42fc-bf40-82ab90627d89","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":168,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"d2df00f1-a30b-4ad8-9d3f-97c669d35d13","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":168,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"eb7c8a0a-f576-42af-b8be-8f9d6ea6e644","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":168,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"90edd1c5-a3ac-4037-881a-714c7c122801","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":168,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"843f4310-6bab-4a8d-b7f2-832ef85591bb","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":168,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"3f9c994b-e0ac-4a7a-83a2-292c1bd7e35a","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":168,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"73b7fbf7-0edd-47f0-8370-2983bf3a6a53","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":168,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"34f1c9e7-7717-410a-b56a-030998477024","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":168,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"46618a0f-4d17-43bc-9d1d-ff3cc67163b7","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":168,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"497ea741-287a-40aa-a7e6-7a506ab4ed8e","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":168,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"6046a3c7-5fae-4677-b3a8-5e6b6937b3d7","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":168,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"c7fa3a51-98b5-4859-b6e1-77537a928579","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":168,"box":{"x":69,"y":325,"width":818,"height":11}},{"id":"1106502e-355f-403e-8d2d-38ddfba9df69","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":168,"box":{"x":70,"y":339,"width":813,"height":12}},{"id":"49372253-36e4-43b8-80f2-c94859227561","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":168,"box":{"x":70,"y":355,"width":801,"height":11}},{"id":"5a684793-f1ea-404c-b5ba-ec034faf9bd2","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":168,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"1335098a-1229-4483-a958-425d84624a78","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":168,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"17405058-e36a-4b7e-bc2b-daf6d8f8ae57","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":168,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"02e96bab-bcf0-4b15-b55b-5422f2084347","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":168,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"aa15514f-0c7f-4e33-bf23-fbc093e537e5","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":168,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"bddc6e1e-5d90-40b7-8a80-5143ffc326ff","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":168,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"924c1cde-6343-4906-abd4-b18e1d570e28","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":168,"box":{"x":70,"y":468,"width":785,"height":11}},{"id":"16e0b5df-3ed4-45e8-add5-65a81511f1a7","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":168,"box":{"x":70,"y":483,"width":806,"height":11}},{"id":"78297a86-c6d8-4af2-a560-148ae54ff193","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":168,"box":{"x":68,"y":498,"width":772,"height":11}},{"id":"8ae0321f-1e9a-49dc-a698-184e1f835414","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":168,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"fabbd36a-2897-43ba-8403-268510a031e2","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":168,"box":{"x":68,"y":528,"width":769,"height":12}},{"id":"11be2d9b-74ad-4617-bc1e-3beec17e68dc","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":168,"box":{"x":69,"y":543,"width":801,"height":12}},{"id":"e38c0fa8-0593-4678-b368-b176d23a725b","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":168,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"1444d606-da04-4737-8e76-1666f0f5442c","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":168,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"81c6df31-f9da-47a6-89bf-c4bf379480b0","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":168,"box":{"x":102,"y":596,"width":749,"height":12}},{"id":"e6f286af-25ad-4fca-9292-967269b938b6","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":168,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"e63ddb4f-1a7e-41b1-95f2-9df5a170b863","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":168,"box":{"x":70,"y":627,"width":752,"height":11}},{"id":"fe6b8a17-080d-4ed3-9063-812be17a1fed","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":168,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"6988f374-b15c-480f-a447-2b535b8c7636","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":168,"box":{"x":70,"y":657,"width":822,"height":11}},{"id":"6831b2c5-cac9-4d50-b335-882ddf9f96f7","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":168,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"3bb4a6d7-8e25-46b5-b89e-6f22a04fb843","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":168,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"2977e03a-a37c-4a53-8f28-330b7cc67db2","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":168,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"e303f70e-21e3-4a64-a3d3-478efd2bb49d","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":168,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"c6b02bcb-c7d0-46e4-a6c6-75f991911d81","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":168,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"d1ef70ac-2d2b-44d8-987f-f3da5e238d16","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":168,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"5f9b4c60-fdeb-4b8d-acec-11e50eacd48c","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":168,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"0116fa8f-faeb-4fbf-bed0-037225561097","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":168,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"1ae57ed1-c1a6-440f-a9af-beedf89fd6df","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":168,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"712825c2-64e8-4d4b-9460-6b5f97788f1c","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":168,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"2b820eaf-f0ed-41ff-afdc-1ad031e97880","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":168,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"7e4c3398-20a0-4c4a-b787-7a2a2bb3106a","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":168,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"f1c59d82-9031-47d1-8f81-cc7cdad5fddf","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":168,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"957f217f-3109-496e-8d16-b4825b1312cc","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":168,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"b9cee761-cf27-44f5-bbdc-da615f193ed5","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":168,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"0f7245e5-7c8e-4293-80b9-5b3fb58ac2bf","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":168,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"e5b281ab-a24b-4fa1-bb69-eb1867d7d6dd","block_type":"box","text":"II-125","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1872f57f-cf23-46ea-9d37-7aed340041ff","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1910888-6f38-4c26-9bf1-25ecaf96f743","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":169,"box":{"x":70,"y":45,"width":812,"height":11}},{"id":"fe1ab818-0603-43d6-b650-cb8995a7fbf9","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"3fe6b832-2da9-4500-93fd-de79a14298ee","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":169,"box":{"x":102,"y":82,"width":804,"height":12}},{"id":"7ce022b1-4820-48dc-b76a-a3c873c9e8a1","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":169,"box":{"x":68,"y":98,"width":806,"height":11}},{"id":"98ac0265-e7ec-4d4a-86a6-0a680c987e84","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":169,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"ba1ff547-5c9e-4024-b0ed-f9ec7722cfe9","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":169,"box":{"x":70,"y":128,"width":777,"height":11}},{"id":"08e0001d-c88c-4830-9592-49797e5699bd","block_type":"box","text":"brokerage.","page_number":169,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"9ba266e3-d71e-4ef7-94f5-c617920b4098","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":169,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"5e6c6307-1c7f-4793-9a94-f8340ec45733","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":169,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"3c0cbfbe-b5d6-4928-bdba-0c3d62becee0","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":169,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"332786dd-5290-470e-8dcf-b93a3900072a","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":169,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"f78137f5-fe68-45b0-bbf8-f0b235b994aa","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":169,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"8106c8a9-7768-4fa5-b5ea-288b4b92d2c9","block_type":"box","text":"Section 28(e).","page_number":169,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"5852af4f-5cec-486a-bfb5-3ef504a94869","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":169,"box":{"x":102,"y":264,"width":755,"height":9}},{"id":"e93576bc-2599-4287-816a-49ae929658da","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":169,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"0999da8c-458e-4388-b786-367da6b0fe75","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":169,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"771f17ca-01ec-4bdf-8858-31950bdc1b14","block_type":"box","text":"execute transactions for those mutual funds.","page_number":169,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"55334e46-c5e9-4d42-99d9-682c681cea96","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":169,"box":{"x":102,"y":332,"width":770,"height":11}},{"id":"1893ef44-b020-4e92-8d23-adf15110102d","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":169,"box":{"x":70,"y":347,"width":825,"height":11}},{"id":"217c8335-6f30-4e5e-99c2-a4eb932f836d","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":169,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"9aebb9bd-4f90-4f21-a766-4e1838754d85","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":169,"box":{"x":69,"y":377,"width":805,"height":12}},{"id":"d81824ff-8ecc-4908-b777-8f87e3707fe7","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":169,"box":{"x":68,"y":392,"width":773,"height":12}},{"id":"f582dcbe-df18-4587-9f78-57bd45073f90","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":169,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"b6208cec-a09d-46ef-9280-c5c1d9a0eb0a","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":169,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"5d0623ad-5ae9-446e-85f4-ed1356d5d3a2","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":169,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"103ae91a-c1a6-452b-b614-2a9942ed371b","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":169,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"3921eb18-8098-4366-bed9-fa8cfd6e1f71","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":169,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"b9de7754-1779-4b2f-89ec-b1b26a277448","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":169,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"716dac8d-0a0a-4ac8-8525-d55a0a8ee18f","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":169,"box":{"x":102,"y":513,"width":802,"height":11}},{"id":"4b396cf7-c375-4b4c-a5ad-306dd7d352a1","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":169,"box":{"x":68,"y":529,"width":822,"height":10}},{"id":"8833eb06-b652-4f43-b73b-cc1f2cc50955","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":169,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"7e99e75a-aaff-4cf1-a6e5-2073a1945be5","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":169,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"ef933685-9788-4853-8c7c-0ae4f82edacb","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":169,"box":{"x":69,"y":574,"width":762,"height":11}},{"id":"f0f0e8a7-c5d7-4600-a387-870d44569068","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":169,"box":{"x":68,"y":589,"width":770,"height":11}},{"id":"c1c9fa89-2b35-4f48-baf2-df6e35db87f1","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":169,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"46979c9f-7615-4240-a081-a944d5047a2f","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":169,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"22b89b1b-b47c-4aea-ac69-253d4044ba1a","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":169,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"8623afbf-3e93-49c4-a4be-c6f76673f9b2","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":169,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"6e3c1bbe-bffd-47f9-818c-4e649124169f","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":169,"box":{"x":102,"y":672,"width":797,"height":11}},{"id":"80fe09fd-7d55-46b8-b577-e0bbdf9a403f","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":169,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"5b6ad30a-165e-417e-9c76-a510edc51672","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":169,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"5d174987-6f29-4c2a-b0c1-ff76d28ca919","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":169,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"d27d1436-0273-4732-aa9b-9e8b071c31cd","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":169,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"66ba2988-4c0f-4d92-80ba-d51ec7dc456c","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":169,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"df5cf4b2-5d1d-4909-a90c-aed63d723248","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":169,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"77aade5e-7563-4f53-b0bb-98cb0e4193cb","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":169,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"42c69b5d-41e6-491d-867c-713977f2f3f1","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":169,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"4de32f08-2141-48e9-8fc9-12af52319701","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":169,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"913c8d8b-eb0a-4cf1-adce-da48a6ad2383","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":169,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"71dee10b-41fc-4889-99d1-96483e7eeb6b","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":169,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"7bb87871-57fb-4f51-9b11-2ff2762e56fc","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":169,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"17917962-5ddc-444b-a97e-2f7e43a11592","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":169,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"4bfa2e26-8d5b-4e92-8630-1d6d3543c950","block_type":"box","text":"II-126","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0ed6dc93-66ac-4fe1-971e-7caa8c7eff66","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5ab6949-d4bb-4dc2-bf51-c1c9cf3fc48c","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":170,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"6c179f47-ad47-4e39-b3be-3979d1417c4d","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":170,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"ae2e35b2-36ec-4589-87d7-5db1ea51a4ba","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":170,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"a5a98a3c-4059-4e07-b473-a72540fdf930","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":170,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"ba375950-bc63-4c99-877f-5358965c60d8","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":170,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"1cc1acf5-c2f4-45ed-a011-f520bd1e1ec0","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":170,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"9214d397-57d1-4577-9704-cc5313d33b63","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":170,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"4e7020e9-70c0-4288-9279-737be34b76b8","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":170,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"1d39e805-eebc-45ea-9f89-c425819c15fa","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":170,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"9baff80c-535a-4c11-b3cf-3981dfc2b2b0","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":170,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"4bb08c43-9e4e-4502-859d-aa0a12db3263","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":170,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"9067461d-8bb0-46ca-9202-ec61f12b4985","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":170,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"6ef8df64-a0d0-43bc-99d4-3aed2f258355","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":170,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"8e62f36b-3f0b-4527-9bab-004ade7976c8","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":170,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"51962917-452d-4963-84e3-b70c6df7dca8","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":170,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"524b8744-4350-4a86-8b51-0a2ee2f8fead","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":170,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"e09687c3-c4c1-4503-9443-3216cf9eb630","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":170,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"589fd2c4-4587-4884-8d6d-49332428c484","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":170,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"7d39fff1-8913-459c-b42b-2e6973c382e8","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":170,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"a256ea3f-614e-4c89-b506-3cfdd4310a05","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":170,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"23dd6365-cec5-46af-8c61-60a223cdf8dd","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":170,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"b9f16271-b113-48b3-8042-e5348e794069","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":170,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"966ea028-84e3-497e-a013-c90fc2011c13","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":170,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"e3efaea9-86ad-41df-bc0e-38983df57d8b","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":170,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"3392ddd2-2eaf-4ad5-8b56-bb0089df2d36","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":170,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"d917fcbf-943b-4a4c-a4ae-b441d3ecddc1","block_type":"box","text":"accounts and compliance constraints.","page_number":170,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"ec24725c-3e93-40ec-bf91-d325fb3e072a","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":170,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"b41837c0-8920-433f-9e5a-e99eb075873f","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":170,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"6b9d5cb9-8949-40ed-8d19-a07122d86ee1","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":170,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"d7d9c1b0-4af1-43dd-9526-3aa8d6bfa41a","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":170,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"df35cd2c-752e-43ce-a52b-ca179911c2a8","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":170,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"22164537-8afd-4427-a7f8-10c03e714572","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":170,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"6722e526-f010-4487-b425-25d2394e39b6","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":170,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"da43bcda-dfdd-41c5-bf5e-569846be1334","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":170,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"d9a2a0b6-6fc7-4738-9a64-9f0316620324","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":170,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"49a4175f-30fe-46e0-ad9d-87f5460fde59","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":170,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"99db3226-edaf-4a78-aced-81b849326627","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":170,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"3f9ff3a5-b40c-4f8f-86f9-a7d8eb34d83e","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":170,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"21bccb7b-d690-4e45-a82d-f4bf7256eebb","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":170,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"4dc58035-278d-4aa3-a5b8-b60f64b93064","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":170,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"377d5ac1-0afa-4100-b33e-6d1a98fc6048","block_type":"box","text":"clients may be used as well.","page_number":170,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"a398e05e-56e4-43a3-aff9-33fdc264f5c9","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":170,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"2a95f84a-3321-4fdd-96e4-3860ca8c1e8b","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":170,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"32cade92-c1ad-4aa1-b516-44dee953c99d","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":170,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"e5c273c5-f043-40ce-9877-0e382895b57a","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":170,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"546d2fdc-98d5-476e-8ed1-399151a25c01","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":170,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"99c96267-2542-40b1-bbe4-ddceff38aa79","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":170,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"2f2f5a8c-54e9-48ca-9749-fd31770fdc62","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":170,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"fff72075-7241-42a3-b553-95a9f977e745","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":170,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"f5ffc98e-9e7f-4970-9a19-a0352ed5534c","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":170,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"aa855735-791f-495a-b2bb-717453f96f29","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":170,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"899267a2-eccb-47cb-8c40-238608aca60c","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":170,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"2c2fe7c1-094c-4c58-a0cc-05c9020181ee","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":170,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"a1fba3fb-7f9b-4fdd-84ed-29517f057e8f","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":170,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"767906be-c900-4b37-9e23-c42b8e0f7626","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":170,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"11660441-7d2c-4383-a7da-b5935bbc12f7","block_type":"box","text":"II-127","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4ebf0d16-c615-4369-ad1e-05a49e65f0b9","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13ed5ad1-ee2f-473d-b83a-45bcb6206110","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":171,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"a9089f7e-ded7-479f-bfa4-83594f80881c","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":171,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"8fb02f75-7469-4570-9f44-c5796ce045d9","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":171,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"979af9f2-455d-4f53-ac76-925f00cec22b","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":171,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"7ae41f74-0664-4e84-8dc4-490e91f022a0","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":171,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"e4051a91-6e65-41ad-8d43-172a18bd795a","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":171,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"3edda088-7387-481a-945b-9cf17ee0a496","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":171,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"6cb2ec6a-a504-412c-93d2-104479e7e65a","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":171,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"a0eb8179-a406-49c5-b115-3d95a385d633","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":171,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"38e0e229-cb53-4dc0-b33e-2857e1974ce6","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":171,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"6a114805-2171-4b9f-ac0f-91ca0be1b234","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":171,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"5f0934fa-6066-4dc7-a6a8-2f067e042ca7","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":171,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"676a05a2-2578-4ce9-bf85-5d9fff6ab8ab","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":171,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"996185ce-1b2a-41ad-9b18-6cf31b832c16","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":171,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"94dcc60c-b03e-4f7c-a017-e762e4d2d08d","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":171,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"3d2a0221-1bcb-4b78-9add-421bec8536af","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":171,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"974c9dd9-ebc8-4622-b106-e7cdbce0bbbb","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":171,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"eb11a22c-b7fc-43b8-bf95-66bf20c788e0","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":171,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"f3a8baa7-b638-47f0-9615-c2dfdb8fbba3","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":171,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"2e6ded06-3f4b-4f3b-9c7a-dbbe795f2e2a","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":171,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"6b7ca99f-6bff-4db2-9f8d-d7232c4322ad","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":171,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"5b756de6-d628-4384-836f-e94255164a79","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":171,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"88e56085-8d2d-4edd-aa2f-f4529e1f9477","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":171,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"e2b99710-3f06-45a2-bf9b-319bdcb3bba8","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":171,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"bb0aa921-e48b-4961-b3fe-ecb7d036ba08","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":171,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"d785409f-1056-4219-b50f-7c28017e1ae7","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":171,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"6f84ecc2-3714-4e0e-8f6a-758531476c21","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":171,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"082bc174-c84b-4ef7-880f-fd33250bd591","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":171,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"4ec6a94a-6b15-4cbc-a3da-72f6727ff085","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":171,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"407774ee-39dc-443f-9250-f2b3181af3fe","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":171,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"23029ab1-61dc-4498-be9b-7139c486f54c","block_type":"box","text":"Portfolio Turnover","page_number":171,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"058a6985-1b1b-4f6c-ba58-866fa01c5260","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":171,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"481eb0f1-98d5-4935-bb03-faff756b9960","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":171,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"3a5d51c2-36f3-4ab1-b0f1-a12d1b43fb2c","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":171,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"fd58bc4d-9097-4b37-a4a9-55f837b3c48f","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":171,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"a1a46841-1d55-4892-9f70-d3bb633ee1d0","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":171,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"15076516-03af-4ba8-b084-ad6891811901","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":171,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"af2081f0-6004-41bf-9dc2-6352c4fe9a16","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":171,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"3e35283c-c224-42bc-9709-2af88bf35191","block_type":"box","text":"Dividends","page_number":171,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"3dd7eb74-690c-4b2e-82f0-fb840446e68f","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":171,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"990072b3-9785-4ec7-a18f-64df037ec2f4","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":171,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"37a6ea1c-eba0-475b-b968-3f3837bbeee0","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":171,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"5688adc9-a84f-4392-a6b3-15506e74e264","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":171,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"04a57aa3-314e-4383-a3f2-1aa63d5f504d","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":171,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"0ae71c05-92ac-495c-b4fe-07adda4e4375","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":171,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"5de215a7-b10a-4695-a3b7-c73bf24da67c","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":171,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"db82d822-f43e-49cc-ad83-b89db6d04abf","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":171,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"47c60fb8-5736-466d-8b4c-ee7ec7e414c7","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":171,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"e704f475-2099-4ac8-a7d4-c0bba57923bb","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":171,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"87da788f-dfda-4dfa-8f36-83f0ace6b84b","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":171,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"16d95b43-ec1b-4211-ab2b-0ac9041c8288","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":171,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"34ce8e54-5233-44e9-b194-bf3651aeb9a4","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":171,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"f89c0c8a-2a06-4a29-a047-db33c215ad9e","block_type":"box","text":"II-128","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1036beea-8d25-406c-94f1-6707639e749d","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"017c8dd1-5e0a-4acc-9886-a9adfbd1d64b","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":172,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"fe02c5ee-e09c-4cbb-ac80-5cbca2e7a5d5","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":172,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"c9fecd93-007c-44f2-a93b-a947da037f03","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":172,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"43a302fe-bdc7-4e92-bcae-fbd3384147be","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":172,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"b1013f66-2eaf-4ccc-9c98-a33ac609a51c","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":172,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"2ab08671-8364-4fbf-ad30-dbace17481e6","block_type":"box","text":"Taxes","page_number":172,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"abab2cce-5315-472b-af67-984aa7fb7e78","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":172,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"f9ad8f86-6864-4bc3-a3b7-fa562a9a6e2b","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":172,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"34c76d92-7f33-40b7-aea3-f3dc844318d7","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":172,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"61d4c921-e900-43a2-91af-6cd7714d64c2","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":172,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"0c4476ee-ecf4-4e38-937f-b3046ce00caf","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":172,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"64fbbccb-b222-4b67-967e-95c0148e7544","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":172,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"50297bd2-09d1-427f-bd92-db6e561d8962","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":172,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"cc44d692-83e7-4f44-8349-79d9b69c0800","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":172,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"65ec5555-a316-4af7-9025-82a16e9e4f35","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":172,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"f40d9924-af84-4aed-af29-952f46c0273c","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":172,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"bf15ba4f-63c7-4a0a-872e-7cb3dc9ccd63","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":172,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"43d11eb4-6ca1-49fc-bfc9-dbe263591cab","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":172,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"a504aafa-d6b2-46fa-b6ea-6b5711b104ee","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":172,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"02421e58-b656-4ebd-a914-908dec0abbda","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":172,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"6df881c4-be48-49b9-9ad7-4d6586051fee","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":172,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"b60c4fad-fab4-4669-8b77-1f0f25f305a1","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":172,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"81dd01f6-7535-4ac9-aa93-81b694305153","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":172,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"61b32a83-3c06-4def-83b7-aa64caedfa3b","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":172,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"fd74471d-bd41-4a38-aec3-5ff218242acc","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":172,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"fcd96bd3-62e8-4c89-8777-9b7acc6dcb02","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":172,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"bf6224d8-f02f-4d62-968b-010ca193f3ee","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":172,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"181e9348-8a2c-4c10-b63f-bd52dbf1eada","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":172,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"067cacfc-69a2-454f-afe6-657b8c9ca1a7","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":172,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"8ca84917-c18a-499e-a477-0d15e3c2938e","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":172,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"4d1e6fc7-7182-44e1-bd7a-bf504a1c6ee6","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":172,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"b7939d61-b45f-4b89-bb0e-a00ee54b801b","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":172,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"ac4dd072-7017-4396-9d2c-cd7873cea96a","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":172,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"834d5a56-6314-4fe1-9e0c-ef0f5d309c3f","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":172,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"b162b11c-e885-46fb-bd5e-bfb7b72f9ddb","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":172,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"e6c708e3-c2d6-4346-806c-e4e3aa4bb8fe","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":172,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"7e550b81-97c5-4f46-94b2-337a09e574c8","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":172,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"45e918b5-6d2b-4c9e-aa4f-7e7d8b58a6f3","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":172,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"f52f89da-74b0-4f07-9c27-05bb7df3d831","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":172,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"2539b684-9d69-4847-8427-c4d367db2458","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":172,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"c6b77f11-55f0-4c6b-80f1-6d41742b1264","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":172,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"65529e40-9477-4c9d-9f31-55695e71454c","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":172,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"186aeaa0-8e61-41c0-abfc-8fc252ab40db","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":172,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"0fe3489c-b489-4184-b05d-b5d94694e36c","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":172,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"32ac3852-4f1f-4899-a466-223ca9c5f703","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":172,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"49707f84-2a09-460f-9f99-11f5b68ed377","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":172,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"8717b17e-1b1b-492b-9a3c-ed08add1282f","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":172,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"e3bf9c36-3c84-4979-9861-7965504dbe14","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":172,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"13799a1d-9a1e-4298-b8b4-63bfec739955","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":172,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"97a96cc3-5ab9-4250-889b-f210a15ca790","block_type":"box","text":"limitation.","page_number":172,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"7cc84066-903b-4c9c-8a8b-6a6a792d924b","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":172,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"18ccc985-d321-4602-b3c3-99a1a29e7763","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":172,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"5d6bb2a4-92c5-48e9-8742-296461d00249","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":172,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"c991bf2f-5b84-46bb-8438-e8d67c84b9c0","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":172,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"ab64be83-59fa-4f37-9a5a-794d09d58c3d","block_type":"box","text":"II-129","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cbe0e8cc-64c7-43b3-94f2-45ca849426bd","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff372f82-ab3c-43ac-a461-91e953964de2","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":173,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"b7d0452e-9c77-4bd4-b2ab-4119b333be62","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":173,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"b685fe07-f3e9-475e-abdd-9b188a214179","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":173,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"f563f9e7-7e4f-420b-9d7f-d54598594a84","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":173,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"9b90101b-316a-46e7-94c6-437cd16173b6","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":173,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"ea6b3c0d-321f-432d-861d-d1a25cd01028","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":173,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"ccbce56e-1b67-4898-bc44-a23b55e7b76d","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":173,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"d1e5d72d-b4a2-4078-a8fe-cd882c37132b","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":173,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"e7733652-c3f8-4b33-a01d-0b135320d8e3","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":173,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"e991094a-01f9-44f0-82b4-ff19706943b9","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":173,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"1201f42f-84fc-411d-b6e3-9a9cec4b4dec","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":173,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"7981612a-4b8c-4f3e-bea5-c99b3dc67341","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":173,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"e5f9e8df-a896-4eb1-85d7-46786833de84","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":173,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"9079fd39-7b33-4e60-a88c-e7634efda3f3","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":173,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"b855c687-0b9d-4965-b1c2-61423f93fa31","block_type":"box","text":"constitute “qualified dividend income.”","page_number":173,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"bc05ac56-0b82-4bda-9a25-99447f3955c4","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":173,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"b6d59f5f-d310-4bd9-b488-d1ee54000308","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":173,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"168ee7d6-c4f8-425c-a7f0-92d2fe542fd8","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":173,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"12b897c5-164e-44fb-aae3-21fda97dd19d","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":173,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"fd6b9bb3-8fa6-47f7-8cd0-2783e5fff986","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":173,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"b9b5a5c3-b435-4e32-995e-4419e7afe5b2","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":173,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"b3ab8c10-1c9e-4dce-8e5a-5b019370f15f","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":173,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"5f8a339f-62d0-46f2-9ad5-e9ee5742d03e","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":173,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"25c5dfde-d6ab-4394-a9e4-a4766221c9d9","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":173,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"86606425-5926-4b8a-b1f2-6344842bc2f7","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":173,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"308f8952-f680-4105-ab7f-2f88f44224cc","block_type":"box","text":"against their taxes.","page_number":173,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"845ae444-34ce-4595-b4e1-779b2dd9529f","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":173,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"243b34df-096f-4b37-be53-a7458df7771c","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":173,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"0eee9b7e-bdf7-4cc0-975e-8b89fcebac03","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":173,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"69a353a7-4311-4c92-988c-ba589b9e4977","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":173,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"386951cb-ad09-42ac-83d8-fdb0bb3f1f69","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":173,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"6b867cd4-1031-423d-80c1-b352e57be5a2","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":173,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"a7d048ff-d806-4064-8e80-fb06a6d3bb69","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":173,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"1a9c4d9f-7510-4147-986e-a09e4e03e51b","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":173,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"d0e36dee-24bc-476c-92da-873a201f2805","block_type":"box","text":"dividends received by the shareholder.","page_number":173,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"3b146751-dee5-4d99-8719-321d25b46226","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":173,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"42a11fe0-9b92-47a6-9ee9-768e45b8ff87","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":173,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"19f1155f-19cb-401e-97be-b021c41110c8","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":173,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"d103449a-9478-47f7-aa0d-ada837a752a0","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":173,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"270686d5-d7c3-45c2-9384-d8e46c981528","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":173,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"53344f93-6576-4b84-8047-d75cb66a7d39","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":173,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"267a664d-6233-4d96-8ea7-81fe6738e9e6","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":173,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"d6eaf541-dddd-4b65-be96-5b90800dc0b6","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":173,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"8f01f2f7-57f0-44b3-bbc8-2d8286a747d7","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":173,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"a6d24f8b-7854-4e10-a1d0-d6df14fe9b38","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":173,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"3560b594-377d-491b-bbb3-ceadba1ad52c","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":173,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"7916a1c1-5a43-46ed-8bbd-584a1146f2e0","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":173,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"83265821-a5db-4bf3-82d0-6fbb8929d99c","block_type":"box","text":"taxable year.","page_number":173,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"dcc244c9-a60e-45b9-b75f-e636ac87dfcd","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":173,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"7a66a5b6-1c0b-4027-8db4-4464cf4e3cf9","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":173,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"69c16ece-6475-4589-ade4-df0ce9bd4783","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":173,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"c6c0b0fa-7205-4a90-8482-2336a79e9b42","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":173,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"1a56dc0b-1fae-484b-adf4-77dffb52f90b","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":173,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"3cc8e502-28bd-445b-947e-6da4ad8b8ede","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":173,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"8ca84831-6adc-434f-8fd7-164a6d07efa5","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":173,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"8ff8ba44-1667-45be-bef8-196dfcf7fb25","block_type":"box","text":"II-130","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"abb2900a-41e5-4ab0-ada6-3a3e06299481","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7cb80693-e882-468c-8cb5-f686e3726ce8","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":174,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"e5e4e7e0-721f-4769-baa6-579a1fefd7e4","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":174,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"2a24633c-ed73-4bb5-bcf7-8ba33b03b657","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":174,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"9f386af1-49a8-4d46-8a35-80f0bfac4c6f","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":174,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"6fe1a5d5-c6ac-48d1-bdc0-825fb45c6906","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":174,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"0445b9b7-dbe4-40a3-aeba-59aa3a557e7f","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":174,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"05999276-1c27-41c3-a536-91ae07a380a8","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":174,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"00bc5dcd-7625-4414-8e23-1a50c98be877","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":174,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"131bf7d8-4cae-4f15-912c-822e39f389c2","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":174,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"6c66e652-0e94-4f9f-ac4e-aa9fdc5a1de1","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":174,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"e3768b1b-9cbd-46e9-b459-7ddefda89b16","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":174,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"e3fa4f0f-9c55-4f5c-a01a-6185fe708e1f","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":174,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"0c9562fc-dcd4-4450-aff1-9212f52e0c06","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":174,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"1c160c53-b9ad-4865-9ede-89b6235cd7b4","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":174,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"26d60705-eed7-43db-9e1a-8efce8a2ddd6","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":174,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"cdd85d1a-0d46-41c5-b5b7-33d11ac787f2","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":174,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"8193703c-f64b-4deb-9ece-f0ca75664540","block_type":"box","text":"redemption of such shares.","page_number":174,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"44167398-3922-484d-b1ca-15bc7e65b24d","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":174,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"a553f1aa-5912-4635-abfa-53886b9a0500","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":174,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"df953baf-0924-4d32-b2f1-b00faef0d6ba","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":174,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"400ac9af-86c1-4565-929f-798f047d195c","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":174,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"b399c2ae-109b-4e79-89f5-20e75d207cc2","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":174,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"eb6ba5f3-473e-4036-8ee6-35b7e0bb4f74","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":174,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"063f3ef6-0f91-4bd8-9504-5328759d33a2","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":174,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"240163cc-2e06-48df-88a1-367523ff8197","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":174,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"437bf66e-2f49-4091-a520-38c901f10d84","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":174,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"0d8935e1-2087-4739-a236-f5824a63f288","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":174,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"32db4380-6e7f-4ee2-b3cc-7a04c44f9720","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":174,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"b17f50a6-324f-4389-8d10-d0d91a9bf460","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":174,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"4ac1afa7-ee38-4f96-a710-3a26ac156e24","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":174,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"870b9c75-691e-4dd0-96e3-4625cc0e161d","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":174,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"db394529-5021-4035-ba4e-464ab7ed98d8","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":174,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"3164759a-2a40-49d2-a72c-ba805b729083","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":174,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"46ab3485-18f5-4d31-ab09-d995688c6c54","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":174,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"fe1b8d1d-4cf1-4b6d-bb97-ad4c7d4ce193","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":174,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"ce3fcccd-e27e-4773-a7f4-e3876e6f840a","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":174,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"316c11f2-0615-4d6c-a7ea-b2c309aec8f1","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":174,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"0261df19-9e0c-40ff-9bf2-e15b65637175","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":174,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"33dda664-8a1d-4fe7-b6f3-8bc22bff6cb8","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":174,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"93cf18f7-4d32-475b-b7b3-90a95315185c","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":174,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"701958ff-778e-46f3-a847-5b1f3945dfa7","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":174,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"8e4653aa-e229-4f8c-9da9-c05428664bb6","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":174,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"680f385c-7b72-4741-97bf-cdb56dc8d366","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":174,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"9121a1a7-9dac-44c1-b165-c1db3387cc8e","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":174,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"1fab248e-888b-4864-9142-eef478d60084","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":174,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"cb54a4a9-0b67-4db0-88f8-21349bd7d1c4","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":174,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"1e6552b7-36c5-43d5-b486-ce483a58be6f","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":174,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"c92b3459-5ca4-4467-845f-58dbce6920e2","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":174,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"51ae4bcb-fffb-4043-af64-0ac6751c7007","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":174,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"822ee33c-9939-4d26-b7e7-06d1d437f277","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":174,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"391dddba-5ca0-4d15-87ad-3844d5460d8e","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":174,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"cb65899c-7d08-40be-be1f-85c0bb4a95c4","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":174,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"6f94be72-f82a-4e59-a3b3-7be26344958e","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":174,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"8228a769-3a3e-4d5f-b099-29a492041ac4","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":174,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"6398a15b-fcee-4387-b66a-af4823730866","block_type":"box","text":"II-131","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"98a061ea-08e7-4518-ba38-80260bc88c5c","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"352b58e5-b480-4553-bd00-670cc7ae1de2","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":175,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"c8057827-5a2a-486b-844f-38041f0f1bc9","block_type":"box","text":"in subsequent taxable years.","page_number":175,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"89199c65-1fd7-4c2f-84b8-5ff5782246bd","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":175,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"4602fdfc-f0f0-4627-a57b-df9cfb1de9d2","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":175,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"e4e51276-7c22-4106-b8cd-b4b744f4ed6d","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":175,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"e25ca6c8-4a2a-4086-bbc4-4bdc74c409ae","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":175,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"cef801e7-fe99-4459-82be-070fe6494c9e","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":175,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"053ad4fa-f3df-422c-aee5-72fe23d36ee4","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":175,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"41018bd7-545e-42a8-9d38-d68f3ab635bd","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":175,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"da6a56c0-d11c-42dd-b46e-beb427caec01","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":175,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"a8889ef8-9ec2-4a05-909e-914e79a260c2","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":175,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"6e03e49e-9f98-4315-af94-a111e75165da","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":175,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"e859c07c-0267-457f-8348-2fda4ccca6ad","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":175,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"94364cae-b0b7-49de-a343-643f22fcbfde","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":175,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"c0292f91-8eaf-44d8-8c08-4c2a34f40622","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":175,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"493159d2-a137-4108-bf34-e906ff0977c3","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":175,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"f71bc0b6-f504-4688-b561-f7076f001d7f","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":175,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"1e761650-ac65-4c38-a54b-7912259827d5","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":175,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"da882abe-1a6d-4842-a483-8229bc941c9d","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":175,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"091ae490-536b-4c79-9280-da4bf5ae047f","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":175,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"49fe0280-d724-4b99-a8b4-5f139bccadad","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":175,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"b30465e6-979e-43af-b7ba-fb3a62f9044d","block_type":"box","text":"dividends under these rules.","page_number":175,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"628d148c-967f-43ee-beb6-7f09b85dec85","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":175,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"f762678f-5c6f-4774-9aff-208a842e9314","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":175,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"e28e6450-869c-424d-b578-b32cbcba91d4","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":175,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"6b19b2f7-f7c9-44bc-bb50-063a4a90e66d","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":175,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"3c3ae6dc-4987-47d7-9f58-0ede4d90d418","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":175,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"41614aaf-1c35-4709-8a9b-a95251064dad","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":175,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"56d1fcea-5995-4a3b-b31c-749dbd76d914","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":175,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"807123d7-8dfd-4e7b-a1f2-668b5c7987a5","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":175,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"0c7f3e02-5623-4d92-931f-f6fc054bd847","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":175,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"dd57c6b9-a0a3-48a6-9dd3-4913050e43f2","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":175,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"c0f765e8-bba1-4d7c-a9fd-640982569e24","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":175,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"b2eb371f-52e8-4e52-8696-7e6b4987f765","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":175,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"b37caf8b-883f-477a-874b-1f646f7b6928","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":175,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"d1676195-5400-42a7-8fbf-d72766d9a195","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":175,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"b252c566-5ae1-4bbf-8eaa-0de7876c4897","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":175,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"e02b5a1d-733f-4a62-975b-88f721c23b48","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":175,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"83986ae2-d159-4db2-b39e-769a2f42ac2c","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":175,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"af4a066c-15c9-405c-8514-16a488042ee1","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":175,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"8b04ddc4-6618-427d-96c5-8b751840a17a","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":175,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"509407b1-917d-4f9a-87fb-511685858428","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":175,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"1cee90df-52b2-46ad-a824-42e10a5683f0","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":175,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"7e9a14eb-57a8-4d7f-9258-0e15f18d7e4c","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":175,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"e76a39ef-9b82-4174-95ab-80e448b03cab","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":175,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"bea6e9c1-dcba-40fa-850d-1c0a03f02764","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":175,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"3fa3cec0-bd34-4bd3-83e9-2fd5f7b0b43b","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":175,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"f96d5b8c-8514-4709-a7d0-8fc7c2fc9758","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":175,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"3447f8e6-57a9-42fa-bf45-dad5436df4b5","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":175,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"9863f6b8-16aa-49d1-9a0a-dd03d02b1389","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":175,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"8a485ad9-f605-41e3-aac6-e1b696ae54b4","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":175,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"74f9c3e9-7201-4d5c-aea6-ed8e3fac0a5d","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":175,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"1700e417-62c7-4d1f-8c1c-f8fd4112185d","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":175,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"f5a344a8-b296-46be-b7fc-8f48ab49f0b2","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":175,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"b7ae1bfa-2db6-4765-ba9b-94fa46dfa837","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":175,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"e7e54f97-3bc0-4910-8c95-cc2f834de0ae","block_type":"box","text":"II-132","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ce296520-32c2-4580-9f8b-1fc1c92d25ee","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21b8d5f4-529d-4608-91ad-5c6cd6ae9122","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":176,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"88046fd1-d85f-4c0b-a742-0303547569dc","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":176,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"61eb3668-6465-4090-baf9-5f1164d8300e","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":176,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"0ee2ac36-a072-4775-83b2-dd1414ac59cc","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":176,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"2d8c91c2-a4fb-4cba-a626-16e30af84a18","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":176,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"a61689a9-0515-4e86-8450-33bc545a60c4","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":176,"box":{"x":70,"y":120,"width":739,"height":12}},{"id":"a28ff024-65df-44a0-895e-33a25110b0c3","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":176,"box":{"x":102,"y":143,"width":786,"height":11}},{"id":"0f208ba2-9fb4-4df7-92bd-a3ad540028be","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":176,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"6a9fd00c-b864-4420-95fb-762a1e282127","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":176,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"fd4cfb72-b720-461d-af0f-e1478ad9dbee","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":176,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"c2455f00-e743-4cf4-bcd3-94cbaaeaed27","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":176,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"c6accc3f-3d4a-4bf6-a674-bcf53cba4ee3","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":176,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"f138cb27-ebba-40bc-be3c-2e0d05b24c3f","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":176,"box":{"x":69,"y":234,"width":802,"height":11}},{"id":"8060e518-7476-4203-89fe-b01d26bc87ed","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":176,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"b056e737-6dc0-4ab1-9d67-990bd373d605","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":176,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"53a71658-0ca9-4554-a171-46eee490b522","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":176,"box":{"x":68,"y":286,"width":787,"height":12}},{"id":"3b3f033f-8d3a-49b8-88ac-efc95a5ea8fc","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":176,"box":{"x":68,"y":301,"width":835,"height":12}},{"id":"0e60445c-dec2-4bf5-98c8-cef47805a6d8","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":176,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"027861e0-4287-44ad-a83c-6c8a7030183f","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":176,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"a9de348c-9718-4d91-b2c2-1ddd75a1a03d","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":176,"box":{"x":69,"y":347,"width":783,"height":11}},{"id":"3d549480-e376-47ff-8361-fe128c8d555d","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":176,"box":{"x":69,"y":362,"width":710,"height":11}},{"id":"fbc34bfd-4a35-446f-b206-abbb732d1f4c","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":176,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"9dc0476a-4d0b-458f-96c2-b4c70e755945","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":176,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"4d8cc74d-af60-4d67-a859-4cee84fcfa71","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":176,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"f61c030e-7414-469c-942f-fcc16b2d552c","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":176,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"43e7c91e-f476-4335-a043-298034ec58f6","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":176,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"d0efa0ac-9273-4944-8a58-872d0f957a25","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":176,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"f7dca4ea-304e-4113-8625-bb52e7293952","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":176,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"1490e3ee-b79d-408e-8f9b-cad594b84d56","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":176,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"f73b73f8-d84f-4e03-94e6-cee2b50707a1","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":176,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"3e189a72-2fe2-4015-89f4-64d84301ed8c","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":176,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"e460ba5e-66f5-496c-a233-d98874e57678","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":176,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"54915424-d693-4ce6-bda9-391cd0af6070","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":176,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"07f521dd-5eb9-478d-ab90-44b5cafb9d85","block_type":"box","text":"investment oppor tunities.","page_number":176,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"837352fa-1c9f-415b-a27d-9818757e416d","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":176,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"b147e4d7-9f8c-4f0b-83e0-841b420f3b00","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":176,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"0d411f21-9e73-4859-866c-9ce2ed375375","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":176,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"dd56d180-16d7-4661-869a-0356e7c79764","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":176,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"f89bb756-6848-490e-837d-113bcada1cae","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":176,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"a291ff25-e9e6-4882-a9e2-2a69e640dc5e","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":176,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"a7bddea3-af00-4b64-bfe2-376cd973e32b","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":176,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"c84c49ec-5c7f-4277-9495-57760e680b0c","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":176,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"3c90286f-9aef-4e3a-b8e3-eaefc0cc3616","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":176,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"e4c4e555-b0bd-4ab5-b807-0400f2500255","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":176,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"c0490493-be6b-425a-8c4e-7b6553517916","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":176,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"e52dc4d9-82f6-42a7-bf17-31bf6c0173b8","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":176,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"fa0b0410-c449-4a1e-9f86-82d2d0e06cbd","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":176,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"77cf58c0-6f47-4a0e-bf31-9c29f038fc75","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":176,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"449c4e98-b11a-4c43-89ea-1c77c8fcbf31","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":176,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"29555661-07c2-42f8-ae4d-c47adc00b568","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":176,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"7efe2978-a2c4-44ee-8ce5-98e51361732d","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":176,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"2aec2370-3d60-44df-a327-f2f22ff4d181","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":176,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"241bd813-4479-4a9a-b478-9af1cdadb271","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":176,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"4511fde2-8d81-47f2-a27e-81f22c8b5fda","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":176,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"e329ed1f-2c2c-4acd-8252-99823786a62b","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":176,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"0958661f-e75a-48cd-b150-30aab1c202aa","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":176,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"74c12d56-d476-4cf3-b0d0-2f10c8c06023","block_type":"box","text":"II-133","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e139f8a8-1d40-4396-afb3-67bfd8da5d62","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91a9bb19-2233-42cd-9c2d-b136cf073e49","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":177,"box":{"x":102,"y":45,"width":768,"height":11}},{"id":"86fdb2a2-a08b-4b2e-8ebd-f918790ff999","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":177,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"2086767d-6e63-414b-88b6-dda9bdd92024","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":177,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"e96ee319-9f94-455f-90fd-5c42b77dd2c3","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":177,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"460cf34f-d1e8-420e-80ed-ab1af4f38438","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":177,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"343d0a1e-d053-4f16-8258-882be3d772d9","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":177,"box":{"x":69,"y":120,"width":776,"height":11}},{"id":"d626267f-01b8-4f83-96a0-793bf7525c3a","block_type":"box","text":"positions in its por tfolio (","page_number":177,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"36bbdd44-6d14-45ba-8a5e-2cbfa16a3d55","block_type":"box","text":"i.e.","page_number":177,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"7d74e993-3551-49cc-8894-bcb421f4e05a","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":177,"box":{"x":272,"y":135,"width":636,"height":12}},{"id":"e033bf54-3a92-4d1e-a381-23221cc9c3c3","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":177,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"a7080bbf-1192-4dbe-8046-9de06ee1eb3a","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":177,"box":{"x":70,"y":166,"width":830,"height":11}},{"id":"89cc1ae6-794c-4695-95bd-c9e42351210d","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":177,"box":{"x":69,"y":181,"width":804,"height":11}},{"id":"04b5bbc7-2163-4f23-be7e-5dffd90975d9","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":177,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"aeed863a-09f9-44cc-a693-d2ddb84e1453","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":177,"box":{"x":102,"y":218,"width":781,"height":12}},{"id":"691f0d85-1b1f-452c-8834-2f429b5ddacf","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":177,"box":{"x":69,"y":234,"width":835,"height":11}},{"id":"7b47555b-eb27-44cd-92fc-14b37245f716","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":177,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"35206e45-30ff-4dc1-9433-357d6bb7730f","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":177,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"bf959acd-21a1-4d4a-b259-0d2db02ca33a","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":177,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"3e530c22-a63b-4b55-a944-fd24ecd0e14e","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":177,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"5efd112a-9f6d-4f31-acbb-cb198cf5906e","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":177,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"73344c46-fa53-4668-a461-cdacd95f3e22","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":177,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"184709d0-a8fe-4c40-9bcc-8dd6becd3dee","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":177,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"5a88f7fe-5ecb-479c-b49a-a18d2f799375","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":177,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"ad2e7781-9cad-49a9-908c-350a2c7a3a8a","block_type":"box","text":"capital asset.","page_number":177,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"02125ead-c6a5-4945-a2c4-57af5308f6b9","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":177,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"fd7c5aa0-2cc2-47d2-83b4-4c59a523067c","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":177,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"8de86864-d1cb-4bf0-8ea9-d1cb425b1fcb","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":177,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"ad75ed65-b240-4182-92a2-bb8545f61a40","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":177,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"d7ed6516-ed2c-422d-8674-a999d18a1a54","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":177,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"7fa1eb47-a55d-4b03-b7da-d2d6e685912a","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":177,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"cf044c59-d7d7-4688-9517-b5bc5c41f902","block_type":"box","text":"Fund were to invest otherwise.","page_number":177,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"aa45835f-a17e-470a-a516-4c1283c39a22","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":177,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"78333d0c-f834-48e2-ad91-14be3ba36213","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":177,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"652e89bd-73a6-4ee0-8805-98c6adbbc81f","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":177,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"4461b22b-d15c-4cb9-8fee-4d6a0ff277bb","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":177,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"2936ebde-e6e3-489c-8c7f-826d3c7c6af0","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":177,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"7e1085a3-65e2-4be0-af07-c85c5139ad90","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":177,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"e20f6d4f-6546-4c2c-a2a9-43279c94b533","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":177,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"2673d462-9e75-4b4e-8967-b7b27a01d110","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":177,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"6e3e88a4-ce34-4b1f-8e8d-780a3dc177d1","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":177,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"39246f16-ef42-4337-b54e-7b3b8107e7f7","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":177,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"060be879-0550-4ffd-8bbd-78883bc1479e","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":177,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"a177add7-2cca-467d-a731-2574ac2083d1","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":177,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"ccc81647-23a9-4408-9980-40b764dd5b1e","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":177,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"ed8c5274-7e01-4791-b561-31f14da24554","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":177,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"e28b54e4-3958-46f9-8052-0f1f20f9f30b","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":177,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"47a92c88-2fc1-4afe-9cd2-ddf3562c3715","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":177,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"2a30410f-f834-4975-9ca6-4c97074eb0fb","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":177,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"1c166d34-ddb2-4454-9852-f53791624909","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":177,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"274e9bdd-ccd9-4085-a001-fbe4c89e666a","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":177,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"bbdf2250-5db2-4b33-8290-9e7cdbdeafcb","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":177,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"06f77f1a-2796-4371-9362-d58fd66f78b9","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":177,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"ecc01079-7270-4dc5-9c53-5cef640fadb1","block_type":"box","text":"PFICs.","page_number":177,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"5a6b5ecf-eca8-4ba1-8497-da12cabbb8e6","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":177,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"583168ee-da01-427f-826e-9b5fd37ec90e","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":177,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"fe61a172-0aea-40bb-bb36-c3469898eac5","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":177,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"1ed537fe-8b75-438d-a996-0fe06555e0c1","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":177,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"50737eb5-793b-4b97-bf3b-20daafdeb2c5","block_type":"box","text":"II-134","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b430e0a8-bd2c-4984-b9a4-71bfa17bce45","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"70e1451c-bba3-4cac-b017-a4f6c7cc38e4","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":178,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"c49715ba-75ce-4bd2-af0f-b2024c265b76","block_type":"box","text":"difficult or impossible to obtain.","page_number":178,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"5d18eb57-6000-4601-a8d2-bfc7a4faab28","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":178,"box":{"x":102,"y":82,"width":796,"height":12}},{"id":"5455e820-aaf9-4bd2-be55-2b0d17bbb553","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":178,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"c1df0aab-78ac-4c2b-ab23-eaf098e147c1","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":178,"box":{"x":69,"y":113,"width":778,"height":11}},{"id":"ebf1817a-c3a3-484c-8a10-98dfb7383cc9","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":178,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"8708e245-936e-4e96-98a9-bd203a73354f","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":178,"box":{"x":68,"y":143,"width":824,"height":11}},{"id":"66d61ea2-3c0f-423e-abd9-82539665e684","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":178,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"e369fd65-056d-48f7-aa73-94cdf4d3d61c","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":178,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"4ec94b94-b4a2-4c44-8ced-d6c7aacc1d29","block_type":"box","text":"Municipal Funds","page_number":178,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"921892a8-b192-4d4e-afd4-e8258a3c299e","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":178,"box":{"x":102,"y":218,"width":798,"height":12}},{"id":"237a9252-bd5e-4e51-866d-7af8ac61c3f3","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":178,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"6dddfacf-3a81-4b49-b3f5-f8b3d5770b36","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":178,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"daa853d7-800e-49de-a9b2-69b985582880","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":178,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"22169c64-91bf-4356-94ed-ae64970b4e9a","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":178,"box":{"x":69,"y":279,"width":752,"height":11}},{"id":"5aeccf78-4790-4a93-80c1-69ab4c108fd9","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":178,"box":{"x":70,"y":294,"width":817,"height":11}},{"id":"ed7a18f2-185e-4254-9546-d3e9bef3e269","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":178,"box":{"x":70,"y":309,"width":780,"height":11}},{"id":"2b19ca34-23de-4a26-955a-46f6ffa2e254","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":178,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"15deda2c-3032-4a51-8b64-9bc48c398c3b","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":178,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"46fa255d-dca1-4dbd-bef5-580a6b305907","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":178,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"7859deaf-a86e-4967-ac92-dc54d6a259a4","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":178,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"50dc6b77-31de-4f5c-b3b0-f0047ee1d014","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":178,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"dce6bffb-13ca-4bd7-ac9b-9a60ecfdea6d","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":178,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"9dc83d65-7e67-46f6-9c7e-d7bf6e629bde","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":178,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"b437cedd-30fa-4ab0-bc88-617d21cde9ca","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":178,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"db5240c2-4893-4f23-a68b-fb176f9a9227","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":178,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"05ec36fe-b676-41e6-a8b5-9ebc4573501f","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":178,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"b84efe0b-b3b4-4f13-a8c4-b0855d678cee","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":178,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"12c6861f-78d8-41e6-8689-85a557557871","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":178,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"8b05ea9a-1b73-471e-a292-a4d7732c5ef8","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":178,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"a60e7b73-7ea2-48e9-8e43-dc0c85774522","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":178,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"e28196da-6a66-43ac-949c-fee5af0dafd1","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":178,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"1268fc7b-7a87-49a6-82ba-8b7972fbd52c","block_type":"box","text":"constitute exempt-interest dividends.","page_number":178,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"2ead478d-6fe2-42c0-80c9-b03d1ed64e0b","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":178,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"e14fe73f-b33e-44bf-8c24-b3f0a3dd8612","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":178,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"78615a84-8b8c-4b60-9b10-d923c6aae5c9","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":178,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"3e612f47-bd9b-4f27-b4a2-eeeae6bf85df","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":178,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"95772e3c-e3fd-4d2d-b809-b4323f781efd","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":178,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"fbe3ad97-f25c-417a-a99f-1b6c93377e66","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":178,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"eb3d746d-0d35-4691-921e-145af42c5e83","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":178,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"56b0d976-e19f-47db-a1b8-703ec706b7a7","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":178,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"c611f0d8-0751-44a9-a1ec-9a220d5458ee","block_type":"box","text":"income dividends received by shareholders.","page_number":178,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"9d1d3853-44f4-4cce-a20f-36ba0598641d","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":178,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"f957fa73-9a07-4a33-a5e5-0bbd69b057c3","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":178,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"43f5a05f-a70b-4bdd-b2d6-ab693237f033","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":178,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"e84b0df2-d78b-4578-b8e6-362fe35ffd4d","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":178,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"7ed119fa-009a-4bb4-b8e9-2e7d7f7db7bb","block_type":"box","text":"the accrued market discount.","page_number":178,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"e436d5c9-18d1-4b14-b1f3-d5bad13aefe9","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":178,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"d4f45934-1307-4a74-bbb6-c04d905dba36","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":178,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"3647a069-7533-480c-9541-5e1b073f3342","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":178,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"147a64ad-7224-44cf-97d5-133b31073b27","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":178,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"084fffc4-f490-4d0a-a7ac-a86087f0f273","block_type":"box","text":"e.g.","page_number":178,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"3b65a480-7804-4c8f-922d-3f941d044ea2","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":178,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"0a9f507f-da08-4075-97f6-08c74f1992b0","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":178,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"d54d90e2-6652-4f4e-9cca-1e37c4f3e436","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":178,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"c026c517-5b07-4566-9432-f3a1890773df","block_type":"box","text":"II-135","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1168b7c4-bc54-4b0a-8109-8b145e361de7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0259754b-6418-484d-80f4-7be4dd49a8eb","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":179,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"556b1f69-50a3-4cda-926a-ca55dc2da7b5","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":179,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"7f312a8e-99c9-44ef-8a0a-44d53fdbccfa","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":179,"box":{"x":102,"y":82,"width":802,"height":12}},{"id":"7e7cf842-f955-42a6-93a8-2a09699d2a64","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":179,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"1ab11cdf-fafa-4fc2-a066-2af84a52099c","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":179,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"c32984d1-894b-4003-afd3-d86bec2f9945","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":179,"box":{"x":70,"y":128,"width":776,"height":11}},{"id":"d47eb4fe-2387-445c-931d-69716d5d8076","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income propor tionately, they","page_number":179,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"5c457883-4e14-4df1-bea7-dbb438ce3b9f","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":179,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"b5abee4e-3f56-4545-a30c-3db3200a0f45","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":179,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"2b011b00-a37d-48ed-8d8e-5000e3a47f05","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":179,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"8d2241e8-57b4-4667-8624-af2f0248e256","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":179,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"6f60ecd0-d7a5-4e75-9c69-3314a06bb39d","block_type":"box","text":"within each applicable state.","page_number":179,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"d710d1a8-5eed-4e57-a0d8-1786c5ce485d","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":179,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"2564eb9e-8e29-4d67-b9d7-d7a50af462ca","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":179,"box":{"x":68,"y":264,"width":837,"height":11}},{"id":"28a68a45-b742-4906-90ba-1a257438a9bd","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":179,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"3070ff3d-3a15-4d37-ba02-fe532314d68e","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":179,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"d696e26b-4dbf-4e73-9979-d6c80e099b1a","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":179,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"df49c33d-a1af-449c-8611-70bd7f75857b","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":179,"box":{"x":70,"y":324,"width":783,"height":11}},{"id":"9febe46f-6fcd-421a-b286-802b3d13e17e","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":179,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"787187b7-728d-482c-b7cb-5ed2bd2a7a1c","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":179,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"755ded28-cc9d-4489-be70-436691fe4779","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":179,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"4efe8cfd-e163-4104-bfbf-e654e09875b6","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":179,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"532e7135-e721-491e-8c43-3e901fd8fb8f","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":179,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"e77634d6-bf55-44c5-872f-62b73280fc7f","block_type":"box","text":"exempt from state income tax.","page_number":179,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"40b874fb-6662-4929-87fb-b08357b7c057","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":179,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"3a33cac2-17f9-4f1b-bc75-a000fc7003b2","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":179,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"b5bf333b-5d19-44b8-b7bf-29a278441fa8","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":179,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"020bfc0c-fba0-4c0d-a307-cda4e3fe61a7","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":179,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"c8b6bd58-5842-49ff-889d-1edcdfea8ec0","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":179,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"40944878-bdbd-4779-94dc-9f9ca8986b67","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":179,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"d0a8d24d-dac6-4ebf-be9d-c9da228247b7","block_type":"box","text":"decisions may have a retroactive effect.","page_number":179,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"2aa8015f-e103-42c6-b14d-c94d7370b6e9","block_type":"box","text":"PERFORMANCE DATA","page_number":179,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"08966217-553f-48a2-bd2f-dd7b914166f8","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":179,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"1a6cdb8b-6fb1-4877-9966-198005cb0c4f","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":179,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"64bbc9bd-351e-4ffe-bde1-00381ff0826c","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":179,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"8ad549ae-a72b-406a-b19b-895e27d07416","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":179,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"e72647ff-bb20-4d5a-a583-561d0a8dea85","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":179,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"ae23c010-c65b-4e4a-abb2-b1b7b86a7ee1","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":179,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"a11d63c3-c16b-40bf-8d56-af2f77845abb","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":179,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"00ffa49c-d48a-44dc-b786-b63f0a697d1c","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":179,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"4d93fd20-80f8-4fa8-8a58-e9ec9ea0bb93","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":179,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"d5df7f97-bb04-4cca-935a-54c755f410a7","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":179,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"72bf6d13-47ed-47de-b588-47397eb95c05","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":179,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"93dc3afe-da5d-45b3-826d-7cc1467d897a","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":179,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"82534038-cc18-4936-8cde-19d03e8b8269","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":179,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"bc83dfe7-b261-42e6-ba31-530aa18a0847","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":179,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"454e08b9-540f-4b57-9489-1935b6a2dfb3","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":179,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"a4de6d18-095d-4f8e-9307-eead70f18343","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":179,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"42a29a50-9803-4eb4-aa48-a1870e61fd06","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":179,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"d0089c44-57ef-447e-99c6-1b00601a27c6","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":179,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"988d74c2-03f4-41bd-aff0-31e1691cd8b6","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":179,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"67979fb0-07b1-44e2-9b12-a89e5f382ddc","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":179,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"32cc26c0-792a-4271-83a2-955dab98a08e","block_type":"box","text":"II-136","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5e021e03-1d06-4d5e-8c99-9b0632cb0e20","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5522b37b-7b3e-4afe-9a5e-f20b4f63d0c0","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":180,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"69f53721-684b-447d-b815-645e2cc07abe","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":180,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"fd1967fb-3081-4776-84f7-55e667b27c01","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":180,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"8e3a78ee-9a73-4e09-a236-45d642b5f5dc","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":180,"box":{"x":68,"y":90,"width":824,"height":11}},{"id":"0439bdc2-c7f2-4593-90fb-6d9779679871","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"aaf47fb9-8369-41f4-99cc-28eafd915578","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":180,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"7efeb665-d4c7-4f32-95de-c8f2a69fbd5c","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":180,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"e79d768a-7043-4aa1-8cd1-8fb2eb4c4156","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":180,"box":{"x":69,"y":150,"width":774,"height":11}},{"id":"8245635c-5aee-47b6-98ef-ac1560e46af9","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":180,"box":{"x":102,"y":173,"width":752,"height":11}},{"id":"1f16dfb1-af08-4dfe-bca8-c8d0be2a2e02","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":180,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"ddbb3281-0696-4022-a456-723ca5aa5b3d","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":180,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"5d3201e6-3718-472f-9de8-6bbe8ca8fd0a","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":180,"box":{"x":69,"y":218,"width":756,"height":12}},{"id":"ae8b15c0-e582-433d-a568-95efbd2aa670","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":180,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"e446b15a-462b-4c53-a6f4-66480f5ffa7a","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":180,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"b928e468-92b4-4fe0-9118-e45fa0046ba1","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":180,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"67f6faa9-ac2f-40e3-bac0-cc8c413f1e8c","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":180,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"50661f42-4189-4ffd-b479-bda215041865","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":180,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"8ec1af88-d746-45d0-9a55-c098a5202aa7","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":180,"box":{"x":69,"y":309,"width":768,"height":11}},{"id":"e58d2b19-4f45-41c6-b1ac-0b79f02b48af","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":180,"box":{"x":69,"y":324,"width":810,"height":12}},{"id":"e437b204-4936-464b-b996-21e756eaf326","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":180,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"d0b13084-b705-4643-9958-b429a5081801","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":180,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"c0bfe5b2-fb78-417f-9c41-96882f1a23fe","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":180,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"465762b7-e5c7-4757-8c61-8d20a3071e24","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"73000bba-f572-4f10-bc11-135c51837d3f","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":180,"box":{"x":69,"y":400,"width":814,"height":11}},{"id":"48dd95da-83c0-4963-8ac5-b5e0abce2a9f","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":180,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"6a871951-6b9f-4d38-823e-cfd1006b915c","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":180,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"44d982c5-a1d8-4778-b2e4-0a3bac16367c","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":180,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"20dd6569-0b51-4997-8fc8-9dd3730b2b2e","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":180,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"bdfa06a5-946f-4acf-9927-212f026ff69e","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":180,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"55ff1dc9-6f6a-4ff4-a5d1-284d9893e89e","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":180,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"3a817865-8130-4be9-9267-bda215f9c8b5","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":180,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"a236ed2d-faf0-492b-b44c-f0322025d793","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":180,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"afce89be-a000-4fc3-bfe4-4679a70c145b","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":180,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"6618c45a-29fe-459f-8723-4712061c053e","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":180,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"a9841cc4-a4a1-430a-b800-98e2bb761698","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":180,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"b838096c-4904-4866-b5a3-ec2c21d70805","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":180,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"bb75f03f-8650-4e61-a118-3bc939cb318c","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":180,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"05f5dcad-2ad8-4264-86c4-19d2388bd8c2","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":180,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"7a490544-ffb4-465a-9117-633648ef2959","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":180,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"44226d0a-8d49-4cb7-8451-1bbafd5faa1b","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":180,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"d95a6302-9c95-4965-9f6f-de9d117ad3e0","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":180,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"e125e13d-3b00-42b7-9aec-f0317dd93c16","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":180,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"9eb5feae-5739-470e-ad0f-eb65be058d3b","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":180,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"5e0c122b-c1e0-44e3-aea3-1f32d53b5a79","block_type":"box","text":"less than their original cost.","page_number":180,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"37e92a35-0b8a-4e7e-bbd3-abb8c2f67905","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":180,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"d92364c7-d631-457c-b9c7-355e1a1a9241","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":180,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"ec006a78-9e07-4f91-9ec6-be732003a794","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":180,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"6635c71e-3824-4fca-80e0-df95c01a4804","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":180,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"83cd6357-a4b8-4f93-9810-fa2f6af99318","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":180,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"af3a8264-1ed5-4f39-ad14-49d85f05079c","block_type":"box","text":"lower amount of expenses is deducted.","page_number":180,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"b3370d66-09a9-4e38-8921-ad83d62770eb","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":180,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"fbea5bb0-b013-4d3a-8df0-7b3aeecd98ba","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":180,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"c09a8db3-05cb-4b14-a1ac-3d17b6505d14","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":180,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"6e286fe2-8a90-444b-9ab8-18b5856a2eec","block_type":"box","text":"Money Magazine, U.S.","page_number":180,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"12d1041a-03a5-4e7c-a630-5be50b143aef","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":180,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"9aa435ae-4912-4cf7-9a7f-538e3be371e7","block_type":"box","text":"or other industry publications. When","page_number":180,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"1f34cbb7-ae5c-41a2-9570-fcd7d16a1273","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":180,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"2f74c4a7-08f5-4dc5-87f3-e7c973a61175","block_type":"box","text":"II-137","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"12ad08a4-6090-45f0-a122-6b19a134f022","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76786db1-8b5b-4a24-85ea-f1adfcb90309","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":181,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"562d28fc-8035-4305-96dc-119ba9d0313e","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":181,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"4331f0bf-39ac-4524-bdd1-d3987bdd33d2","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":181,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"377b0be6-28ac-4fb4-953d-956e44c01c60","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":181,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"8ad94eb5-7e1b-40d5-b42b-1d616c075752","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":181,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"cc4a9f9b-fd4c-4964-9981-0978cb3a1ad4","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":181,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"f2817f6e-fafb-4d61-ab01-c772c3c43ce7","block_type":"box","text":"developed by Fund management.","page_number":181,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"16efbf81-d410-43f7-b478-de5bf94b1216","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":181,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"44616f54-ff85-44ee-af5b-a8b6cbb0e205","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":181,"box":{"x":70,"y":173,"width":810,"height":11}},{"id":"85038f47-c837-43f8-9316-2899a9449ac4","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":181,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"e0380c21-99b1-42b7-93a1-810237072dfc","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":181,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"65617438-413f-4f05-8a65-9bd5342abd8c","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":181,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"8c552df4-f0d4-4979-9ea3-c7af290857e7","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":181,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"4d1e11d9-802d-4922-9aaa-2c4c5f5d4c2b","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":181,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"e1ae7a4b-6308-4ed7-9f89-a6f4401cc621","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":181,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"7d402c95-e9a6-4df5-90bc-ef09cb46328c","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":181,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"8ea35903-ae25-4a09-ba62-e8342fe48d3a","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":181,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"152e02ae-19f8-4e5f-9014-7720854b1cf5","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":181,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"eb93947c-6301-47c0-8cfd-6a61d2b587d8","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":181,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"081c45da-5f9e-44a1-86e7-e93dda18a691","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":181,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"a01c592d-777d-43a1-93ef-a663fc6d6138","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":181,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"148041ba-8c68-4bc8-8f71-9f85fe3961c0","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":181,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"0af24c20-aaf0-4e23-aed7-94a22fd7c331","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":181,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"031891f9-77f1-4d07-bed0-1eedc5e44793","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":181,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"8ca02080-cb94-4fc4-8015-c118ee398321","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":181,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"b1a5fc29-cf24-4978-9b15-d013aaf9016f","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":181,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"5e1021de-900c-445f-a16e-ada9a00641bb","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":181,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"7a484375-efde-491f-8a49-e3910eecf686","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":181,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"090ca167-f64d-4888-818e-9122e0d77275","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":181,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"ccb29be0-8cde-44a2-bb68-6e2204617d89","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":181,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"32ca13bc-809f-496d-a150-4d051b57a707","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":181,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"65e639b5-bed1-4e5e-9de3-f107ae4ca191","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":181,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"34138d76-5f03-405b-ad58-a387844e85f9","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":181,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"61b9113c-b7ac-4964-88f8-f9a88714ff8a","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":181,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"426e7782-33f3-422b-b51b-b6a38642eb1c","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":181,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"c5552a1f-844c-408d-8d02-302c49e3cbf2","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":181,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"61568adb-5bd8-4fd7-bb93-afe55defee1e","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":181,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"5ae16cfb-2bfd-4143-b191-60c5da1b3757","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":181,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"ffff4771-ce46-4a5a-a69f-e5cbde13cbc7","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":181,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"6f0ed1c2-5354-4cc1-ac0d-07513a756b24","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":181,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"9e448060-1043-4025-8b4a-2d4539d3e675","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":181,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"3a2b7566-04f9-419a-b891-1a8d0149b2c2","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":181,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"045c887d-b2e8-4e17-b6be-2c25263cea37","block_type":"box","text":"GENERAL INFORMATION","page_number":181,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"680e4ebd-8bf9-47d0-89eb-1a6e27a030f1","block_type":"box","text":"Description of Shares","page_number":181,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"027aa794-f382-4599-ad8a-5c5d4a11dfb5","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":181,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"b5305eb5-c580-45f4-bce5-3554e5f5a480","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":181,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"ebacf8a4-3101-4287-a84e-e8fc51d2488d","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":181,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"44bfb52b-4987-4d73-8332-8ecf5bc01418","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":181,"box":{"x":69,"y":852,"width":838,"height":11}},{"id":"b7d93f76-2f0c-42c7-9284-a733ae13baa4","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":181,"box":{"x":69,"y":867,"width":835,"height":12}},{"id":"f1cff4ae-d9c6-4cbc-895a-f16b23704159","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":181,"box":{"x":69,"y":882,"width":781,"height":12}},{"id":"ef042350-2218-425d-a901-dd5dc6c7bd00","block_type":"box","text":"II-138","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a4000728-02b2-40ea-aaf4-09b546e8a1d3","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18e2a0e9-6848-43f9-a212-d91dca985849","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":182,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"9762dee5-6b0c-4916-ae92-9e4c58963c2a","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":182,"box":{"x":69,"y":60,"width":760,"height":11}},{"id":"9957afe8-5243-46c5-bd0b-7cd8fd2d5ebe","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":182,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"844981a2-680a-40dc-8afd-be63588c2362","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":182,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"4c6ef4bf-e961-41c0-81f4-0a3fe155166d","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":182,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"840cf332-efe0-49c8-ad23-623245da0388","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":182,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"b3816840-a2db-4173-a462-8c7ef8ba6b33","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":182,"box":{"x":69,"y":135,"width":658,"height":12}},{"id":"ec93901c-21cc-4533-8b7a-e7eb6b0a8fa5","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":182,"box":{"x":102,"y":158,"width":741,"height":11}},{"id":"8dbfb278-c741-4438-8615-a61e06be845b","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":182,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"ec28b27d-b3c1-495d-88f9-7571dfcb1d12","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":182,"box":{"x":69,"y":188,"width":546,"height":12}},{"id":"cfdd525c-de7e-42a2-ad24-91f7ee816583","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":182,"box":{"x":102,"y":211,"width":712,"height":11}},{"id":"ccc7b244-52bf-46a4-9ddf-6f2daab6321e","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":182,"box":{"x":69,"y":226,"width":765,"height":11}},{"id":"54441e06-179e-47e3-99e8-dc0a58522a2c","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":182,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"6065db7a-504b-419a-a6b2-5a5efc3fbffb","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":182,"box":{"x":68,"y":256,"width":729,"height":11}},{"id":"27ac1977-30bc-4923-a0e1-32857f868508","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":182,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"454c9402-aa8d-48f0-ab31-30007830d55d","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":182,"box":{"x":68,"y":286,"width":761,"height":12}},{"id":"a19ad41d-1b06-47f8-a603-5dca3b8c6e87","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":182,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"f3a19d5f-8631-40f0-95f6-04ad0b2e518e","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":182,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"575872fd-0057-414f-8fd9-53d7a2a4f6fe","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":182,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"3fcb2602-6338-4677-b154-63707354c8a7","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":182,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"0f987d0f-0f20-42fc-ac9a-887e55c6f3d7","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":182,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"84893e57-51ab-4661-bd48-26fdc0a5ffc1","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":182,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"b8b19638-fc48-41fc-9e91-38b70eddac6a","block_type":"box","text":"Additional Information","page_number":182,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"fe21961f-ec4f-43e9-8dc6-f83a92a258f7","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":182,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"d45078ec-a399-416f-bc0a-5087532a96c3","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":182,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"13cf226a-2091-43bd-81ee-59d63843556c","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":182,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"9b5f4461-1d73-49eb-af28-3abe6635c917","block_type":"box","text":"such name to any other company.","page_number":182,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"5cd6a7b3-3b98-4498-b510-2b9ba2f44cc0","block_type":"box","text":"II-139","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bc3bead1-a4c4-4c80-a778-b7fb920ee17f","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ae1ee56-68cc-44cd-a0e1-196ddadcb8be","block_type":"box","text":"APPENDIX A","page_number":183,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"6c3c8e5c-4a2a-4703-9931-cc4d48d84011","block_type":"box","text":"Description of Bond Ratings","page_number":183,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"08ff0d26-a419-4b46-a125-8795a3cb4d3c","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":183,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"70d0161c-fe0f-4640-a3bd-512f1271721b","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":183,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"7ad0f19a-96ac-4b33-ac43-191967f48954","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":183,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"ea53f676-c76d-4b90-bb79-2574f54b2cca","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":183,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"1678b3c5-9792-47fe-815a-241f0084e4a6","block_type":"box","text":"date.","page_number":183,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"c71eb4e8-d298-4e40-9672-b2937ead4f25","block_type":"box","text":"NRSROs may rate specific investments (","page_number":183,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"ed28da10-716b-4e1e-8417-73842e4330ae","block_type":"box","text":"e.g.","page_number":183,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"a23e2412-8b35-474a-a78e-c644f6e272bd","block_type":"box","text":", bonds), issuers (","page_number":183,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"64fdaaab-ba60-43f1-8072-4844b8d5f953","block_type":"box","text":"e.g.","page_number":183,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"865f5e9c-ae85-4e9a-acc6-fea07a0b5f15","block_type":"box","text":", corporations, governments and financial","page_number":183,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"c5cda884-1a01-46f3-8bb1-68064a96726c","block_type":"box","text":"institutions) and/or programs (","page_number":183,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"d326b43b-cd91-4a56-85ba-87bf7a1c6758","block_type":"box","text":"e.g.","page_number":183,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"a347946e-e906-40f2-be37-034b09368f6a","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":183,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"6c018f3f-4b20-468d-90e1-7f35b6e487a7","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":183,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"2dadc433-9dfb-43d8-bb84-5a0d7ca147e3","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":183,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"5a9c9c8d-ca6c-4f3d-bc7c-e9b2dbf85c8d","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":183,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"a9f2033b-1c77-4a58-9cf3-287d7cf99f69","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":183,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"bdc704e2-f88d-4230-bf16-fd7f6f2e25dc","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":183,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"c83b09d0-b412-489a-9d37-7281e63659b9","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":183,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"d0aaab50-2a38-45e5-bb80-ab8e0f20a5f1","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":183,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"66164a20-1b7b-4122-bd43-f8e89f32c655","block_type":"box","text":"security (","page_number":183,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"ef10ac8d-51f5-406f-8aba-f8774ae0d4bd","block_type":"box","text":"e.g.","page_number":183,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"9d4045ae-af2e-40b9-89b4-1c0810f7d348","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":183,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"e9dda8bb-c67f-4b28-946d-08349493bcd0","block_type":"box","text":"highest of the multiple ratings.","page_number":183,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"96b4cf8f-7b89-4fc8-942d-8e0a457f3e20","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":183,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"369c4474-230a-40ee-b0a8-f8f11084dc15","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":183,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"ff63a115-ba0a-45b7-80d9-3418e5447d0a","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":183,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"a7b3eba4-b804-4dee-acf1-777a07189365","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":183,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"4eb5b882-c4a5-4481-954a-4473a63ce058","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":183,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"dadaed64-ba2a-4b4b-87ed-e1bc29866e66","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":183,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"53baa91d-776d-4e4e-9fb2-ece282a5428a","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":183,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"21a48498-1696-4793-a1e3-06cbd9e03f2c","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":183,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"4ce88b20-d931-4d34-b82a-c47a6b0bccf4","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":183,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"f21d0fa0-a08c-468d-b4ef-3c289546b7c3","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":183,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"e7a2c6b7-2f77-4e81-a9dc-e5c8e4e42bf1","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":183,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"7573d34c-6b6e-41d0-8f30-556de781f3c7","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":183,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"4c309a72-31ac-4cf1-9b56-a789e63ee4f8","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":183,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"ea6c9598-46b0-433f-8c45-3a03fe7c04ff","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":183,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"a157116e-e150-4eed-9509-5029226bd21c","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":183,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"8bbbd8cf-e6b0-4bf6-910e-bfe780ceeb32","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":183,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"3d7ba7a2-a506-4f2c-ba64-748aec655c53","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":183,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"467fa693-4bbb-432a-bdbe-95b5d8f2d4cc","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":183,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"2bcd6e1d-83ac-4dce-98bf-1cbb01959dfc","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":183,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"f4c6762d-ce67-49bb-8a00-c842bd6c207c","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":183,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"df02d345-a946-4b66-a7cd-3260cb441e59","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":183,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"925acd88-cb52-4fec-ab5d-e712c1b8c5cd","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":183,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"46982ffc-7085-4675-b72f-229a3466f0d3","block_type":"box","text":"Fitch.","page_number":183,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"c52adcc3-8a99-4703-8dfe-d32bf2d023cd","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":183,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"0af59470-83b5-480d-89be-d3b0344b4688","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":183,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"72448f7d-4827-494a-bd49-1d3f7d040ea9","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":183,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"2a9c7d9d-c81a-49ed-aabc-3d031709fcd7","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":183,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"b5b22765-59f0-4946-84ab-580cf56858eb","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":183,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"72477bf1-2ac7-46a6-b867-94868b20934a","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":183,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"573de859-791d-467b-b801-d163f6bbab4f","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":183,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"e540556e-c1db-4f05-8bb3-62f36eccdd7f","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":183,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"f967accc-3681-458d-ad18-74e981908829","block_type":"box","text":"sources of variation (","page_number":183,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"4116f2f8-8a4b-4275-8a43-03dc4a9d58ba","block_type":"box","text":"e.g.","page_number":183,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"40f27ac8-aee9-4b28-91c8-286753c3c2f6","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":183,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"608c492f-f848-46b3-9ff9-5c78a939154b","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":183,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"08eb3a0e-1db7-4570-ad4c-c43c088bcee1","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":183,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"5e9b9779-e8f3-4361-aa60-5103d19e93f0","block_type":"box","text":"e.g.","page_number":183,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"a3ced164-2d89-40ef-b2e7-6fddbe7397be","block_type":"box","text":", equity indexed), absent an express","page_number":183,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"23f3ee64-a6d0-4575-bb92-e6b5c4bf630f","block_type":"box","text":"A-1","page_number":183,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"fe7ed8c7-98b2-48f0-8f50-85ff4a5eae48","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed975e89-77ca-40f8-b95d-54aa83ed83b1","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":184,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"3664c486-9f43-4355-952b-98215b2bf52c","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":184,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"4ad05d79-7ba8-4564-8257-3ffcc7507d8e","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":184,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"55cf848b-e212-4cb3-b0fd-309bd0a2c3f3","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":184,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"305c28e4-f733-4ee4-8ae5-a7ec71f9aa0d","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":184,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"36b99da2-7285-405d-8359-e2bde46b40b4","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":184,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"ccc59aeb-ac73-4f94-85b1-428659495c30","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":184,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"1c338711-d127-45ff-be96-7e4c822d769e","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":184,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"8ac4cfcf-ff19-4b2b-bc13-53a1228215fa","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":184,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"f925b486-4bf7-413c-9d69-09739bdee6de","block_type":"box","text":"i.e.","page_number":184,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"75fd41f8-926c-4a34-a65c-1eaabef5e850","block_type":"box","text":", ratings on nonfinancial","page_number":184,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"5329e056-db7f-4083-83f5-c589bbf0e1da","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":184,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"45c1836b-cb0a-4eb3-bee8-485a7fc2a338","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":184,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"a6baa8de-c638-468c-adf7-7db6c8e77df7","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":184,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"317ca7f9-a07d-4954-afad-8c659b417e39","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":184,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"fda8528c-0203-4696-a79b-537fac851b56","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":184,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"637e7e3d-df09-4f8f-8818-b0147521479e","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":184,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"e7eabb25-0a8d-4e90-a04c-5aa927d3b949","block_type":"box","text":"of time.","page_number":184,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"98143aaa-bf12-4e8a-a626-8e5c14b8c8f9","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":184,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"5f32b36f-6372-419b-9a40-28190340d440","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":184,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"9fc35d97-1674-41ba-b160-a75e3423137b","block_type":"box","text":"risk.","page_number":184,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"52f7d63f-f4aa-4cb0-8f10-a47e69cdfe89","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":184,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"d5e67bba-8361-4d26-8a14-f12826d130de","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":184,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"55e6fdb4-f2e1-47a8-b6f5-0ee775759712","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":184,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"8e174319-a744-423f-bf85-473b009ca2c9","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":184,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"2372b115-d49e-4258-afc8-b11084d62775","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":184,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"843d2a56-54be-4b38-b619-28edfc8b38eb","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":184,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"8bad61f7-811f-4aad-8c2c-6a941c8c7b90","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":184,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"7461f03e-7ee9-437c-ab88-755373413970","block_type":"box","text":"credit risk.","page_number":184,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"40383a70-c92d-49ef-bb38-7607474ff3dd","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":184,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"f9849f0c-5299-4cdf-89c6-aeb4f52b9abb","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":184,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"157b9543-fb40-4601-afdc-5be125f5da36","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":184,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"26a733cd-635f-45cf-87c4-3bf1c4105c9e","block_type":"box","text":"of principal or interest.","page_number":184,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"ad8f7ae3-b9bb-4370-938b-703be2336183","block_type":"box","text":"Note:","page_number":184,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"6ac4bc6c-d2df-4f5f-ac84-719bf59c837b","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":184,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"3e411c1d-c452-429a-a04a-c664fab3541f","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":184,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"665cd5a5-ba4c-4299-8895-9688b37e6377","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":184,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"05ee1591-1e9e-4a6d-9c87-e15e55ca3186","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":184,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"ea4ec824-3971-451c-8a36-60f7015aaf21","block_type":"box","text":"companies, and securities firms.","page_number":184,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"fe78aadd-3ec5-4e62-9719-3fc46519cd3a","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":184,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"8a3c507b-a109-4e58-8f1e-f3669e216774","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":184,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"b5ffe3e2-2fca-44d9-824c-979ccbc3f3b5","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":184,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"45f2b33b-f125-4b92-a9e4-0b88ca56deca","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":184,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"8e7c6c84-74ff-4332-8a48-076d0d4efb44","block_type":"box","text":"that security.","page_number":184,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"137c9856-7690-4621-9c33-4da779e34d53","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":184,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"df023a98-5c86-4296-a3d8-3e8f7e54e127","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"cd0b392b-f316-435d-b625-7cc43d3b4c2d","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"4959ab6d-5d52-4fed-ac40-c5a4bb3ac984","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"bc139913-a9cd-46a0-8eef-1670103a7efa","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":184,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"a7153a8b-01ce-42ba-afe8-f70f43e64e69","block_type":"box","text":"categories.","page_number":184,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"22f39788-df9a-4a31-b377-5e5dd34bf015","block_type":"box","text":"A-2","page_number":184,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b6d66753-6c71-40b0-851b-3305e839b8fe","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45acc061-852d-4b09-8cc8-8b3e2c60b557","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":185,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"e95ba0d3-5215-4dbf-8398-d394f6de76ae","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":185,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"775a207b-fa1c-4002-96d3-df0898574b0c","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":185,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"4f353db7-c3a5-40e2-a6f0-cdf8a86b28ad","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":185,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"59c9651e-813d-4d1d-9c52-af11e9f821c2","block_type":"box","text":"an issuer’s self-liquidity.","page_number":185,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"5226e820-898a-4167-ae54-8ad72fd0083e","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":185,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"3c6694b8-8130-45c8-b77f-87ae842fe6d5","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":185,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"ad3b3c6f-673c-4a80-b0a7-11cdf1404adb","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":185,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"d41956b1-0c65-4fac-9748-8ee4d6ae0293","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":185,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"26807c71-d838-42f4-83de-828cd5569010","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":185,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"4be4b9b1-a623-48d2-9701-458ac216ae45","block_type":"box","text":"MIG Scale","page_number":185,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"6fa23d56-546e-4e77-9216-652b5f0464d4","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":185,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"f0520080-0eea-4d33-9acc-3ba8e999cbbf","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":185,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"43e7462b-01f4-4257-80e7-be19e876e731","block_type":"box","text":"refinancing.","page_number":185,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"a8e4b0fa-fc7b-41cb-9635-aa0ff42a6ddd","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":185,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"cbb633ab-cd93-475b-ba64-7ee7dd935c57","block_type":"box","text":"large as in the preceding group.","page_number":185,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"d2968a14-c71a-4208-92f6-d07797aa7a1b","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":185,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"72bcc369-d04d-43d6-9974-74f0f8a551df","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":185,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"4305f504-af60-4b1b-8611-850740f7679f","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":185,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"952e0f0f-19ab-422a-b1c4-9ade20c2d328","block_type":"box","text":"lack sufficient margins of protection.","page_number":185,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"5d85bebd-9101-4aec-a9e7-12babf9d9fc2","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":185,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"da5cad40-d7ff-4846-a62c-1a9e67206158","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":185,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"772a2886-4ee5-4772-8a02-72cf0fbf3a00","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":185,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"f00437a7-e6a8-46ef-a4a8-4b3601ce56f3","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":185,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"30d6dbd8-ac98-4fba-87b2-c65251c31926","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":185,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"5d5c987c-b2b2-4ea4-8b6e-0bf830a68d64","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":185,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"c606809a-f836-4801-913c-76953cb9b0b6","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":185,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"426f799b-34f5-447e-91f4-111ac7ddea78","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":185,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"e2b92177-c7c6-4060-a65b-958d45337684","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":185,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"f1f39544-0bcb-41f4-b329-4b15446078af","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":185,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"15627103-cedd-49fb-adb9-6e389b13f9b1","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":185,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"e8462d2a-4c64-4d3f-8eba-593b6cc42a31","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":185,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"3aec55f7-e126-46b5-a9d4-75f955c0c359","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":185,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"17623eac-671b-47fb-baf3-9d80ddba2220","block_type":"box","text":"VMIG Scale","page_number":185,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"10ed8ddf-4a05-4daa-8b93-c59a37ee39df","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":185,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"03598a01-3a3b-4225-960c-aa6fad8ad1a2","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":185,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"057317ca-1b4d-4685-91f0-a8d10462ed97","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":185,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"3d562a52-177c-46ea-b050-864707815e37","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":185,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"28de047f-b00f-45d1-a0e3-7d5c57540f1c","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":185,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"de9d35af-e67f-422d-9a77-d9b23152bed9","block_type":"box","text":"payment of purchase price upon demand.","page_number":185,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"96b0a014-352b-473e-9289-261a737a4c82","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":185,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"3bcebd52-6006-4d8c-97d0-3ba229b4e1ab","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":185,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"72cc9185-5276-439e-a8af-07dce85a9c75","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":185,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"5ad10d2e-e8b6-4daa-89a7-996de1eb8cba","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":185,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"b5aedc6e-9a43-4d87-9737-0acdd3104239","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":185,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"3f63e7ca-f857-43ae-83b2-f788c9262399","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":185,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"d6dbb163-2ad8-478a-a968-221c88c13a9c","block_type":"box","text":"price upon demand.","page_number":185,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"f46657ad-9099-4f3c-a9a8-2f4825481d23","block_type":"box","text":"A-3","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"caa0b054-9426-4bc8-a306-ff894db78eb0","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aaf8ea2c-86e2-4593-a758-8c00bb955616","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":186,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"1faf6bed-74f9-407a-b6fc-9c25698e70f5","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":186,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"12f2e894-0101-41b5-abe8-8beaa04133d1","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":186,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"63fdc234-5d7a-42c1-84e8-b1cd4b8c9f6d","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":186,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"037166f3-016c-4d05-a2e2-18605dd3a400","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":186,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"58c5c947-946e-4cbd-9763-7650c8a6ab68","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":186,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"52b30ad1-583b-48cc-b680-ac86ac1a8115","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":186,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"82c12234-ceb5-4f7a-b4a6-b68270476e32","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":186,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"1ed90c30-61d5-4f85-b728-94bd6625bc0a","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":186,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"a99e46e4-b51c-4e17-85c1-0e8f1f08d925","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":186,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"b159065e-798c-4a07-bee9-16f0569395e6","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":186,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"4f77d57c-f2d9-4a2b-8295-01112562d9b9","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":186,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"8e4b9f70-6eda-4644-b5da-e47af35f286c","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":186,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"da50dab2-4cfa-4c66-a8e9-2fecd5cb4dda","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":186,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"82b9bf25-bce9-46bc-9b6d-aa415cd1903a","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":186,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"6e4c2f4f-49af-401c-8b28-ad534f5d3243","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"96f2cd1f-3950-4722-ba3e-13a7eb17a665","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":186,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"3335d81b-27ed-4db5-b0b1-b089fa12c30b","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":186,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"a66d21f8-7883-47b7-bcc8-74a6df59ce7c","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"ecfb9501-b65f-40d2-ab50-92dd8eee9a73","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":186,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"8ad5ebd2-7d67-4e12-b36a-3cb117aa38e9","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"2b7e2728-14ef-41a7-a17a-9dcfde949b3e","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":186,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"2e3aad15-a953-40ec-b229-df6138e4e4fe","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":186,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"1aed6466-d5a2-4338-b3ed-0f4e67dfaeb9","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":186,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"312dd972-291e-49bf-887f-05bb2abf81b3","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":186,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"c9364c9c-215e-4d2a-83cc-5b16400a1ccf","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":186,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"acc2d61c-b5e1-4f25-9830-621e1b559be3","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":186,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"2b846673-00c1-45ec-8862-1f4a75f19855","block_type":"box","text":"obligations.)","page_number":186,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"c445a033-f6d7-444a-a67a-015ce69218a0","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":186,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"4c5b7905-4d16-4f31-b427-2447a588830d","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":186,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"9b2a71a5-4941-4eb1-ac34-5a0222790d57","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":186,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"cc0d00e6-5b52-4f11-bd44-9828d02bed8d","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":186,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"087f3500-6353-4e5c-aa5b-1a962886721a","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":186,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"d52a3023-5b80-42b0-a790-98c2a1aefcbf","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":186,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"c19edb78-1e4b-4739-b19b-53cee00ca53c","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":186,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"6172c023-4d53-4fc3-8caa-d4fb072529cb","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":186,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"5e554977-bc30-433b-a228-24b634fc1e3f","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":186,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"8a9c82d2-ee63-449a-89a3-29692b6af09e","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":186,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"e87919ff-2b9e-4b47-b2ad-4167eac442c5","block_type":"box","text":"financial commitments on the obligation.","page_number":186,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"dd248b55-bf0c-4997-bb4a-26c11529774d","block_type":"box","text":"BB,","page_number":186,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"2b2d82c8-647d-4709-a05d-b573bfe8edf9","block_type":"box","text":"B,","page_number":186,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"a95c835d-7099-432e-9709-c760631814fc","block_type":"box","text":"CCC,","page_number":186,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"f4c67e59-361c-4b30-a540-9f61f9745f4c","block_type":"box","text":"CC,","page_number":186,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"955f94ae-5dc9-4233-83fb-bc4180bd8da6","block_type":"box","text":"and C","page_number":186,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"d11f7092-caca-476e-8752-1a52de005264","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":186,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"02d6f8fb-f4ea-41f8-9656-33dcd7bdb312","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":186,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"8fc95681-a3dc-42d8-9e93-285cd2be2513","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":186,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"d979d615-eddf-47ee-a77b-de009559f82b","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":186,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"6bfc5aec-5e7d-4d43-80ee-27f569b86c7d","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":186,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"7220fb3d-5b96-48ec-b926-b49784c28557","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":186,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"e8237d18-cd66-4b76-99de-7027a85cfc65","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":186,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"cbec6fe9-5f4a-4a88-b601-c19f54534efb","block_type":"box","text":"on the obligation.","page_number":186,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"d2443bc3-abc5-4489-ae5a-4f18cf7e53fe","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":186,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"883604a8-dbc8-4811-b262-44fc1040d04f","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":186,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"b3839830-ab2f-4388-8fe0-8aa754813da0","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":186,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"465243f1-79a1-46d9-8698-9b3d8155b6b9","block_type":"box","text":"financial commitments on the obligation.","page_number":186,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"b73dab9d-127c-4579-8992-0ebf738946b4","block_type":"box","text":"A-4","page_number":186,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"edf40f08-e293-4455-b76d-aa81b543da29","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc7d76ee-6712-4120-934c-91fc28ed4fee","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":187,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"2ed98930-9a12-479d-8be6-194042e14e43","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":187,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"9b96f7e1-eed2-49a3-aec6-f1bf88af9028","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":187,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"da158675-4937-40fd-afd1-6d0dc3b288bc","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":187,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"1c27da37-1eff-4203-ad77-dde03ed1649f","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":187,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"eccd6039-eeec-4031-aa9a-f4d0a6f2dbc9","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":187,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"b5db424e-9088-4500-a159-ea695d34b4b5","block_type":"box","text":"anticipated time to default.","page_number":187,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"c152e542-b8e7-4bc8-b9f4-4c0fd4775c79","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":187,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"f742a94c-ec04-459d-a4ea-a1c9432cab8c","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":187,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"a79b58c8-6708-49d3-864c-58ae735505df","block_type":"box","text":"higher.","page_number":187,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"f2713a84-c976-4185-925f-027ae6172b7b","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":187,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"2da32cec-90b1-4873-8d12-fd61e2cf6f2d","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":187,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"fd8de306-a852-40f2-9f47-f0e824812a77","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":187,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"29edb0be-10e0-48ea-8ece-73157bd2a06a","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":187,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"ee9842da-3802-41cd-919f-ca69aa25aeea","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":187,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"9f98cd25-2a7e-4931-839c-39b739414fde","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":187,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"bcfd8fa9-8c8f-4bcc-a3b1-99a0355a492a","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":187,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"dfc2c2dd-bf25-468f-8bd5-5aeb4a2e7a7a","block_type":"box","text":"restructuring.","page_number":187,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"72cb3541-4241-46fd-8900-8fe0c8a3147a","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":187,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"2ae12571-d736-4955-b13a-e04c7a9e51fe","block_type":"box","text":"standing within the rating categories.","page_number":187,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"1c4d8c6c-2e2d-4ff2-830d-04d8f3123ac9","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":187,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"3591ee1d-3643-4a22-9658-408724d708b9","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":187,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"aebae73b-47a5-4980-a224-72b7e1e6af1c","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":187,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"05c7faaf-a113-4650-b874-c825062a6e1f","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":187,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"bd413c32-70b0-415d-ac72-d4a893d07c51","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":187,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"c5e5043b-bc4c-49b2-8d58-c754c99a35c7","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":187,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"cd251ae3-c7db-4261-929c-dbfd37d202a9","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":187,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"9695271b-9de8-4b0f-9d5c-1f32ce815ddd","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":187,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"73ccee09-12a8-4907-b3eb-08419c57b0fe","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":187,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"e68319d8-4d34-4442-8dc3-d980f96b1f99","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":187,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"c41efbc6-85d0-47f7-a819-aa0aec1ec12e","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":187,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"eefafe18-2bc3-41c5-8848-8ae14dcb9028","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":187,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"0ff92765-b5f2-455b-8e29-b3cc6d845c3f","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":187,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"f592cc9f-0f9f-475b-a502-c69febc4da39","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":187,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"43a5a6a6-eca0-4932-ae4a-cdaed6ea77de","block_type":"box","text":"financial commitments.","page_number":187,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"3b751c8a-e14c-4b44-80b4-93df051c8020","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":187,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"5dfc278c-d991-41a9-8646-e1ae0c93bdd7","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":187,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"46bba75b-e29d-4d70-ab56-480d949a9da7","block_type":"box","text":"commitments on the obligation.","page_number":187,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"4de503b2-6cd2-4fb7-b896-e86fb39c592c","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":187,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"c2c47cda-0e67-4648-b735-e8fdc161385e","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":187,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"07d0146e-7766-4089-a263-27bb606c87c9","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":187,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"6b54dc2c-36d9-4d19-bab1-55f6f7e4d99d","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":187,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"0fb672a7-816c-4587-8c16-891f1959789a","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":187,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"3ee492dc-50b8-4a99-92c9-81b1da11e93c","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":187,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"b588763a-d45e-45ec-9f75-338b48d72d95","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":187,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"fb31f480-b37d-4289-88cf-c90ee8163462","block_type":"box","text":"debt restructuring.","page_number":187,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"bf33cfdf-1a80-4c4b-b162-70f6310f10f9","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":187,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"4cefd79b-1703-4f16-85f2-19d1b6062400","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":187,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"75af0ebd-525d-437f-8678-b6e6f24d6b55","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":187,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"0b1a2dbd-c620-4f05-b022-c7c3c2981a37","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":187,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"0f6977b2-60ca-47ad-a12a-c9c362415b91","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":187,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"555f4db5-ebb0-443d-b736-62cd55ef5288","block_type":"box","text":"A-5","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"4c3839cb-080a-4f94-a990-c8cf763d7643","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9adef77b-1181-49dc-8ed0-e34112293cd9","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"3fb0e67c-be88-46e3-bb47-c5466e968d53","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":188,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"077442a1-c8c6-4734-a032-56f5b9ed2b88","block_type":"box","text":"as a note; and","page_number":188,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"0496c360-e16b-4547-b518-113970cad8c4","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"298cbe80-d49d-459a-b886-346940742035","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":188,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"2d2f46a2-9065-4a94-86b5-fcad703ceeec","block_type":"box","text":"treated as a note.","page_number":188,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"165289fa-566e-4add-9ea1-9978cc315a1f","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":188,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"35d52606-d7db-4af7-b21c-9e7b65186ad7","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":188,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"f60a8be6-f81a-447c-824b-60eb3169a6c0","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":188,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"fedc81fb-01e9-4af7-bdd9-6e19acda9695","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":188,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"6a1a71c4-843b-4712-aea7-b13f4e334759","block_type":"box","text":"economic changes over the term of the notes.","page_number":188,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"011874c2-1f4d-461d-9662-96381eb6b249","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":188,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"7e0c830f-523d-411f-bf89-e209ee8d5bfb","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":188,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"251c8a1f-df36-46f8-9cae-f3eb4548f8a9","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":188,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"09e3707a-9975-4a38-a659-0b7bc016bbae","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":188,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"1bf27b86-a338-4ae7-93e6-3ee7dc135bbe","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":188,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"bcf11b92-157a-4b61-bb74-37b5af8cbba2","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":188,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"b12014c1-5925-4617-abe2-92cf688a98b0","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":188,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"cfc41ae3-e3b7-4fd1-b3e8-63cf47a9cee5","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":188,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"1da7e567-669c-4302-b0bd-486c6c5d3cc9","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":188,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"c3d68208-9e62-44f6-9e48-ba661352546b","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":188,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"a3184047-36f9-43f7-84a1-e44bb3750e27","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":188,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"2bf6a47f-cac3-42d6-8101-5e218b0e1bc4","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":188,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"e969d09c-0dcc-4f88-9c21-eb7a621f82a4","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":188,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"892caa81-c859-4551-90bd-54ef49f25805","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":188,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"0822dd29-413a-4f32-9b63-27a87cb80b32","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":188,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"9ba40b59-6800-4105-855c-adf111c091c3","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":188,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"77de6a54-6dd6-47a8-b87a-472ec24c651c","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":188,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"da320a33-41eb-4977-be5f-a31bf60593fd","block_type":"box","text":"receivables or other financial assets.","page_number":188,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"40b77797-664d-4ac9-a871-4345778b9f10","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":188,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"6dd4ebb9-2d13-4f6f-8c75-8f05157fd673","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":188,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"ab56e751-92c4-4ab9-ace6-9bda91105bed","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":188,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"6670c662-e564-4645-99d0-7dd9a04fcaff","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":188,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"16b72bcf-8e2b-4500-91d3-d5b232d0f0f8","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":188,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"256492af-0f21-492f-873e-fe5b011f712e","block_type":"box","text":"occurred.","page_number":188,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"e8dbf381-0f64-4aba-8074-a3def5983147","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":188,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"a159c35b-9277-4267-a711-73c1717394aa","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":188,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"2f56ddbb-e489-47a2-a635-adbff5778c7f","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":188,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"ad70b104-fa97-446c-a19b-1190be0a0cd7","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":188,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"bfbdab18-651e-40fc-aa6a-70b169c7c1a7","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":188,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"fe81f90e-ad05-4f60-b0b3-93875b673c01","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":188,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"7a06907c-705d-4b88-a9c9-91c61beba67d","block_type":"box","text":"rates.","page_number":188,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"2b990a2a-fbec-4273-882b-cf948aa08a68","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":188,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"b9b7a762-87fe-49ec-a450-a59ab556c9a1","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":188,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"1e40dcdf-c19b-4f4d-bc89-bd32f65f781d","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":188,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"d1c8bab4-47e7-4050-9f88-2ba4d2341cf1","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":188,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"cfdf631f-0e1f-4871-ad12-b41cdfcab54e","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":188,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"7cc44cf3-7e93-4072-8478-8b3d1265f311","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":188,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"f1869567-3307-43e6-9519-e2ec48aa394e","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":188,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"9b0acb9c-e063-481a-8ebb-453ec2abb844","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":188,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"51062ec6-cb0f-4668-8e85-95382cb72ac5","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":188,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"44fc631d-4ec0-49e2-8b20-fd41cb8c591e","block_type":"box","text":"i.e.","page_number":188,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"436594de-ff11-4d20-971a-65267960e2c3","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":188,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"e2f1ad6b-5911-4354-868a-46a24a49e7b3","block_type":"box","text":"the obligation’s documentation).","page_number":188,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"6aa18917-d133-4c38-8cc6-583edb04c80a","block_type":"box","text":"A-6","page_number":188,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"dc53a0b1-28f4-460e-9bbe-0932a721f2e5","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"160e222d-36a8-472b-86dd-f01f4a673b88","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":189,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"5623a271-04ca-4199-b833-60592b648b16","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":189,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"3ff20261-1de5-469b-9fa6-d0028b80a77c","block_type":"box","text":"agents in the form of a rating letter.","page_number":189,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"e0b5d359-fbe8-4ebd-a80e-fbb0c9530ab7","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":189,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"738fee05-324c-44a9-8c77-09a2347129f5","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":189,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"6c7645a6-2597-4f24-aa88-21f118fe2325","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":189,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"6ab49bf3-14bc-4f16-b12c-aedb5f7d72f2","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":189,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"4bb40a52-0192-4e1c-8c74-0038ecf0fe46","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":189,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"46aafc55-0393-4be3-a818-0824983bb51b","block_type":"box","text":"e.g.","page_number":189,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"2b38828b-20ec-4a50-a7d4-30c9e06d86e3","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":189,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"b2601544-96c1-4c7d-b3b6-eae40ed05f02","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":189,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"ae4d670b-922f-4831-8e6f-b5d123f00064","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":189,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"436d49f6-6acb-4583-afb4-e2a5e79d69b5","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":189,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"7ceda7b3-16c5-40bb-9bab-1c7cc62772c8","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":189,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"6accff99-4608-4a43-883f-b68cd7911bce","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":189,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"8a139029-620b-4160-8eda-8fe0b7b756b0","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":189,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"798761bb-5fa0-4011-a54f-ba8f690761c0","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":189,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"672f5eee-b819-4cf1-840e-997563112f29","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":189,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"8be93d0d-5174-460c-a991-aefbf474b420","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":189,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"8f576b08-2bf6-4b16-a53a-c398d612279d","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":189,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"24bdcc22-c9de-4d96-a6e2-6f95862d4fe6","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":189,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"8bf91c3d-6887-4cff-b94b-416cf439f73b","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":189,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"df56e9c1-3eca-4be3-8fe2-74efb33a60f4","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":189,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"2ddf75c7-db9b-42c1-9d02-3d3f0c8e3579","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":189,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"6b6138c0-bb27-4167-87cc-fa74a9248591","block_type":"box","text":"Ratings.","page_number":189,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"09ebe1c8-826c-4349-9967-9382217fd89b","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":189,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"38cd0a70-7e74-4e66-b7be-950c42d052dd","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":189,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"2036f62c-6b03-4862-8660-0e5bc8bfed5b","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":189,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"5466294a-6f69-4a6a-a78c-81ebbc7d23cd","block_type":"box","text":"obligation ratings.","page_number":189,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"e647a3e7-e2ae-4116-abee-b0c1413e436c","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":189,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"5eabd531-8e55-431f-bfdb-7bc7a70fe97a","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":189,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"b50ef77c-1738-464f-a50a-648d248536fd","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":189,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"2fe7a476-1a28-48ad-86a2-ce938760b53c","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":189,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"861d2cdd-72c3-4dae-afd2-65e089c6c6c0","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":189,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"ac27a27e-ad6f-4d6b-bad4-86629308798f","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":189,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"d25e877d-668e-4db3-8b92-d66e9bfc7c63","block_type":"box","text":"to foreseeable events.","page_number":189,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"11507d19-3c8d-4dc2-9097-a8ad46e9985f","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":189,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"8e2979b2-d97c-4034-89a4-a0e7b7295d4e","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":189,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"f97b4958-48f4-447c-bb21-f6c0fed806cf","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":189,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"9e2d96a8-6321-4ca5-8cf3-3875e1eab940","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":189,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"44a653ae-4c57-42a6-903a-96a224ca364c","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":189,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"dfab4088-55f8-43db-b0a7-8d9ed5c10781","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":189,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"805461ef-406d-4a44-b748-d0d61cecccc0","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":189,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"86354a78-25bf-469d-9fc9-a72de2b9b613","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":189,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"bf168943-2278-4299-b117-073b5205669c","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":189,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"6d39f988-5aae-4dba-8020-c5a3d10b9c04","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":189,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"fbecc7d4-2af4-4970-8bb9-e8b9369ecaf3","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":189,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"6fadb166-de10-48d8-953d-1e5aba6638d1","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":189,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"29c95f51-266d-42ab-a882-665009fb6bab","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":189,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"6b31a7a4-cbcf-4066-a78f-5d25e2e1f054","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":189,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"5349811b-0e26-4efa-8d88-3ed7bee02c1b","block_type":"box","text":"relative status within major rating categories.","page_number":189,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"61aa2f36-6dcf-4a57-a5c0-7c6551040818","block_type":"box","text":"A-7","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"549632b6-436f-4616-8075-dd37be7b0aec","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec708e27-2d66-464d-b773-50c6045f2519","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":190,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"8de66e49-4936-4af6-8d3f-5bbe792497c1","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":190,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"e9601d48-af22-41cb-8ee3-3d23bb897b80","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":190,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"1c514431-dfcb-4a32-b983-52b7e1ebfff1","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":190,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"4eb28180-7f8f-484a-9c0a-19536aedf587","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":190,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"d8ca7ccc-0d4e-4ec3-a6ce-849bf24bf9d7","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":190,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"f181960f-27d0-4812-9974-eb2c3841f6b0","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":190,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"63facc0d-ec39-41ee-a4a0-4e373d3f4fe6","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":190,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"1ecd2785-f9ac-43e3-a1eb-87c2d0eb754f","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":190,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"6c9a5f85-0370-461e-ab42-ac05e0d074e7","block_type":"box","text":"finance markets.","page_number":190,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"8bb09209-be83-42ad-91ef-fec8e8655cb5","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":190,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"423019c5-07b0-4f72-90f3-1c219049110c","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":190,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"c5f8c58f-e8da-4788-87c9-5bf67f09cb78","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":190,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"d378c564-f21d-4280-b59a-84bab02bdd32","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":190,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"7c9790fd-8c20-4485-b048-5563b38cd1e6","block_type":"box","text":"commitments.","page_number":190,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"660d460d-989a-4fb2-ab7d-8ac56fd6e42c","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":190,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"3ebf5ec8-d374-4d78-bacd-8743116a0d92","block_type":"box","text":"adequate.","page_number":190,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"cd82ced6-a18f-4ebf-86f0-a5c153d235da","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":190,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"c2c3a5ab-7634-44da-8dd1-06fa6af2b03f","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":190,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"5df5857a-2351-4c61-a4d6-988cca9ee0e3","block_type":"box","text":"economic conditions.","page_number":190,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"23510428-2719-473b-b480-ddfab1a931de","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":190,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"7b66c8d4-060e-43c6-88be-61a9af57d05f","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":190,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"25e46153-beb4-4d7c-a763-78f901a87090","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":190,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"69ad2cb8-c7b1-4f44-8fde-0cbb4bdec058","block_type":"box","text":"ratings only.","page_number":190,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"3af9f1c1-95f8-4d70-b5e3-f796246bc527","block_type":"box","text":"D Default. 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subject to the","page_number":191,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"f7923d8b-afce-45cd-8c17-431fc94d6956","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":191,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"2bfd4a0d-fb04-4779-be57-e1d7d7ee6c17","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":191,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"04b2bf7c-0892-46ae-9210-c58cb9afc9f9","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":191,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"95fd343e-1915-4eb4-9270-e8e1cb58ed41","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":191,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"bfe2b6bf-002c-42fe-8f82-62dccb80d7a8","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":191,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"77dde7d6-733a-4d45-9d34-e443f1a94006","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":191,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"02101af7-31d9-47e2-8530-48bc6797499b","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":191,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"04672320-c772-4792-b042-2f185ab9afd9","block_type":"box","text":"Conflicts Management","page_number":191,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"88224894-82d9-4c7f-9a1b-7816bbbb53ea","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":191,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"4d7ff0ad-a9d0-4c6f-9166-04a528ddc8b0","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":191,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"7f4a2668-8873-4b99-adfa-1ccc308e673a","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":191,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"6d35ef82-765f-4829-8ad1-1894605b68b5","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":191,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"42234a1c-ee23-48d7-9639-4d134722a239","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":191,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"a42d4a30-7c69-4de6-994c-c4798dc266bc","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":191,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"6ee71caa-b24d-470a-893c-c10fe86b44d8","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":191,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"380ce26c-3b4f-4883-b0b2-06d740e3f7a0","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":191,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"0016b574-4541-478c-afeb-b72910bf5399","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":191,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"3104ae5b-01de-44a8-9250-1286c60c5822","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":191,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"22caa432-8166-4207-84e6-ee41d95c5b3a","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":191,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"9a36af50-fea5-4b88-ba0d-81001f0c7424","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":191,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"95e52cdb-7cc5-419d-9bb7-18bbfc21e002","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":191,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"e0798ecb-937f-4fa9-a5c0-3c5c3b6c28c9","block_type":"box","text":"connection with proxy voting.","page_number":191,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"04170904-5185-4108-95ab-023bb014bcf6","block_type":"box","text":"Reports to the Board","page_number":191,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"ed6055fc-fb90-4b54-80d2-a1b287cfaf18","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":191,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"c37f7192-957b-46c2-81b3-32b30e94b48a","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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2","page_number":194,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"bed5effd-7d9f-472f-bc46-5d8d5e35140d","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2064651f-d524-461a-9aed-8bc3b6913109","block_type":"box","text":"OVERVIEW","page_number":195,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"5e47b6db-bb3d-4dfe-90c1-ac44d116c23e","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":195,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"7d03584b-d88f-42f2-824a-acda98372eef","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":195,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"14404d44-0a57-46dd-a9f4-cc6d8c212a7d","block_type":"box","text":"issuers.","page_number":195,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"f8d0ccec-5920-4586-a3e9-ed7d9f9d3725","block_type":"box","text":"1","page_number":195,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"f699523a-b864-44b4-b744-5da082fbfd39","block_type":"box","text":"BAIS works in par tnership with BlackRock’s investment teams, excluding index equity","page_number":195,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"24385667-d44d-4d93-8996-3503e4a46746","block_type":"box","text":"2","page_number":195,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"f8ce4d8a-957d-42e8-913d-97f386ba14e8","block_type":"box","text":", providing exper tise","page_number":195,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"58dcdc52-e8eb-47ed-a2c2-d85c599bf523","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":195,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"83b9ad51-75bd-4473-a2f3-58c1758c9524","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":195,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"3470177e-fc75-4bea-890c-394dd5a02e66","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":195,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"bc8db47f-f9ec-4eae-a3a4-5173e2208d86","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":195,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"80b51fae-1f9d-40dd-9986-b1140034d587","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":195,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"a765035b-f522-448d-a802-b463a59a13fe","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":195,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"11e3f3ba-9a19-48ae-805c-f07f1a2a5332","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":195,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"d5346b6a-5ab7-4494-8b49-71f413eb932d","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":195,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"b0495208-375a-4389-a68c-688c8944e84a","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":195,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"d57859e9-6b5d-4cc8-9fbb-f79268d88437","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":195,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"97d52cfe-0c72-4616-ad6a-8d217933c7e6","block_type":"box","text":"1","page_number":195,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"0d0da0eb-99cf-42de-ad6e-022e61a28ec2","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":195,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"7ae469fe-5112-4369-80c7-2c3e30f362bd","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":195,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"0a9c8115-198e-472d-900f-429280410015","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":195,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"5090427e-2abd-41de-adb8-02957ec2df0a","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":195,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"5d812e05-f2ec-45ef-8e0f-3903ab4d83e3","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":195,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"3a943f01-4b21-451b-8fe4-313e9a843590","block_type":"box","text":"2","page_number":195,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"998924a3-f8a9-44ba-8fda-1e1a31173d58","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":195,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"dc0efa40-9dab-4722-8fa8-af3de1ae667e","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":195,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"4d7f15f1-8471-4bfe-b179-6f29dc09635f","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":195,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"7e4d95be-e05a-4c25-a554-6a58ec2340ad","block_type":"box","text":"policies.","page_number":195,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"1815c93b-439c-4781-a9f5-b5639bf9cd9f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":195,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ee0d8925-83d8-491e-bde7-3c88143db001","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":195,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"905eb84b-8599-42ba-9c61-cf437a0afc6f","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ace964aa-5f68-46a3-b00e-2d04e3f3717f","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":196,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"f8cd528b-20f4-48a3-914d-eea1dca2faad","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":196,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"0bde67a5-75a1-4c1a-8340-c66c624595cc","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":196,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"59f1749f-9ca1-4e52-9d80-c81165e9efb4","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":196,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"4c1bbc9d-99ce-428d-9137-4f2fa1be46f8","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":196,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"71a50714-7dee-4cf4-9a97-e42e1a703f36","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":196,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"98e3b709-6b05-4951-b6aa-202d5a41d623","block_type":"box","text":"this work with research, data and analytics.","page_number":196,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"52008eb7-d89b-4049-990e-0c08e57cc28b","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":196,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"12d9cfc8-da99-4f72-8321-95515c351a80","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":196,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"d79811fa-24f6-445e-9601-6652a93b461d","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":196,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"57707e5f-73bc-4a4a-ad93-0c56758f7d3b","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":196,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"97524611-8669-4074-80ac-0449dd22182d","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":196,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"e9fa823d-ab23-4bc0-8d71-911129ade47c","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":196,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"11cacf93-6180-4371-84d0-e54a7033cabd","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":196,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"dc55361a-4e62-4d2c-b53c-8ae5cb76d07a","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":196,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"64418129-7bbe-4153-8cbd-e5c3d7f7f075","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":196,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"65cc6e24-de67-423d-82ca-e428c4cecde9","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":196,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"d84c7f25-e44d-41d4-8f83-72b38611fe62","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":196,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"62c0950c-5b7f-4292-949d-d5a61444c70a","block_type":"box","text":"shareholder meetings.","page_number":196,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"d8670a17-3ec3-4e41-9468-f8fec38e4d65","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":196,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"bc582364-daa5-4ecd-b747-08c74609d967","block_type":"box","text":"investing.","page_number":196,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"cf6e69ba-7988-49f2-ba36-975c6a1c6cfb","block_type":"box","text":"3","page_number":196,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"5d66711b-5f5b-4ca6-871a-61498ca3b31a","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":196,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"c12a93f4-4073-4d0f-ab8c-b67f3456d2bd","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":196,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"cb941819-0340-4074-9bf7-bb3e4102371d","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":196,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"4e567910-d46d-4793-baf3-c211f888658c","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":196,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"2dc1ddb6-b8a4-49d7-a138-343b8cddc95d","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":196,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"c39a6612-737c-4cc8-bd86-ea4b017cc111","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":196,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"039b8969-3681-485e-8e24-c70bf0c9be97","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":196,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"93969e62-c954-4901-b649-2320ef3570ae","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":196,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"0f304f68-a2a9-48de-ba8c-4a259f40e46c","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":196,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"027b2708-7c62-4237-af86-3119a59a0460","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":196,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"a782ad5b-30d2-4108-b937-82b87343670f","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":196,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"3fd05a27-60e5-4deb-b818-4ca5ee1e7290","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":196,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"b85fba5f-5dec-4581-826b-ecadac08ef96","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":196,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"a9bbe3bb-ddd8-4caa-8033-dd57655bc670","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":196,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"1d4eab24-dbc7-4d29-9cdd-cc7d308376b0","block_type":"box","text":"management teams and board directors","page_number":196,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"00f81a28-5798-4299-bc99-7d08bffb014a","block_type":"box","text":"4","page_number":196,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"a05834be-9f36-45f6-8d25-5045f5699927","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":196,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"7dd1fcc3-0fff-4180-a788-6b4f21a965ac","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":196,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"ea49b8dd-34f5-4aff-92cd-60d8763f6951","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":196,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"4a88ac08-b1a7-4d8b-8959-b35f106f090d","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":196,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"cc09a9ff-7a08-4f38-9415-fbc117dbab08","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":196,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"2bec4a36-2c9e-4a7e-9c4f-d9166aa30032","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":196,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"da96b5f1-8455-46e7-a81b-bfbbe9eb4804","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":196,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"f6dd6922-3a8a-4487-9ff0-ced22fe81f8d","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":196,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"6317eb91-776d-4e04-bbac-045bf7c99729","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":196,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"01f60cc0-1265-4bbf-b18a-44f1571bc944","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":196,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"8a5583d4-a41b-4e7d-aa86-e4f9f6e3f773","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":196,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"9bdf2ed4-d677-4787-9612-33cf0cf36568","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":196,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"b6edf8ed-192e-4683-aefb-44e4caeb5cc3","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":196,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"481e8ece-ff76-44fc-aff1-f4bc81d1b7fa","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":196,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"abbe97aa-044d-4f87-a480-de6a1ea957f8","block_type":"box","text":"3","page_number":196,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"33e2eb7c-598e-49c8-9b97-ec401adefea5","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":196,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"7c6e8945-316d-4ad1-b8a9-8bd71bcd0c8a","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":196,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"f9146b86-c636-4620-a6d0-aa3df8373895","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":196,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"fdc15a69-f86b-4077-baa7-2e73729c7d6f","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":196,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"2adecbd3-1ca1-4730-b50e-e0d7062ac34c","block_type":"box","text":"4","page_number":196,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"45d84375-3f7d-4b46-a252-154c184d15d5","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":196,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"25ebe18c-b417-4e0b-b272-c9124d72014f","block_type":"box","text":"boards and their members, where relevant.","page_number":196,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"fd31bd6f-0bf3-4b96-a555-2e2bcc68e6c2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"46cea2c4-902f-406c-808d-60c39e55387f","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a24770b0-766f-424f-9793-ea797071b977","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a698fcb1-c0c8-42af-9c1a-d5703162ddc9","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":197,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"863bc61b-83f2-4f39-bd46-7d094274b7cb","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":197,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"b37962ae-6318-42e0-be9c-ee0f744d522d","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":197,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"44a34dc7-cec8-4d8c-a06f-595b6176ba0f","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":197,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"4eb32720-0c76-4a0b-bfd2-11367d7ac729","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":197,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"fe86c611-a6ad-4def-b466-708229671e5d","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":197,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"15c2ce3c-7d8a-4eeb-a982-b2c8e1e03ec0","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":197,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"eb2195eb-8330-4226-bad2-241d0dd5040e","block_type":"box","text":"5","page_number":197,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"f87627ed-a07a-4fb1-9312-2b8eef543b80","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":197,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"cda9a743-d97b-4c9a-9a7b-68ee1d8d18a9","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":197,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"d39496d6-f751-475c-96ea-38cf6a01db1c","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":197,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"37f1328e-87b2-4bed-aca1-7c5b9169f0b9","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":197,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"ba859299-68ac-4855-b67f-de2ffc096d2a","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":197,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"fe8afe63-3aed-4b19-843b-88b6fe669d75","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":197,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"73fc4eb2-f341-47f2-829c-ff3039d403e2","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":197,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"f0b910ce-29b0-424f-8e31-eb0627e555ed","block_type":"box","text":"5","page_number":197,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"fb69139a-eb2c-4997-9ec0-253722dc6db1","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":197,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"449e26c9-3dc5-4ab0-8d3f-f1bb05e51878","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":197,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"5f8b4858-327a-4b7c-be3f-cfaf9d5bbc1e","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":197,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"47873797-6223-46eb-9b71-17a925f89734","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"12742071-d498-4773-b351-cf93a9b5b8ca","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"fbc4ab37-a942-491c-ab4a-e97154fe1661","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3016f4b9-02d8-4e40-9148-d570e68a1e68","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":198,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"662a7d65-9671-45df-b3e0-e99dc60aa0d6","block_type":"box","text":"Roles and responsibilities","page_number":198,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"a3690b6a-6066-4faa-84b2-43a8a55ee043","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":198,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"776291a6-a345-4600-95fd-a38e2e8ba5d0","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":198,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"29b5434f-30d6-44b9-b494-91eda382300a","block_type":"box","text":"6","page_number":198,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"ac6e7df6-e4fc-4a6c-a04f-128c3791d4fc","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":198,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"73a05988-9a6f-487f-b337-677e3d244f14","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":198,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"019221d0-82b3-47c3-a3a7-3d8e1cc0e120","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":198,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"9dcd418c-2f71-4bd4-95a3-19262a85ce39","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":198,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"95e7c431-2088-4cd5-bcaf-c3108dd520d3","block_type":"box","text":"per formance over time.","page_number":198,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"f5ea4ccd-fdfd-4a66-9686-a7f8838d481c","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":198,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"2cc6a32d-6cfd-4caf-a871-482d2343b528","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":198,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"022d0718-fd8d-4323-b0bc-277a6873cd49","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":198,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"1f6a2a0f-c9ae-44ac-ac1b-8268c0266d03","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":198,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"4acb05eb-170f-4571-97f2-8c1b6184a43a","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":198,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"c6b33fb8-b64d-4e6b-81ef-6b5833939af8","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":198,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"572c0397-552b-4b96-9a47-9a0aafc2f88a","block_type":"box","text":"Composition and effectiveness","page_number":198,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"a7be4951-d142-4818-8622-d236c8d45764","block_type":"box","text":"Appointment process","page_number":198,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"59dfd54b-9901-479b-916b-380a50dbc233","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":198,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"ba4bfa7f-9a41-4c8f-af49-4433dd446a1e","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":198,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"4795607b-b821-44ea-a10b-a69e54aef851","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":198,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"f304d32d-a7ff-4496-abc7-0d0cd95771aa","block_type":"box","text":"e.g.","page_number":198,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"ac2f53a4-e928-4e71-b865-ec72a030af30","block_type":"box","text":", sector, maturity, geographic","page_number":198,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"6b2a9746-c793-4774-9e7c-caf79aa688f3","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":198,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"03aa8260-c269-423b-925a-4ea1912532a1","block_type":"box","text":"e.g.","page_number":198,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"a7c3d2b6-e1be-415d-9824-466770b2663e","block_type":"box","text":", financial exper tise, industry track record). To","page_number":198,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"a6008b8f-a626-4208-a054-44d6d69c096c","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":198,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"67eaabe8-5885-4ba0-8114-335001e935ef","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":198,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"5e4c0561-ecf9-49b0-8110-33f749deb845","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":198,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"9a5f378f-a167-42ee-bfb0-791d1c66367a","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":198,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"85990055-c6c0-4aae-8c56-c84cb803ae83","block_type":"box","text":"and local market requirements.","page_number":198,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"82dc3c6a-5b10-44f3-a2f6-2b0e7926a373","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":198,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"f89621fc-58e2-401e-8d6c-1d2c575ba420","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":198,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"728d04d9-d47b-49ed-970a-ed43703cf2bd","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":198,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"efb6c4ef-4fa3-4d18-8283-ac594b36c03a","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":198,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"9c487371-6489-4d6d-bd53-9b2616081831","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":198,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"f66a2ce6-2b73-49b3-b7ff-b6aff45ec49b","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":198,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"3c434398-26c8-4936-85e5-5a929cfe6228","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":198,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"72a594e1-dd01-4a54-bd0a-fc186ce4fe9a","block_type":"box","text":"Independence","page_number":198,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"3b4668b7-b5bc-44bb-9fdf-ca647bbc70f7","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":198,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"91d04289-3da0-460e-8a9c-e396552061fc","block_type":"box","text":"e.g.","page_number":198,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"288fbbed-9abd-48da-b8ce-5af2f3935061","block_type":"box","text":", government or","page_number":198,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"02f9618d-ce7d-4da2-ad33-52907ee8483d","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":198,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"8ca3e205-048c-42a1-a82c-17932b80e584","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":198,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"ed3781d5-8a12-4781-a854-b4494d0c90ac","block_type":"box","text":"conflicts of interest or undue influence.","page_number":198,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"dab5123a-7843-4ef0-8fd1-95f485d43bd0","block_type":"box","text":"7","page_number":198,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"3fe3563e-ffa7-4aea-861f-f4196b65e129","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":198,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"34cc98fe-d226-4139-800c-8c4aa2327a0c","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":198,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"173f82a7-16ab-48c6-bd9f-ba71c3fbf8e6","block_type":"box","text":"independence should meet those local requirements.","page_number":198,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"d75a5cc4-5bc9-4f17-b7a8-e71f0cc2cfab","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":198,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"5ad87558-67df-4eb0-8212-d54edf103d9c","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":198,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"d4985f19-e3cf-4577-bc89-a6470598d0e6","block_type":"box","text":"composition if this is a perennial issue.","page_number":198,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"d793514b-0119-422e-87ff-c921b29dc256","block_type":"box","text":"6","page_number":198,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"c65d88af-91d3-4902-a953-7d98fc6d2441","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":198,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"dfd2666f-213c-4b04-a693-3bb433ed0059","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":198,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"bd9f048a-3413-4aa0-8bcd-b8ba7d4136ff","block_type":"box","text":"7","page_number":198,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"3568c77a-d19b-4606-a11c-f4301aa0e601","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":198,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"53be702f-b67b-44bc-8983-6de6b2ee8895","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":198,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"88d0eb20-b1b1-4f35-b487-2038911924e1","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":198,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"24df3a60-53c2-4f18-9d62-4c2effe8738d","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":198,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"f4caeff1-a97b-41dd-9663-b497cb96fe7b","block_type":"box","text":"of the company and shareholders.","page_number":198,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"eacd48a0-8e95-4fb7-83f4-52908427fb3f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"76a97df9-2cb2-4cd9-8d35-018d74645cf6","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"54f99a22-5d03-4a5a-a8cf-9ea4789445d7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30d2fcb4-8d0e-4e8a-aa7b-aaa0489a8c53","block_type":"box","text":"Independent board leadership","page_number":199,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"59802c59-efb2-4d29-a3ed-5754c025122a","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":199,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"45566ff2-88c4-4791-a092-d56f1f19e321","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":199,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"a76c0051-5e9c-4295-ae74-caa1c6bab7bc","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":199,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"26b7248f-2b04-41fc-820d-abf344cfacf6","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":199,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"2f16fe68-daf6-4ddf-b532-983177852d31","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":199,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"c6bb179a-e485-4d05-9ca8-118fce881e15","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":199,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"a13d61a0-1867-4eae-b53b-69e7a54e40ec","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":199,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"71689af4-4958-40a4-8555-877ea5f56180","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":199,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"80ff0569-0ada-4554-bd24-ab5d577267b2","block_type":"box","text":"how it serves the interests of shareholders.","page_number":199,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"a75f3cf0-808e-4ac5-900c-d9fe00a7b98b","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":199,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"c0225578-19ae-4a29-82b6-87f895d46f89","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":199,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"ad9580d8-2c00-41ae-b584-61b1e50d5da1","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":199,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"0aafc5dd-46fb-403b-aed0-48c07e97aa34","block_type":"box","text":"Tenure and succession","page_number":199,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"8b64c586-193b-44d4-a54b-f6f71296f935","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":199,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"aba0b294-ef7f-4301-9c57-cd2ac2739d0a","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":199,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"376713e4-0cbd-41b4-aa8e-49c79febf38e","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":199,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"6d703992-b442-4f9a-a2ac-9ea57e0c6b3c","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":199,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"89c5d636-13ca-4e22-a286-8634d948b3f9","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":199,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"2ddc5d38-b954-432a-9b15-a51825d415d6","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":199,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"31fb0091-ef2b-4aaf-b731-8ace12c2aef0","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":199,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"8f04efa4-b2dd-4765-b515-0faca0486824","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":199,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"59be43e3-226b-49c2-ab3b-a6ceb2897d5e","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":199,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"dc31750e-9c42-4bea-ad85-34d0b8886933","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":199,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"e2880b62-3634-4e9e-a5c9-8ae9c17c5b4a","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":199,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"2baf36fd-02b4-46bf-be9e-ed25332899ed","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":199,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"61ab9547-2ef0-40b1-85d6-8dea8025021b","block_type":"box","text":"for their continued service is not evident.","page_number":199,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"7883ab30-6487-46bb-9ba5-bdf36d286e20","block_type":"box","text":"Capacity","page_number":199,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"ad328af8-9355-4f79-9022-b6d98627e6d2","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":199,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"67044566-ed78-49bc-bf6d-69e255ce0ef0","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":199,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"4edfdd8b-3176-4071-afd4-b6b3e8fa4384","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":199,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"6aa9606b-aa06-435e-8b34-c0e1e0c7f166","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":199,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"73b9a67c-3bff-41da-a500-b1319f3543a2","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":199,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"b44af608-063c-4cc8-867b-9fa7db1359ac","block_type":"box","text":"determinations across markets.","page_number":199,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"a000a0ce-43eb-4e82-a11a-510812672766","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":199,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"04dd99fc-e71d-4697-85f6-a24ad92f16e8","block_type":"box","text":"their duties to the board and company.","page_number":199,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"bb47982d-1347-4966-8ccc-a825534d4c82","block_type":"box","text":"Director elections","page_number":199,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"e8d9f81b-2fd4-432f-80eb-3961afed2431","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":199,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"6aae1cd1-a288-453c-8b1b-810092d7e9f0","block_type":"box","text":"structure","page_number":199,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"c32655f1-0a6c-4491-9070-70503ac2d579","block_type":"box","text":"8","page_number":199,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"b6e6720b-429e-40a7-bfc2-f45c817a2208","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":199,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"244b25c5-2a7d-4447-a89c-e283bf2bd71a","block_type":"box","text":"basis of its business model (","page_number":199,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"017e1b88-8e5f-42c4-822c-9c8fde33c1be","block_type":"box","text":"e.g.","page_number":199,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"945852de-3ad7-4e10-8889-bc39535362ec","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":199,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"b3aa6a34-c8cf-4186-8bf2-d2467cac65e5","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":199,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"43819e68-9fc5-4a52-9171-570dc5a28b0c","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":199,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"6329cc7e-cf88-4df9-94a1-977771274f54","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":199,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"007a60dc-1bfd-4d75-84ac-a16f48c06c15","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":199,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"decb9824-037f-4ac9-9ef7-7852d44dbce8","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":199,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"53750f05-718a-498a-a261-393c1cbee63c","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":199,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"2334dfb1-1d6c-4b4f-9a5a-1f8b44468ce0","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":199,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"c0872ab5-f6cb-452a-b58b-8786fc48c0a5","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":199,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"2d15e280-2955-44d3-be44-190dbd6d3a7b","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":199,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"0261c5c0-aa02-4a86-878b-4c5e59f5dc06","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":199,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"b623cf52-050d-4571-ad34-e5623b760706","block_type":"box","text":"8","page_number":199,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"3bf88946-1630-4af6-af75-ecd933d57fe8","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":199,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"f545f885-2e60-42f6-a1e2-f2165a833e73","block_type":"box","text":"directors stands for election in any one year.","page_number":199,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"cdfc0b28-834c-4b50-9390-09004324742d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a8362da9-e0e1-4493-894d-c9710d5526d9","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d8687759-66bf-4095-a711-a493614f17e7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ec53967-c315-4816-9fd0-04a1e7bbebb2","block_type":"box","text":"Committees","page_number":200,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"85a0ee10-9524-4e0a-acd1-da9bd3f9b8c7","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":200,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"ec6ab76f-3287-405f-8701-c79af34b29d9","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":200,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"5d11adc9-281c-4d25-a5c3-3654d7993fd2","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":200,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"3a95e6eb-a452-4df0-b809-668a09a5288b","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":200,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"dc1cbcec-5ccb-473d-9600-4f94a1d56926","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":200,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"c73a0914-01d3-48cb-91a1-5777bf4caf77","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":200,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"8518e77a-a88e-47f2-8806-df5564eee33b","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":200,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"37ea2070-f4c3-495f-9c4d-94dc4d6dd226","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":200,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"81a98872-108b-4da0-a042-003927b8be06","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"b8896fe1-6ce2-4c93-a801-03577155c16e","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":200,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"0cab45e6-502e-45bd-a075-91aab852dc14","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":200,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"17f9d92f-d764-4ebc-8be1-63040834ff58","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":200,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"61771bd6-8df0-412c-860c-4cea5d3f9744","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"ef375991-b762-4ef6-bb33-92c0e7f5916a","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":200,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"2700be0e-181f-45d8-8515-4dd74e223bf8","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":200,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"3ebadd70-f869-402d-93f4-064dd03002d3","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":200,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"4658522b-ef2c-4662-8a15-022ffe6aa91d","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":200,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"b643d897-105e-461f-8b61-8ebd40d05058","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"a1c23deb-8dd1-48b6-9173-1da7fc2729b0","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":200,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"5fdb0377-fbab-4211-8b8e-2fb9add22d5e","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":200,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"a4ca4b69-1d40-4d6d-8dbf-ed9e756a8974","block_type":"box","text":"firm-wide compensation policies.","page_number":200,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"bf83d984-44cf-448e-97fc-2e5613014da1","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":200,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"88f3603d-7568-459f-8785-08443f68ef69","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":200,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"4d32f689-2f5c-4b02-b8d6-47204ab25662","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":200,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"a2a0b868-323d-45c5-b3b8-22581cbaf833","block_type":"box","text":"Board and director evaluation","page_number":200,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"309e372d-e018-4298-9303-8178fdd61006","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":200,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"9aa006e1-cd06-4504-9f71-eabc88f3466c","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":200,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"beb99029-f554-402e-acd8-4cf433c9356d","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":200,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"fa4d98b5-20e6-4b64-af57-9c42878e5788","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":200,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"4fdef011-241a-45bc-a33c-a52100f71186","block_type":"box","text":"a result.","page_number":200,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"ad784d31-4b14-44c7-af08-30f0512b0a79","block_type":"box","text":"Access to independent advice","page_number":200,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"79d0c4e6-a346-4fa9-ba7b-f3bcb7632602","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":200,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"2dd18bc6-68a3-40cd-9597-523e011f6c33","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":200,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"3f253864-b6f7-4bbf-905d-99ecaa7e41fc","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":200,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"d41435e3-bf91-4525-b392-3160a5b12f07","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":200,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"9dfbb755-f8df-4d2b-b92d-213491f6a478","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":200,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"f202e880-e9e8-4fce-94e2-6d43954582b2","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":200,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"6245313d-cb20-40f1-b03b-353d9eb5e230","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":200,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"6e17c4a0-66e3-4ee7-b590-f6cfdf8a8005","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":200,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"67a7b061-cb71-44c1-a6ac-6be17e167cb7","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":200,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"b121868d-642c-48a2-8106-a05f0df431fd","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":200,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"5ca82214-25ca-4c45-9447-afa26706301d","block_type":"box","text":"per formance.","page_number":200,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"1ff6e787-648f-4993-aa2d-e705d270d6a6","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":200,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"2d84954d-a2fc-4cc2-938f-59c733358bf2","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":200,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"3bd85049-2c2c-448b-ba1f-4d79c4515a4c","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":200,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"6b7d961c-6284-4a95-845e-0febcc0be6b4","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":200,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"73abea53-42cc-4310-8671-2a456ecdd28d","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":200,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"4cedee63-dbd4-42cb-ad32-78a7d5b366eb","block_type":"box","text":"recruit and motivate.","page_number":200,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"ea4fd75b-d0fa-4e6d-ab27-307cb83a6917","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":200,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"9a93757c-5471-4db1-81a8-1d0997616b0a","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":200,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"6de6803e-8c99-4a5f-b2d4-1d6a76e945e1","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":200,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"983f6eb8-92f9-431c-869a-8751f38319a9","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":200,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"d402401d-abf8-44a1-b840-216e1cbbfb1d","block_type":"box","text":"arrangements include:","page_number":200,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"d5ec891d-269a-44c8-b206-ab5406d071b9","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"efc4b303-9f50-4c64-9ccc-de8de030aef9","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":200,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"433c3dfb-5542-494c-9f78-a932cfddbffb","block_type":"box","text":"the company’s size, sector and market.","page_number":200,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"65222492-a787-4c7f-8078-ee656576a493","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bde612a0-5ba1-4082-a972-e17e0a4ab47d","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"310cd293-8cc7-486d-bb63-11646570c5da","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6d78d85-a354-42aa-b4a0-8620e2799876","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"591fb6a1-dc6d-4ba0-8cd8-667bbead2bb0","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":201,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"ba8d05cc-b973-4005-a351-3c6cfdadac60","block_type":"box","text":"strategic objectives.","page_number":201,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"35ba9b3b-9c85-46bb-8507-f085af0c1f68","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"a71c2321-d3bf-43dd-821c-122d348e2bbc","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":201,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"950b1bd4-809a-4993-a935-9c97c8022715","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"07001f4e-9cf2-4b25-a063-fbf033c544ef","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":201,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"c572b3ff-e76a-4fc4-affe-58eacc4af231","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":201,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"a7545f09-9507-4910-9f05-36c2108ae302","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"3b676544-252d-41c2-a9e4-c68cb0d12801","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":201,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"c9b3c0af-0a0b-45ec-8ae1-dffa76102875","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"440664cf-1218-4b04-9def-0a6068d98ffa","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":201,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"30921675-1f8e-4804-8262-8925e143ceff","block_type":"box","text":"transparently.","page_number":201,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"dd2d5adf-e972-44b9-9fbf-d3a06314205a","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"ad959660-91de-4d7c-8338-38f286f1d084","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":201,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"9b63f7c4-63a7-45d3-84eb-62f92b51e120","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":201,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"7d22c914-d51b-4db9-b672-6eb1c68c2a3c","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"44322b66-628d-4531-b5a2-daab9d693cc7","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":201,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"de108bb7-6208-4cbb-9ac0-bd0079d67d7e","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"6352dc36-993a-4957-9aa2-ecacb4d9a7bc","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":201,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"c4068dce-e7ca-46ac-ab48-4593b013e525","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":201,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"d7ad4d8a-6fad-4882-8ddb-26d7361572a5","block_type":"box","text":"misconduct.","page_number":201,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"82b6e70f-0a06-4ce6-a29d-f7cac6068c96","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"1e6ef280-be7a-41b6-b86b-deebe0981860","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":201,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"91f8bf22-e650-45c4-b8a3-720725758d05","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":201,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"b4e7c189-9cb0-4f72-a423-8f673ea1e758","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":201,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"be78f2e4-5e0d-4c42-9d8a-d2e94412ab16","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":201,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"b138b7b5-515e-47c2-b7b5-01a44a72bf78","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":201,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"c4ce36e4-3d9d-4540-a705-f551ec7ed99b","block_type":"box","text":"committee, or the most senior independent director.","page_number":201,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"54499403-b7c9-4cbd-81c5-3d0bd6ed01e1","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":201,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"7cd0f457-a0b5-4365-aed9-bb94b71c5ad5","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":201,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"f9945316-7335-4929-bbc3-eacf7c0b43f2","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":201,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"95d1bd43-e45e-41c8-95c1-3c3adab95183","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":201,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"cfcabecf-8c0d-403d-b992-5d7ce9f429af","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":201,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"6f889833-f09b-4ec0-bb2f-23fb9ac657c2","block_type":"box","text":"CAPITAL STRUCTURE","page_number":201,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"11dcc39e-ac9e-4486-ad90-01b2e1274696","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":201,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"5a2f6b9f-3649-4797-894c-fa6ca4ed0a94","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":201,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"1ffcbc19-c0de-442e-9f66-370aca083970","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":201,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"9aab7e39-48e2-4f83-ad3d-8cf973f80f2f","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":201,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"05629c85-bb18-467c-80da-9ba3194ef2e6","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":201,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"44045579-4965-41a3-98dc-547cf1311ca9","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":201,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"d6ef4f9a-3d02-477b-a594-94c3ef595988","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":201,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"05d1d686-438c-403b-95f7-8a954b8fa1e3","block_type":"box","text":"Share issuance","page_number":201,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"8dea9dd5-6bb6-4b6c-b4b3-1100bff7c672","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":201,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"bb84ba3e-ff00-41d0-9e3d-46098bed5bad","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":201,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"75406c19-6ea0-45a9-80d5-3abc134683bb","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":201,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"d78b58a7-3d70-4fba-b277-7497ddaf810b","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":201,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"4a9a6b00-b1de-4afc-a938-0b2e2223e5e0","block_type":"box","text":"market environment.","page_number":201,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"8c8eedfd-6eca-48f1-8bfd-c391c1ce0646","block_type":"box","text":"Share buybacks","page_number":201,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"9303af06-3f61-44da-8168-73cc238dbc02","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":201,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"58f7f3d5-09d9-4e86-811e-24fc6ef8d0cd","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":201,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"c94f3079-f1d3-42a5-9778-7bd083936f25","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":201,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"768d4ab7-4b79-4257-8cc3-07a2f5445abb","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":201,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"c6a2f1cc-867e-46f2-87b0-1ea1fa8e5793","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":201,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"6dae9aad-6cbb-4f12-b440-b75c5b2a75c4","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":201,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"6a0d2187-e536-419e-ba9c-99e20f9ec4ac","block_type":"box","text":"of the company and the market environment.","page_number":201,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"22f02bc3-29a1-4a2f-b539-5d7b530bbfc4","block_type":"box","text":"Dividends","page_number":201,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"e3aeb383-339c-4920-b6d2-82023ec5d5f5","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":201,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"7255b595-861e-42ea-abe8-b17d340d8cc6","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":201,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"b580fe53-7135-4dc7-98a5-4a5df64d62af","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"998301b2-770e-4588-b194-a0f252f67f5d","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ff0ba56a-84e1-4ba1-9e30-570e1909d80a","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"485782f5-99b7-48c4-8ee7-3f96699c37b2","block_type":"box","text":"Differentiated voting rights","page_number":202,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"03062176-37a5-4b4a-9b4e-c2acf56d6bc1","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":202,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"ae9a3015-f3fa-4810-b418-42704c9adfeb","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":202,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"66b288c4-28b7-4ad0-9bfb-f8e453779603","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":202,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"48a48ed1-7257-45fc-93cc-499fd10b4cd8","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":202,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"6a3cf49a-1116-4f17-9a58-1b26c6f17f08","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":202,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"7aae66cf-bf53-4049-87c8-01cbe61660fc","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":202,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"48fbe83c-4a99-4c4d-af73-48f272612a04","block_type":"box","text":"analyses of proposals.","page_number":202,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"92043ffe-403a-430b-8004-a428715754b0","block_type":"box","text":"Mergers and acquisitions","page_number":202,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"af4fb6c9-cb67-4926-9725-6655c5c5b5a0","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":202,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"731ca9b3-9a23-4393-8db5-16d6bf106a46","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":202,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"83dde53d-318c-4ade-9c03-5b9a4946e154","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":202,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"105fcae6-fd01-4f0d-892f-f5dfdb945c6e","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":202,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"725c848f-6aae-4ad2-8ec5-c240c638f996","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":202,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"678a2a0d-ad45-425a-a4c7-bd0aa2d8bd2c","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":202,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"e29c028f-a6a2-4b70-8399-364f1f3a1147","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":202,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"4c55db8b-8446-4ea2-9409-2f2fc5231be0","block_type":"box","text":"Anti-takeover defenses","page_number":202,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"10a133d1-526c-49af-a2bb-806406bfccbf","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":202,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"b71fb98d-a449-4ea3-b93e-1dc0f40a7e52","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":202,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"74fb277a-6126-4f1b-bc2f-c6d9c51ea5bb","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":202,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"7362083e-7abe-43b5-a356-594ed6cd9f65","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":202,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"8769b031-de8e-4044-a60e-502790de0fff","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":202,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"ec01ca2b-5402-4174-a4b5-38be4b0fb7ac","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":202,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"98400dff-27f1-4205-a18c-9eec9bde76af","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":202,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"8a19bf03-5775-4ffc-852d-91b412961010","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":202,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"995d822f-b72a-4c63-ab98-0e574c8646a8","block_type":"box","text":"Shareholder activism","page_number":202,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"3b7d2c6d-2a5b-4180-8c0c-438632f386fe","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":202,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"474d4a25-68b1-46f2-8d8b-a2e10d016008","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":202,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"56ce1a66-b526-4cd3-a975-98a4fd1493cf","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":202,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"05951924-3e46-4d19-9708-d197c6d6852b","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":202,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"0381f698-1d83-497a-a77e-c066f4b73f10","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":202,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"3dea1d25-1e93-45a9-a71f-b02ffbfbd2f1","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":202,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"1ad8dd2a-a91b-4267-ba72-6aef3fd943be","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":202,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"6d60872e-45ca-4d7d-87fd-b49aaac81a42","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":202,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"fa9b8841-d677-4a49-b60f-d1587bdc1384","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":202,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"26d02e88-2e5d-41e0-9840-fd3d3d054b41","block_type":"box","text":"protecting shareholders’ interests.","page_number":202,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"5ec218b3-3ba4-4e1c-af40-836ee8b8865f","block_type":"box","text":"Significant shareholders and related party transactions","page_number":202,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"1015f157-8797-47d7-8054-75c6cc760e4e","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":202,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"e242c89f-5106-41ec-b180-717638f3cfb3","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":202,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"2a3555fa-87a0-4f90-a963-70a80f38eee4","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":202,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"d996478b-bf88-4bd5-8ef4-c9d63422c466","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":202,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"1f30e7e6-d7a2-443c-9c13-2cefc70014cc","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":202,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"cfd47fb3-35a7-4286-b0e1-60dbe6716008","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":202,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"c3d10b70-3a5f-4945-a163-4c96378ce240","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":202,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"a9083c0f-b788-4edb-970f-44e638ee6a08","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":202,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"435c1186-f806-4793-b613-90ec4331c36f","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":202,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"f005cf80-921b-48d2-b11e-1b1769795b82","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":202,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"1517cc4e-b75a-4c89-9ffa-d4f5a0b9e1a6","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":202,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"a586b13d-3073-4c81-b5ba-7b30235efd87","block_type":"box","text":"audit.","page_number":202,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"2baf9ccf-4e17-41ab-9e02-32b2cce15142","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":202,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"8ea9455b-c490-4a7d-bd17-942c96774cc2","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":202,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"f62ad60f-df7d-4125-93a4-e246a1c5fbad","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":202,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"3ac2d6ad-1797-44bc-978c-abc7c915cc52","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6558fcca-aad8-4735-9f5c-3ebb2afe3eb6","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":202,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"45e99c45-7f82-4d7f-8e8f-d48cbde20072","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32e2f4a2-ef9f-4733-a215-90abd7446404","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":203,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"d037f673-a332-4996-9d13-c5dc6ffcb8af","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":203,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"9c886fb5-ab7e-4f97-adfe-ac535fd4335e","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":203,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"7d789a0b-636c-4fb2-a85c-cb7e1eb0e179","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":203,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"18824c90-8945-4c2b-81d2-bdc1ab9a0486","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":203,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"3d738812-19a0-45c4-a261-e95c7936e519","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":203,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"d47a7a41-eb02-411e-b7d7-bbc8d344afe1","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":203,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"32797717-70b5-48a1-bac5-b5179a73a254","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":203,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"52cbdc09-7715-42e2-b98d-1064b6cc3df3","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":203,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"aba8489d-8a65-43fe-928d-6cdda1ce9907","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":203,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"011a0751-a2a8-405a-9b27-5b696d34ae20","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":203,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"4bd4da0a-9771-4b4f-af7f-0605bd1d6183","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":203,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"722a2ad3-9293-43d1-8b11-117ff36005ff","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":203,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"60012aea-f305-4f77-813e-01f1a5605614","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":203,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"82417b32-f329-4bbe-97dd-dbe8f02129bd","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":203,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"2520ec29-7e53-47cb-bd89-3d43002f8d25","block_type":"box","text":"9","page_number":203,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"f7b41a92-b156-4a92-822b-55e09372071e","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":203,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"2f92015a-c0d0-46e0-a978-261f45e9be71","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":203,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"16ccd53e-f656-4f01-83be-76d6adcfadae","block_type":"box","text":"standards specified by policy makers.","page_number":203,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"50fd959c-69d8-42eb-b914-5da927a0db27","block_type":"box","text":"10","page_number":203,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"eda45cd2-a2a6-4275-9d17-1f285e48c3e1","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":203,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"9f0b821f-d2a0-4499-b6d9-7f7acca26e4a","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":203,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"3f0ed4be-b771-48ea-826a-0bbbe3b188bf","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":203,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"ff0b9a37-0196-4b1c-bd0f-e6633540351a","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":203,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"644e3130-7220-4273-8754-ac561d444d99","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":203,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"64586738-2f7d-423d-8ef4-b57425c56faf","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":203,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"92801ed8-586a-49e2-86d3-fe283b98cd2f","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":203,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"7af2087d-24ff-4e4a-aec4-8004af01f35b","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":203,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"2e125bd8-1fbf-4ec2-a952-feae202d8de3","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":203,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"5dde42e3-6e10-4e3d-b186-a8ba2dfedca5","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":203,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"b7836fe1-5e85-4e58-bb3b-4784a98db48d","block_type":"box","text":"remained independent.","page_number":203,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"ca2f6f20-13c3-4075-96e0-04c7359a8174","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":203,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"4c1aec92-64d4-4d72-9c50-3f05b080b30a","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":203,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"e83649a5-38ec-4921-b66e-ae231cae9e88","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":203,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"191e76e0-85ab-457c-b890-28649bf3b1bb","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":203,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"538d3e1c-0329-4cbc-8754-893275429536","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":203,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"bb279382-e58f-48c8-8442-16a716aa26b4","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":203,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"d65aff25-6e83-471a-b8a8-b21a36d0899a","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":203,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"6cb41394-e0f8-4bd0-b4a2-b28ab603f3cc","block_type":"box","text":"General shareholder meetings","page_number":203,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"d185e5e2-fb6f-4f95-8378-f3e9d3e83285","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":203,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"19b77948-75ea-41dd-a1d4-e42b75640667","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":203,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"de14c73a-8483-4d70-ba34-ffd5bf1186da","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":203,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"fb520461-354f-4d17-9669-7aeadb84f341","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":203,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"7b39f334-f230-4b44-8118-8bca61ea2b9f","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":203,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"f2f32fe0-8a8c-49cb-a0e7-e1dd9131a5c5","block_type":"box","text":"an in-person meeting.","page_number":203,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"915daf81-8e5c-4013-a84b-da438800be64","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":203,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"7f7e7def-fe05-479d-b5ef-ee40e0fbd2b6","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":203,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"be3535a6-54a6-4bbf-8cb6-435a2b2b5b48","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":203,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"a5b734c7-b0ea-48a6-a972-566e0a13806e","block_type":"box","text":"par ticipation.","page_number":203,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"79f02571-b6c4-4f06-9695-84aa831b6b01","block_type":"box","text":"9","page_number":203,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"ebd05b85-c9ff-4f5b-bc15-8a9e96993718","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":203,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"ddc10162-7757-4b62-8b8f-b585930ce022","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":203,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"eb2549e9-24ba-4562-8b5b-d0ddee74800e","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":203,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"3ba1de20-7193-4eb6-8765-e72eacb3cf0d","block_type":"box","text":"Disclosures.”","page_number":203,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"e103798d-19ff-4854-a111-d2710e5e272c","block_type":"box","text":"10","page_number":203,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"43718e09-c578-4c92-ab3a-c8109f08acef","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":203,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"763ca0c7-3594-40cb-8034-678a0dc85556","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":203,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"d17cf525-c063-4db2-9e1c-ac5d59105536","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":203,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"12c4d913-acab-4aca-a0f7-96829724249e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8cf3d8ae-2600-4f59-89b9-758ce34c8c8e","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"478f1fa9-d3ad-4bce-9234-83489b431dbb","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f4b48f0-d4a5-4443-897d-140a692267df","block_type":"box","text":"Bylaw amendments","page_number":204,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"d8c5b750-6d7a-4124-a673-c867a28a0f7a","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":204,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"8251cc25-37a3-4999-a45d-3e82c87da174","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":204,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"16862e9c-5307-4698-ad7c-80f84a13773c","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":204,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"49565cda-c7bd-4a50-9d4c-c066092caeec","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":204,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"a13d93a9-f092-4406-a7cb-c6e9b9d38161","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":204,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"41de9eb0-42ec-4ca6-9b02-39a2c78e2cb7","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"a285aee7-1ca4-4a85-8924-eae010de5af8","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":204,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"ad199859-f280-4299-a77e-c87060124773","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":204,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"01c80369-d498-4009-be42-a93251938530","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"4c37aadb-ee13-47a7-bcac-23e0d8be8ce1","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":204,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"227efc69-9301-45bb-8a6a-debba0d1e0de","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":204,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"9999f351-6f45-4899-b781-5d93d79fe607","block_type":"box","text":"nomination process.","page_number":204,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"1283be68-00dc-4549-99fe-47284f0fcc88","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":204,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"58bb4944-0c5a-4ff5-9923-b87d61288487","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":204,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"b10f2ac9-cca7-4af6-b0b4-753f6df0d202","block_type":"box","text":"Change of domicile","page_number":204,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"debf1565-6f90-42bd-865f-c803485ab8f6","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":204,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"287c550e-1067-4e18-8f68-ccff0f48efb2","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":204,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"727a4a57-86e5-4620-85d4-ed88739c3a88","block_type":"box","text":"immaterial.","page_number":204,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"c898d331-6c19-4590-a267-b57a2c6599ba","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":204,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"ae853bba-d4f4-48e3-b4d8-b01c6f48836d","block_type":"box","text":"with our clients’ financial interests.","page_number":204,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"daed7adb-92e3-4958-9257-23d1ca5b02de","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":204,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"08f51a65-a788-465c-be3b-69b0e1dba4c4","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":204,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"5291abb8-98ae-4d7e-8376-5c2474c6041c","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":204,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"7442d58b-a861-4313-86aa-61c99c848dff","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":204,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"0ca53b02-38a7-4fff-94b4-c4a677ff60e9","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":204,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"91b8ae3e-53af-41a4-88eb-ee593234316c","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":204,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"567181d4-f558-4e46-a1aa-31d22c4d908d","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":204,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"76c082a2-40b2-4480-b858-9d80a7d21d49","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":204,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"55450f30-9b6a-490e-8c31-bdf4909d87e7","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":204,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"cb8f5626-8f6f-4173-b508-da33a4e1a13c","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":204,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"c36175a2-97e7-468c-9e3f-bc8f7175e807","block_type":"box","text":"relevant to a company’s business.","page_number":204,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"b6db21fd-31b6-45ab-945c-c61996b00db0","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":204,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"a0e387d1-0162-48da-b037-b8476e87bc6e","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":204,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"2eb08503-970f-44ad-956b-5dd96d05dcd1","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":204,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"8046f6d0-91a5-465c-8843-8d6182c196a7","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":204,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"66f27272-56e6-48f0-95a3-57f13d06017d","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":204,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"d32fa258-ffab-4113-8345-44fe07224e08","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":204,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"cf2f96fd-2ff0-4a55-8bd8-c22aac568921","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":204,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"891341ee-822d-4be0-8d93-a5126c89a586","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":204,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"66a81ef3-df98-4778-b172-c58ce11956bf","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":204,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"2cef57e4-dbb4-4118-9b67-c4080d474557","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":204,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"99f0f4ee-5078-40a9-9db5-92089385ae4b","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":204,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"41903ef4-bb81-4f37-8405-b9d56214a1b9","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":204,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"9de2e036-9caa-4836-a9fd-b43e00d26956","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":204,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"032e6378-112b-44cb-815e-378ae4f8ba5c","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":204,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"70b4c113-7f54-42e4-8333-e9cddc93de79","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":204,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"169450ac-65e0-4c2c-a47e-818519e12cae","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":204,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"2cca42b3-c026-4779-8aa8-d720b12b2748","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":204,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"51778e6e-029f-49e0-8a40-694913050210","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":204,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"6478674a-4fea-4374-86e5-ef355e714649","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":204,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"3a3e6c82-f669-4f06-a285-df271aaba2f3","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":204,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"b2308d36-f329-4726-95c1-2e657c61601e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"875af309-c294-45f9-8eb6-6278cb555e3a","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"64d59630-5769-410a-828b-623b0306d0fd","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65ec537d-9690-44f9-8874-647a64ee345f","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":205,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"f5bbd859-d6f2-4585-abae-c81626af8c69","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":205,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"ac7fc831-bf61-42dd-bfd7-5588dd24bb09","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":205,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"028a04ec-a93d-4c0c-955e-66dbcc034d15","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":205,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"cc81d0b0-4972-49a6-b7f6-06edab2d609d","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":205,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"0811bc92-7cbf-4735-b61a-b3af0a2fb732","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":205,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"dad42e08-b001-4eb7-8650-3791f88dde24","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":205,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"188f2863-af82-44fd-ae70-07b7693fb381","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":205,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"cd79ce22-9dec-4d22-9658-0c5bd83d7a1e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6756b979-6869-449a-bffe-ed820cb3f571","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5273d521-b230-4998-a1a4-ca2a7a204025","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aba5dc70-b49a-4603-beff-b11eebd30878","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":206,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"ad12df01-8833-4b5b-b8fa-32b9e442bd13","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":206,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"40c17c53-f99c-4b6e-940f-1e001ff24462","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":206,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"1de50f0e-b0e3-40d2-b116-c0606deebff9","block_type":"box","text":"11","page_number":206,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"6ce844c8-1f59-4620-baa9-afd49da4a2cc","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":206,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"df59a226-a545-4ee6-9d5b-09f6c49a3abf","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":206,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"7425ac15-a89a-4838-ab3e-7f4cb8166ca3","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":206,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"eaa5fc01-764d-4d40-b0af-1df21497a0e4","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":206,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"beafc4d6-04ac-497b-a370-d20ee9d9c8ff","block_type":"box","text":"regulatory requirements.","page_number":206,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"4ad06e72-f12e-4664-bbbc-fa24daf1da7e","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":206,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"83d7a601-0d37-4364-b843-ed34badfb65a","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":206,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"ad223c4a-4f16-4c0d-99e2-fc0d8f017d6b","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":206,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"2d5b8af8-17f5-4dfb-a69c-7179d73207aa","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":206,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"72f4ae4c-aeb2-41b1-8d87-d81e68d9f860","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":206,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"cc2e2683-d365-4241-b195-e3d50986f879","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":206,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"a706bc04-50b8-45e5-8e0a-ab32b05659e3","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":206,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"9561c96e-1af8-4adc-b274-1e8b2a299d5c","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":206,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"8de98845-7bcb-43e1-90fd-d3887302768c","block_type":"box","text":"returns.","page_number":206,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"094d0a53-2bf9-4d48-9781-901d67657728","block_type":"box","text":"KEY STAKEHOLDERS","page_number":206,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"10b6a60a-e529-4dbd-9bcb-d57726114a39","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":206,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"fae9723c-1913-483c-878a-bdf115b2a2db","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":206,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"a9ddb689-cd68-4ab6-9cf6-a08f0a95818f","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":206,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"7592be91-abd5-4268-8326-92817385bf01","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":206,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"5e921637-ab44-4dc8-8415-f7028bbf7fd4","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":206,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"5649514b-a72d-43fe-953e-559116b32dcd","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":206,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"b19c903c-bb3e-4e89-add2-d4db98d59df6","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":206,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"972eb054-3884-468c-be0a-d4e02b2e1c0f","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":206,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"f21ea3a7-0d7c-4d4b-8b80-6478379bfcfd","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":206,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"0def9a0a-d3d4-461c-8b5c-ca95f8ed0624","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":206,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"71a5b368-c762-4d83-9866-8034c0470674","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":206,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"6a1780a8-d1f3-41a9-b444-4d8fbf48a451","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":206,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"b36a25e3-f835-4c18-838c-60a1e1968e92","block_type":"box","text":"i.e.","page_number":206,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"e30c0c5d-1a14-4dae-9b65-2ba23dc22d52","block_type":"box","text":", one in which global","page_number":206,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"7f672cef-96a3-44e4-b024-29658cd1db87","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":206,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"9a2f763a-2b29-4735-a0aa-f23a26812810","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":206,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"5f132040-11e8-412e-8bcb-73529a7b6daa","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":206,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"3901bacc-db46-4d03-a437-656605c08d5b","block_type":"box","text":"client.","page_number":206,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"1f7b2452-3148-4ca8-a9bc-ed412bce5258","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":206,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"4e9bc8b2-0588-4ac6-b45c-75ae74195cc1","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":206,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"78980540-1f54-450b-8e3e-7c67d6dc84ca","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":206,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"b16a8ada-0b59-4b35-a609-bbc84cf665c6","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":206,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"c6d69271-685e-4953-9100-513e67fafac6","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":206,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"f20678dd-54a8-44da-9e2e-0a611f3a743d","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":206,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"9e7e15e9-5a79-4013-9e4d-51fb35a3687b","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":206,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"0d6d4c23-b745-4645-91d3-0117951d7220","block_type":"box","text":"1 and 2 emissions.","page_number":206,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"232941b2-201e-42dd-8bf6-42aaf21b0f46","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":206,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"f91d4b6b-8ba8-4e71-b0fb-b69e707fd816","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":206,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"6710159e-9eaf-48f8-9197-31fcbe03a1dc","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":206,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"622d43a1-c597-4bfe-bb47-e83d37c76286","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":206,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"c401c4a0-c11c-4e3c-8b3d-36eb4e7f98c4","block_type":"box","text":"11","page_number":206,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"c39229b5-88ef-4365-84dc-60b28fabb45f","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":206,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"f9fad323-3d45-4690-8142-7e0f86465ef1","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":206,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"7c1bb5d0-a606-4af6-ad20-b422ead340bb","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":206,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"05be2e75-5e3c-46fd-bafe-5cc691270aa4","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":206,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"11c416ef-3c6e-4dde-b502-fab25bf81ad7","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":206,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"02d790fd-255d-4242-b5c0-a26530178107","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":206,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"cc8e04db-d585-4a3b-8d96-5ed1e1fc9d7e","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":206,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"738787d5-22ce-4402-a38f-5e47b0030091","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":206,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"70f0c164-a9d9-4596-bfa6-6908d41dc748","block_type":"box","text":"sound governance framework.","page_number":206,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"fd381e05-797b-444c-80ac-05bf7a0fede7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fb95ab5a-44f8-44b8-87af-de281ba15ae7","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"64941110-8a2a-4464-ac4a-87a46d0cfc73","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"846dc39a-dad0-4c40-af09-7ab15e0397f7","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":207,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"37f15b54-0532-4606-b973-5ab571036ed8","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":207,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"ccd6f663-9d03-423e-838c-68aea0608d3d","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":207,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"caba0bf7-dfec-42eb-82ff-cecaba543d2e","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":207,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"13e7fb75-fb58-497f-8be7-f5db27d5f2d8","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":207,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"8429ba1e-89e7-404d-bd11-a258645f6c59","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":207,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"43dc57d0-7c6e-4df7-a583-6bd457e4abdf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"eaebddcb-9f84-48f0-bb31-6e8f8af3aa12","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2bb45fb4-7b59-46fb-bdbc-6319feeb4d1a","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98698ec3-0982-4ab2-8d59-8177a0109bdf","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":208,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"8f4142ac-4943-4440-ac66-346c748dd360","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":208,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"79046edd-bc70-4344-93aa-c61630b1cdda","block_type":"box","text":"Oversight","page_number":208,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"86e6562b-857a-47eb-a772-f899a7708e35","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":208,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"11d8117a-5e14-4eea-a654-137be0887342","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":208,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"e84b1b6f-825d-4454-bf15-f0874ea982c5","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":208,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"88405eb0-0ba5-4261-8488-cfa4afc5af6c","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":208,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"b93c86ab-7d5d-4a06-b875-072bf50d9aa2","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":208,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"7f67b683-408d-4230-bae4-ceaaee921f28","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":208,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"ed708cfa-d4fe-4351-8c81-1b8de8ca780f","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":208,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"65df4a40-4f79-43d7-9a3e-ee90593f2daa","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":208,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"e8aeb6af-cfb0-4486-838f-e0cf05334b5a","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":208,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"1f1581dc-3cfe-4076-a4e6-7083400d7858","block_type":"box","text":"relevant active equity investors.","page_number":208,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"32097079-57cc-444e-9beb-7058901d9b45","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":208,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"cbf558a0-e92f-4380-98f1-066fbca8f867","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":208,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"70c91b41-8984-4058-881d-36856c4f37e9","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":208,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"c22490fe-5900-46ba-9b7a-f26b660621bf","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":208,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"71469a74-70f4-4608-8de0-f1ca3d778032","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":208,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"b47b05cd-032d-498d-94d3-e8620dc09c3c","block_type":"box","text":"third-par ty vote services providers” below).","page_number":208,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"af2d6abe-5a0d-415c-8731-94711f4530fb","block_type":"box","text":"Voting guidelines and vote execution","page_number":208,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"ba892549-6655-4942-9023-a1af89446a33","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":208,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"869a1453-dcb9-419e-a4f7-430716abb9fd","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":208,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"27797cf2-d48e-4b5f-ae44-e02109a7e0a0","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":208,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"504ed560-05ea-463c-8808-936d9798142c","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":208,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"59848f8f-61ee-4c8b-af4c-89f714f47b74","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":208,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"910c57d7-a9f1-4583-b317-e240e4b571d8","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":208,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"b839f8d1-3649-437d-95e1-bc6272a24e78","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":208,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"f520dab3-f513-4cc9-93fe-b9803323b2f7","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":208,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"a33aae0c-a9be-45f3-8681-989e1cd45419","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":208,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"c6e69569-8db8-4db3-9c61-25b28a9e97eb","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":208,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"2c078447-7fe6-4873-9c01-9b7ae70d7ae7","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":208,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"dd572e99-5401-462c-a578-cdd8180499de","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":208,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"cec1cc34-7534-4e49-9b63-c8a7efdc3430","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":208,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"39bfac64-699c-44f9-bd50-5829ac8d8923","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":208,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"59d29149-c37c-4bce-82a5-e9d147c68325","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":208,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"9fe28acc-c3da-4ee4-8bc9-d6d3c6026393","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":208,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"a28522db-93da-40c2-89de-df7e286e7dc0","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":208,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"928c7c8b-238e-46a5-9b55-580cb73423dd","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":208,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"f8f558ed-dca2-4f0d-80f2-8fe5ba9b8068","block_type":"box","text":"well as the desirability of voting such proxies. 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We are not suppor tive of impediments to the","page_number":208,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"35c6c659-f25c-4a34-a451-53ab5e7f6c4e","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":208,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"10e85e3f-39f9-4090-828e-aafc95a931fd","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. 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Our clients have greater","page_number":209,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"a884340b-451c-4ced-baf1-1628f15f3e87","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":209,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"f84c4e7a-af9e-4449-b469-4329c50b9ffd","block_type":"box","text":"13","page_number":209,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"edc84444-26ad-443b-8c37-f6e585aea4ce","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":209,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"bdf0c8a0-9628-4d35-9974-e715948e5576","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":209,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"da90f2cf-6c06-471f-ac98-66c76e58cf64","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":209,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"7c6ea00a-a18c-4594-8a48-ba1521573c89","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":209,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"8809866d-ec77-4f94-ab37-ccd38cc776f7","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":209,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"7f29874d-cc66-44b3-a152-196a16cde61c","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":209,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"ef4616d8-867d-49cf-b4e2-e0e278a6210b","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":209,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"d565477f-cc5c-4f13-82b1-8520216e073f","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":209,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"15bbd81f-8b87-43bd-a4e8-e948520f4e4b","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":209,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"219cc06b-ab6a-4378-a472-eacd311aedb9","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":209,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"4a015cd6-652f-42b0-98de-70ebc4545991","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":209,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"85262032-6073-4e12-b22a-bdee3bcb4b1c","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":209,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"6d1ff8c6-b17f-4e13-860d-352378bf50bc","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":209,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"286254ff-38e6-4ede-a237-c1fa2105db6f","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":209,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"eb47c639-fc9a-4a36-b500-7426c089fa48","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":209,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"b6443151-70f1-4b16-b8a4-198ee7709f65","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":209,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"0c4cf75a-9a4a-4ea2-a136-2146d437550e","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":209,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"b2a5adf2-7502-44b7-81dd-451ef712304a","block_type":"box","text":"interest. 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BlackRock","page_number":209,"box":{"x":102,"y":639,"width":767,"height":11}},{"id":"d6ec2ba4-27bc-49a7-957c-0fb0372b66fa","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":659,"width":6,"height":5}},{"id":"f3e86974-b99b-4c6b-8127-ad7ddf10010d","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":209,"box":{"x":102,"y":656,"width":698,"height":11}},{"id":"9a10713a-f41e-4603-850a-a4b739ac82fc","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":676,"width":6,"height":5}},{"id":"7563bd22-9d32-4690-8cd8-1e2451c732dd","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":209,"box":{"x":102,"y":673,"width":789,"height":11}},{"id":"9596df44-27c2-4c65-a92b-08cc94483546","block_type":"box","text":"managed by BlackRock","page_number":209,"box":{"x":102,"y":689,"width":163,"height":11}},{"id":"7c7a817b-bb3c-4e6d-9655-dc105b6aa215","block_type":"box","text":"BlackRock has taken cer tain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":209,"box":{"x":102,"y":707,"width":785,"height":11}},{"id":"465afeb7-2838-42a6-b9d8-d20faf434479","block_type":"box","text":"following:","page_number":209,"box":{"x":68,"y":722,"width":66,"height":11}},{"id":"cf99001f-28d7-403e-b248-b76393d519a4","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":742,"width":6,"height":5}},{"id":"9e244215-b291-4b18-8a6b-b6432ae9de49","block_type":"box","text":"Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the","page_number":209,"box":{"x":101,"y":739,"width":741,"height":11}},{"id":"5019b652-e9bb-43b5-a061-42800aa3aa48","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":209,"box":{"x":101,"y":754,"width":383,"height":11}},{"id":"4e08f950-1a7d-4bdd-8a72-2cb1e9aa9b95","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":774,"width":6,"height":5}},{"id":"4297d0f1-5c89-4518-9912-c97f304771f4","block_type":"box","text":"Established a repor ting structure that separates BAIS from employees with sales, vendor management, or","page_number":209,"box":{"x":102,"y":771,"width":757,"height":12}},{"id":"40d52f29-bc7b-401a-b9d0-7fe23d013dca","block_type":"box","text":"business par tnership roles. 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In mitigating conflicts,","page_number":212,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"8d330505-176f-46eb-9968-d44fff3facfc","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":212,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"88510900-5d0a-491f-82b3-bff105a087d1","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":212,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"88f03d26-ed2e-4e0e-a85f-ca463730e2d2","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":212,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"ab995963-06a2-4d4a-83cc-e66561fed4f5","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":212,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"fa88ffff-85e7-4fdd-ac59-3d369d191a84","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":212,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"527c6919-3cdc-4bf0-8c69-583a8d4ff6ba","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":212,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"968fadf6-16e8-4ef3-ace7-1d157daa06e3","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":212,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"f35f7666-671e-482e-9276-61f142909bef","block_type":"box","text":"connection with proxy voting.","page_number":212,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"1f1ec219-b8f9-4dde-a92b-f4453fd619e8","block_type":"box","text":"Reports to the Board","page_number":212,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"47ed74ce-38d0-4e0e-af00-4ec962849ec2","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":212,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"fb06a813-8570-486d-b51b-7e0dbc713943","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Reporting on our activities to inform clients","page_number":216,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"39642106-4521-41e8-8e2b-fca5c6aeeb48","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":216,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"79866718-cc22-4439-8314-598387a06008","block_type":"box","text":"publications on our website and direct client communications.","page_number":216,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"35f1738c-3b6c-4d29-82e8-1a0d56c0fe3a","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":216,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"e00a62af-7548-4bc0-8140-94f598741672","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":216,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"c7059e37-5264-4438-925f-15461640070d","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":216,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"a89ba6cf-bd68-4856-8a64-c7a8a2eca625","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":216,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"24dee8fa-407c-46b1-8dd0-821718163c96","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":216,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"d71c7b6f-6985-4707-9b06-460550ad54c7","block_type":"box","text":"2","page_number":216,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"bd04efe1-5dd6-430b-93a8-f1be62589b7b","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":216,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"4af642d1-c746-4758-9f20-b7420448bcc8","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. We maintain global","page_number":216,"box":{"x":102,"y":443,"width":751,"height":11}},{"id":"bde50dc7-b9a8-4a7f-9faf-4aeb61bd73a7","block_type":"box","text":"principles on corporate governance, which guide our approach to stewardship across jurisdictions, while recognizing","page_number":216,"box":{"x":70,"y":458,"width":824,"height":11}},{"id":"94030bf1-6f4d-487d-9d88-d5ce9fc2abc2","block_type":"box","text":"the unique characteristics of the different markets where companies operate.","page_number":216,"box":{"x":68,"y":473,"width":553,"height":11}},{"id":"4de4f96b-54ce-4ad1-b579-b3cfe18c2edf","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. 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Through stewardship, we assess how companies are creating long-term financial","page_number":216,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"31e0b76b-0ef8-487a-b5c6-780df755385d","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":216,"box":{"x":68,"y":654,"width":780,"height":12}},{"id":"1bbd0750-c206-4aba-84bf-f0c4596a1ed8","block_type":"box","text":"program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is","page_number":216,"box":{"x":70,"y":669,"width":784,"height":12}},{"id":"452b4eee-4df3-471d-8b0d-ab9f00297bbd","block_type":"box","text":"conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on","page_number":216,"box":{"x":69,"y":685,"width":828,"height":11}},{"id":"3f955acf-8d23-4699-acfc-72132bd19d4b","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":216,"box":{"x":69,"y":700,"width":334,"height":11}},{"id":"3946ef6d-813e-42de-a06c-b00cff84f2bb","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our","page_number":216,"box":{"x":102,"y":722,"width":745,"height":12}},{"id":"5d55faf4-6bf3-44f2-9677-f335e0b0c92b","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":216,"box":{"x":69,"y":738,"width":785,"height":11}},{"id":"55e5ce27-c926-4231-ad49-aa842792a980","block_type":"box","text":"oppor tunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the","page_number":216,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"a6d333e8-a4bc-4614-8aad-1090f3ef5f75","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":216,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"7ed52c98-3e49-420e-adf5-5fa783e4a546","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":216,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"1303b0a2-1fe8-406d-afc0-ad64f2d6a032","block_type":"box","text":"1","page_number":216,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"6a0c4c76-1148-4f8f-8ffd-3758da8bd306","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":216,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"60b4f210-4b72-4fd7-b0cc-f93b0cc3d363","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":216,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"c6d2e37a-e763-46f8-ad1f-b68a680f6d06","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":216,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"6bc187b5-1297-4591-9a9f-42723287acce","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":216,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"d0290e72-68e4-4d33-98c7-649ccfd367cc","block_type":"box","text":"2","page_number":216,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"c7ca18e7-6673-4928-88cf-936e7baaabad","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":216,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"ad0408df-08a8-4559-b24d-0588347fce9f","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":216,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"b3e160f4-ce17-4f35-88f1-b2f54ed502a4","block_type":"box","text":"material business risk or oppor tunity.","page_number":216,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"e8e6cc18-d70f-4ffc-9d39-39c4a1bb56fd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7a7a74ea-6266-4c1d-bac4-24d89e942cfb","block_type":"box","text":"Global Principles | 3","page_number":216,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c2035b14-8029-48be-93df-ce4842970c85","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f30aeb9-37ad-4b39-abb4-95dc61675d14","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":217,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"2b6a4c94-0486-4e89-959e-c5d6c64f06ef","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":217,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"54fb9d9e-de11-439d-808e-c29823971223","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":217,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"a75ee724-6c06-49d9-b9fb-bef6266bc645","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":217,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"8c816658-b8d9-4384-acc8-7524ce7b9e13","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several","page_number":217,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"aaf280b2-06f1-4972-96ca-98aebee78d16","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":217,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"f995354d-ae0e-41da-b29f-838e8efa3df7","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":217,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"6c0a30df-c6f7-444a-b2fe-e1658c141fac","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":217,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"f9a97003-63d9-4ddb-8ed0-c2d2e2ab0556","block_type":"box","text":"which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our","page_number":217,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"12c9ee25-5393-4e9a-83e0-e4502d73365f","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":217,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"63f7fdf8-fdf2-4650-b4dc-a5bf8f092df4","block_type":"box","text":"suppor t the election of directors or other management proposals, or we might not suppor t management’s voting","page_number":217,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"9f3e8dc2-426e-4d39-9481-e6ab93294728","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":217,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"a8b3c8b1-8f33-47a7-b9b9-f98249b56873","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":217,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"9f760068-13c9-4c93-bec7-b850558e6b92","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by cer tain rights attached","page_number":217,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"c926be7d-d731-4e74-bc73-4c6b71162118","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":217,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"f15b50b5-dc29-4df4-bf93-2d33006b8cbc","block_type":"box","text":"3","page_number":217,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"5c05abff-1810-4aef-ae85-47708976c26f","block_type":"box","text":"For example, in","page_number":217,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"e3be07c6-c6de-496d-be08-cbabd6b53800","block_type":"box","text":"most markets, shareholders have the right to:","page_number":217,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"ef3e17c4-2b16-49d9-bfb5-41c1bbc3e3ed","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"87d9836d-4b65-41e2-bc92-ffec94a051a3","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":217,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"e38c74bc-353f-416d-95be-ddc48db4f3ed","block_type":"box","text":"char ter or bylaws.","page_number":217,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"17a367cf-af25-4c7a-bb39-e256ddaf1292","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"db91a41b-4b64-4346-a8c2-6ad117d5ea33","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":217,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"02d1150c-30da-447b-9eae-84f9010e3e9e","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":217,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"ff2bbe4f-051e-4860-aa1f-478f8eed6882","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"5ebe9101-10ea-4a59-a02d-7b7516155867","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":217,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"9a87a84a-d957-4eca-a8fc-1b032bd56848","block_type":"box","text":"are material — to make informed decisions.","page_number":217,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"60f9ae40-7905-4da8-889a-dd5ef1d14c48","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":217,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"957acc27-069d-4f0d-b704-0c9f2285d3e5","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":217,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"3f3652be-ba26-4a9c-a2ac-fc96c28a3e10","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":217,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"de345fa8-2a68-4cc3-a136-921e3ad6d7f5","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":217,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"ac21de90-4ac8-4f5a-954a-d42e7a83580a","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"46fddcd9-b4e4-43ef-84a3-f60d514a5130","block_type":"box","text":"Boards and directors","page_number":217,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"0244ce78-a9a1-48d5-9cc0-1c8cf96d62a3","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"f405489d-abba-47f3-83f9-d579bea2c09c","block_type":"box","text":"Auditors and audit-related issues","page_number":217,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"50460cb3-a55d-44f4-a66f-b68d99210e80","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"bd0a2e78-a493-44e5-ae0c-ef079380e807","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":217,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"8569bdbd-3416-4317-b7c3-180577df2db3","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"b4a2972c-e14b-4f1c-9c58-f52ec9822ee2","block_type":"box","text":"Executive compensation","page_number":217,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"cd4f61f1-46fc-4bd5-a5be-57cb27981fad","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"fb8ccb3d-3924-48c2-950a-b05fdb97f29d","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":217,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"aa07dc4f-4be8-4b11-98b0-72aa2c69ced6","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"295d3996-a867-4d05-8a60-937c4d0302b0","block_type":"box","text":"Shareholder proposals","page_number":217,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"b91ffc07-70d2-4d03-90ef-f8fb01476af2","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":217,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"fb91b9b4-b684-4e16-b37c-01d890f474ef","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":217,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"0e2e8d60-25e2-4922-8d5a-5994fb3f755e","block_type":"box","text":"which companies operate.","page_number":217,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"0c164560-2287-4a04-8840-944163bab3f5","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":217,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"ff1a8a89-ccef-4e90-93af-11500c3d0612","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":217,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"e18beb3e-1c25-428f-87e5-c21ba31d4215","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":217,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"f061da29-be25-4712-8b22-da2248d14ced","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":217,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"e4d2f725-87a4-48ea-b22a-66d3395f0dd3","block_type":"box","text":"4","page_number":217,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"b605e716-0957-458a-89fd-cab900f16dc1","block_type":"box","text":"3","page_number":217,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"eb6c6350-c919-43dd-b87d-98bf32e0c1c1","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":217,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"1ebfd704-fa84-469f-9ec9-c27853f5d46b","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":217,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"af9df940-eb55-44d0-8ec7-d5f9448b46f1","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":217,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"6e5ddc5e-1dda-4c08-b944-7e6f3938a95a","block_type":"box","text":"4","page_number":217,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"979bb008-7737-4741-9aa7-2bbff2297425","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":217,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"54433ee1-0869-496b-9cd2-4e82c85919a5","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":217,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"db4e340c-e31c-4e5e-846f-c79324d4b522","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":217,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"1f1da9d1-9714-466d-a87a-c5748854d899","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":217,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"3133f0b1-bff6-4045-bb04-460958626151","block_type":"box","text":"guidelines.","page_number":217,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"8b278f81-6106-4f87-9470-8af616041a39","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"19c68fd2-7495-4ed5-bd8f-05344e72b995","block_type":"box","text":"Global Principles | 4","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"296cdc81-51fb-4b29-ae59-44cb87d7196e","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b4ef8f4-367e-4f3e-aad4-95e65d8e33b2","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":218,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"c80f3968-4630-43ed-bde0-d4e751bc82c4","block_type":"box","text":"Oversight role of the board","page_number":218,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"d70b4706-3264-4c72-84c4-35e6de4e7e62","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":218,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"2e5e0160-a404-4f23-acc9-6fe2abe6f416","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":218,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"e59eb745-1fab-4fbb-be54-d295fe053d23","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":218,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"ef86ef5b-c317-4d0c-939f-df9a4bd25c2e","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":218,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"a6685c94-c98a-46d8-85e6-ffbbb2f4ee7f","block_type":"box","text":"long-term financial per formance.","page_number":218,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"ec4d9b89-847e-49f3-8018-95dd2261b524","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":218,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"026bdc63-8f1a-480d-bf5c-34b0e8aa57b4","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":218,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"143cd4b6-4c1f-4d72-9fc2-0a09e517c900","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":218,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"4ba14183-456f-42c1-9888-690249fc8d2b","block_type":"box","text":"the business environment in which a company is operating.","page_number":218,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"5cc0e1ff-a0a1-4ef5-915f-b39c2b957318","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":218,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"c5f85272-a993-4129-a6ce-93b71abd33ee","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":218,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"811802cc-1614-4380-89c6-bd9f07f3479a","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":218,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"667a17d9-79c4-4618-867c-b4b4d186bc59","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":218,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"27056bc2-2e23-4656-8f0a-b0d70bf321f9","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":218,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"5ec7a305-60f9-4f3e-b6b9-914cfb16eb6b","block_type":"box","text":"mitigating such risks.","page_number":218,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"c181abaa-1000-43ca-8058-044ecd4ae403","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":218,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"541fc1f3-3c4e-457f-8f76-752c33dab73e","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":218,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"c604adac-2f6a-43b2-84ca-507b96dfca57","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":218,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"3bfbe3f6-7c9d-41d5-b785-7dae073fdb07","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":218,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"e9d940bf-f819-4d07-9099-d9085505d510","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":218,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"4150e182-c23a-4916-b2f6-17e8703a3ab6","block_type":"box","text":"strategy.","page_number":218,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"0f54b636-750f-4143-be0a-1b32de4841c6","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":218,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"a28759e6-83f7-4444-91ad-2c52b7f95d6d","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":218,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"d6d0315d-464d-4e9d-a8f2-783ab4ca638c","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":218,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"b235643b-857f-4336-9d0b-af20f43807f4","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":218,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"36fdefe6-fa66-468b-8250-b77e96347231","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":218,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"111cc655-03aa-4606-a565-de4002b5e46f","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":218,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"8603d590-6a48-432c-b2a5-d8917fc38ccf","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":218,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"03164486-11fc-4f76-a144-0a0625817d81","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":218,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"b0c45a0a-ad8e-48ed-8d98-bdb13ac405cd","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":218,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"9963ef5a-1772-4efe-b595-9d036ed982ea","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":218,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"5c19a6d0-6792-4488-ad2a-dcb93a3d71b4","block_type":"box","text":"Regular accountability through director elections","page_number":218,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"5dcb7b75-c00c-4e0b-96df-c6404520725e","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":218,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"e7918cf5-a8e0-485f-a8c5-ab53569cb12f","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":218,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"67fff182-f64c-4429-ae22-f0b1fa3b3e0b","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":218,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"fd56d783-ebfc-4800-8958-29c5fc5e3595","block_type":"box","text":"5","page_number":218,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"4d0ed060-53c5-4318-ae99-9e55bea79f11","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":218,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"d424454a-f225-4f2d-ba7f-0e1bdffc3667","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":218,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"bdb5ccb1-2256-423b-8bcf-727a7163b6f9","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":218,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"227a9860-6485-49ff-b599-7848285364c1","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":218,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"fed66484-b2e0-4be8-a4f6-ed199f173bc2","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":218,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"55fc1eb2-1faa-4b7e-bb89-9b27a0f44861","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":218,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"52914af9-bae2-4321-8acf-b2870eb79220","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":218,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"0d980cfa-5d0f-4ecd-8a21-1ddcde3d104c","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":218,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"5277b4db-fb7e-4916-b592-78f9b1ec1d33","block_type":"box","text":"5","page_number":218,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"b6187a8e-8dc7-4dc2-a8b1-181a94f3af0a","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":218,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"4ec59d2e-c0d2-430c-be02-a10e44b2bb5c","block_type":"box","text":"market regulation or voluntary best practice.","page_number":218,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"35b2aa31-3a9d-4d23-892a-18da7d60cf46","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"532384d5-ece3-461c-974f-67392894f482","block_type":"box","text":"Global Principles | 5","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"08d3f640-6bc3-42c7-bc07-163294c66978","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89d43743-e1ae-412e-ac14-9cff9d414664","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":219,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"62b7c059-29c0-424e-9269-a8af769832ba","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":219,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"a3fa46b7-3eae-4bd7-8b20-cbb9250deb54","block_type":"box","text":"recently.","page_number":219,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"bd79e9f9-1a60-429e-ab58-514c7d55c358","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":219,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"160dabde-127b-46f0-b710-298adf60443d","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":219,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"2196fffb-cef2-4b88-8c44-695a60bf71e3","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":219,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"4e5fe69c-d7b6-474f-ac7d-80897a1d9ae1","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":219,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"25c179ef-7b69-4cd9-8d98-ef2252cb2449","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":219,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"665e0b4a-d9ca-42a5-9db0-a10f64e22e91","block_type":"box","text":"Director independence","page_number":219,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"a8d6dbcc-3802-43fd-9ccd-9fdafa7ca8a1","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":219,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"f9e50f20-1f0d-4301-8d57-673bfc6fe086","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":219,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"9a736cd2-7187-42db-a4e1-9cddea76b366","block_type":"box","text":"6","page_number":219,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"8492f9f7-d72b-4be0-85da-e0baa040f0a6","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":219,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"edbf56ba-84b5-43e3-a8ac-889073d4a73d","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":219,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"5121e667-9839-4797-9597-522cba350ce8","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":219,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"77a3cccc-87be-478e-900a-1a433ed1df57","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":219,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"874feb8f-b80e-4b46-995b-1a6d277160c2","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":219,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"40e8409a-9e66-43f0-b056-c0502ab08056","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"f663e1bc-1855-476f-a2d2-2dced9b1ddf0","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":219,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"45d2d6ab-8849-4b3e-befc-9482b41d85f8","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"32f0dbca-4845-46ed-a15b-7c6ef1df814b","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":219,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"998aef7e-7c9a-4a41-aa54-32ec8698fe04","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"fd146d0f-0b41-4ba1-81a6-c514681d1a6b","block_type":"box","text":"Interlocking directorates","page_number":219,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"6631f268-7a7a-4656-a663-e7fb9d3f3e3d","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"4fd3ed17-ea08-4303-88ff-92fac90a4962","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":219,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"7de6be26-96b1-4391-b8bd-e33949ed30fa","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":219,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"b59dd67c-73fb-4109-9495-3c19281ddd84","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":219,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"864803de-e49b-4379-9c66-02b059a8a831","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":219,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"01a5e040-4730-478b-bb60-a654a8d677ac","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":219,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"0be8d2ea-4915-4b89-a9c4-d7ed549309de","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":219,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"e3100912-f78e-47b3-9f9f-c969b650779f","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":219,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"23d3a62a-ca60-4493-9efb-25ff821efb89","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":219,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"b15d68e7-9487-4686-8297-7aa77cc6dbbc","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":219,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"bc9073f6-6b2a-4d0b-9123-ed56c2b3f33e","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":219,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"042cbb5c-9fd4-436c-8e09-5e5cd4039756","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":219,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"0a41e2a6-8812-46c2-8325-a5e70dd45c19","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":219,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"5e4372d9-9af2-4532-847e-511485973c1d","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":219,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"e694a167-8e0f-448c-83f8-a0d7260e93fe","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":219,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"13ef8aa7-967a-4530-a04c-81ed2b8d3d7c","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":219,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"6e3a8dc6-e5c3-48e8-a402-2a6db6ed3efe","block_type":"box","text":"Sufficient capacity","page_number":219,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"36ecd4d8-7b0f-4e84-91da-b43133296a5f","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":219,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"0c9042f9-3379-45ff-bcc3-5f18eca8b295","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":219,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"70bec794-159a-46b2-9db4-823930dafca0","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":219,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"56fe42f6-d4ad-483f-8e4c-f03152947292","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":219,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"4d65339a-36ac-4242-ae00-85747b4a1c03","block_type":"box","text":"Board composition","page_number":219,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"a8127d78-6280-453d-bb6b-2acf9774f930","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":219,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"1aa148b3-9996-4227-9e48-46ff2a2020a2","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":219,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"8f434673-2a5c-438a-9497-df99538c4c68","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":219,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"7662f403-4191-4250-b995-74c57dc9cfe3","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":219,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"d3030d9f-1e79-467b-9695-92944cae575f","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":219,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"d94e3c50-59f5-49aa-89cb-eab39b5ee6ef","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":219,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"a5b51911-2a2f-4d9d-be36-8214778deea3","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":219,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"88017144-b302-44af-ba7b-be3dd0024448","block_type":"box","text":"6","page_number":219,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"970e5f3d-3a1e-4538-b265-bbb75869621c","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":219,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"40663daf-1704-4830-897e-345ee3c57515","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":219,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"1498236b-7b0b-437c-9ab9-05f6733ded37","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"db9bd63f-a7ff-4ef9-99d0-1514cd6ca48c","block_type":"box","text":"Global Principles | 6","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f8d5bc8c-60d4-4783-94bf-d424fe432a31","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40b9d26d-64da-44ba-a41d-85ec3505b6e2","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":220,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"93d6e1d9-24b0-4c57-b8e4-c1291c30ec19","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":220,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"4c5fafc3-ad43-47ba-9077-19570751d20e","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":220,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"0bfc006c-5bba-4ed3-a34e-60d0b3566588","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":220,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"641b08b6-0747-4216-ba68-7e89edfed4b5","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":220,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"fa928a54-83f0-4538-aa22-3b7f8d6c0255","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":220,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"cc6f2c0f-6683-45a0-aeac-98aec9fef491","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":220,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"bd0dfd95-80d0-4747-b8d7-408b8eef6812","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":220,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"627a92a2-4933-4bde-bc03-3e9e687a0a4a","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":220,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"beb72283-061c-4abe-a882-921451ae43be","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":220,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"d504c311-9e3d-4145-9a6f-32d7c3e04326","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":220,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"a854e306-b084-4833-9968-aa706707d238","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":220,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"6c182872-e1d8-4581-8ddf-43b8a4dfbb28","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":220,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"2defbc53-d551-47aa-bcd6-ca98f0635bb7","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":220,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"345d5571-a245-4bbb-971d-d3fc89db2e61","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":220,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"b21815d6-cc2e-4b8c-9ad7-bbc187f73ef9","block_type":"box","text":"systems.","page_number":220,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"9d2a3207-6c63-4bf9-b5f6-41f2cc910f81","block_type":"box","text":"7","page_number":220,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"7d16bfa8-4cc9-4b71-ae4f-bfc3110fa437","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":220,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"918c66ac-7669-4b7a-a1c7-9234969bb0f3","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":220,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"b7dbbba6-76e4-4f6a-ae40-eca01f27619c","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":220,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"dbabbd92-9cd1-480a-834c-6c240eabeb47","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":220,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"ca05f9d8-310c-42ea-a86f-b599c52e53a9","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":220,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"1866bb82-68b4-4449-b07c-eada0c0ca699","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":220,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"0d66d8ae-5491-400c-8ec8-825b7535cbce","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":220,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"34d31637-514a-4fa7-b239-46166b9bca43","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":220,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"ba0a74c1-5416-44b3-9cdc-378789da362b","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":220,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"5de937b6-858a-4921-a208-c31ee47590e9","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":220,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"5e79ce35-b0c4-4aa6-ae12-5a40741d4c5f","block_type":"box","text":"or internal audit function.","page_number":220,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"ad323131-8620-4d6a-bc8a-ca3ef785e14e","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":220,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"aacd709b-f000-4b33-aee7-5c39f2bbde12","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":220,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"4ca20f35-d523-4594-8708-fe823493fecb","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":220,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"ea329759-6fc4-4735-9972-fdd6654889e8","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":220,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"f7df4933-dea8-4b06-914a-34c6311c7697","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":220,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"8fc982a7-0273-48eb-8ab1-bf4f34c877e1","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":220,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"fca8254c-102d-490a-bd28-c91c3e54238e","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":220,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"eeb0b35a-df1b-4bf8-aa8d-3950a4b175f4","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":220,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"51c5f6b2-8371-447b-88c8-0feb0501c0da","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":220,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"e878e66e-73bd-47f4-be6e-dad2a27a1139","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":220,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"32ebbf91-66d7-4b6f-90fa-2b8bd75afdb4","block_type":"box","text":"risk.","page_number":220,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"1ad21513-c92c-4b03-a1b6-d50095b15c94","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":220,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"c20908d4-f6cf-41c1-b0da-2f7ac39f19cb","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":220,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"fc74d9d3-cbfd-400e-90b7-dfbe15478187","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":220,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"fdef3eb6-5c27-4b38-a1d5-58c41fbe4898","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":220,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"1394eb33-82e9-44c1-9d79-27d4ca124ba1","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":220,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"25d2a4a5-9894-436e-817b-6ab0c8c9d831","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":220,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"aa1f937c-ee7a-4df2-ab5b-aa69378eee2e","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":220,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"a375aa68-482d-4e7f-ba7b-ffd7ee527739","block_type":"box","text":"7","page_number":220,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"e3cb02a1-bf60-4575-ab80-0e4b18550a4d","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":220,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"261fe798-5e7f-498c-8b7c-ef1edcb723c3","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":220,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"8eaa0286-c97b-4d81-a18c-0045a146234e","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":220,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"25efec08-19ab-4f8f-ac80-8dc4667b49b9","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":220,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"252c42e2-7353-4abb-ade6-794636b66888","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":220,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"3c15289f-8626-4734-b6db-8d34dbcb00d9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d201ab35-5709-44fc-9bcb-4fafc1ef1f96","block_type":"box","text":"Global Principles | 7","page_number":220,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"79657824-b998-4eca-9055-0d89c440fe53","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6af6298-368a-4853-abdc-7fb9fe6cd1b1","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":221,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"b39741e8-60c2-4cd3-99b2-81a9953c1712","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":221,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"0b3efed1-3bec-478d-b1dc-9fa1855371a3","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":221,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"03e57f62-cb29-4d7c-b015-6f06eb20ea29","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":221,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"3e8a0c6e-6f31-4050-802a-73a7ce622b39","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":221,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"ad78a5d4-0a44-4ba1-82e5-8a58fded2828","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":221,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"21f3808a-8bd8-4b00-8feb-e47eab835dec","block_type":"box","text":"minimizing costs to shareholders.","page_number":221,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"90ea392f-16de-48e8-82a5-73f6059d32fe","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":221,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"338c7a3c-b8db-441f-8f98-ba2c2a8dfe37","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":221,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"f8ef18dc-5183-4b5c-830b-9944b3ab2388","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":221,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"b8589a04-33dd-4793-aa44-8cfed2bfaf5d","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":221,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"1ec67290-e1ee-41f5-8d56-603c01de2a9a","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":221,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"e3f0ff55-1e61-4793-86a7-8f39edddaebb","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":221,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"cf55ad21-ac8f-4ff9-8e86-dc7b30a0fdca","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":221,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"95295ee6-9f6f-4237-8882-effb13beb831","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":221,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"0d828cdf-437c-4097-a163-51886be46f2a","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":221,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"279bf0e2-c73a-40d4-9a32-ac464346ea3a","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":221,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"f083ad67-96c3-41dd-b43a-a76ab6b17546","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":221,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"fb953055-4a51-4b9d-860d-f51aa92e7205","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":221,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"d3e63dd2-0aa9-494c-ba68-b6cb8b5f0e19","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":221,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"67c613de-3349-4647-92a1-4c3161ae6d1c","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":221,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"c3ba28a1-8964-4b65-b724-02c67065e004","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":221,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"4e0b8d63-8928-4d41-9e0d-1b2fe5810cd0","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":221,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"27f5fa9b-7f2b-4822-8888-64dc92c589eb","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":221,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"99abe129-1197-4ce8-ac00-24919a58b149","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":221,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"bf0d3e94-8658-4747-9d76-5b22e016121f","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":221,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"afe19b16-95fd-4a88-93df-52f32a41f049","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":221,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"2d6b81f3-abf8-48ee-afa6-c97e7349227a","block_type":"box","text":"ownership.","page_number":221,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"d5efa19d-459d-463c-9825-6e48fc23bb17","block_type":"box","text":"8","page_number":221,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"a9307f88-d6fa-44d8-b121-b17202847893","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":221,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"e7bf4b3f-215f-40ce-90ed-648430b281df","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":221,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"b20d152d-2de0-4396-a3a7-9a69e76fe3de","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":221,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"6c5fd2c2-434e-4c1e-b0e5-1eef67a9e281","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":221,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"562504ed-35dc-473a-af43-f4a84488848f","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":221,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"3c5428ad-a0f9-4f13-bae9-487c33f48aca","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":221,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"c89a4340-36fe-4249-95b5-3c38913b96c3","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":221,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"a78371eb-1b23-4d50-b670-2b7b9194c6c1","block_type":"box","text":"results over a period of years.","page_number":221,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"e1356c89-88a9-4c77-b939-f0976de7545e","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":221,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"4f772a2a-26a9-4b85-b122-6c6e2be9411b","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":221,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"9c372ae9-8a31-46d2-b146-37d13f64ad69","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":221,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"cf9ac5f5-9459-4d16-931d-3d8ce751ecf4","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":221,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"c616f9fb-fe5e-4640-aac0-01387b63ccaf","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":221,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"a8cb6266-8fe4-458e-b270-86a2b686df4a","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":221,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"a91f77b8-3e76-4ad6-bb07-d392b1c6db84","block_type":"box","text":"executive compensation strategies.","page_number":221,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"569aaa0e-3600-463b-a473-14538051802a","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":221,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"9b831586-ae2d-4f10-b4ea-999fcd5677e2","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":221,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"fd43b003-9e18-4f5f-9147-f232ca15faf4","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":221,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"9c896e52-0773-443d-8c4a-3b3c9ee40a6b","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":221,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"6e5fa05a-81ae-4c3e-976b-743dc96cec89","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":221,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"0d95c174-6624-4a43-a452-fd2b4a66470a","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":221,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"c994bae8-4f72-4054-9d71-a1811526b91a","block_type":"box","text":"8","page_number":221,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"00cb15bb-d7c1-42ed-9af5-e4f09b264ee8","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":221,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"0d9de251-a0b0-4104-bb90-63d5dd06f354","block_type":"box","text":"different markets.","page_number":221,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"8526028f-63b1-419b-9169-01cfd1d107b8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e78bacad-3ae8-4433-b0be-64d80b043429","block_type":"box","text":"Global Principles | 8","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"bf1811a1-8111-4071-b14f-945012ee4317","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7cad0ef-d7da-441c-87c4-94136672bfa4","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":222,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"5cefd393-f307-45a7-9297-b9c2cddf94bb","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":222,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"6233f206-6b40-414a-8f85-ef6be848ad5c","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":222,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"40c6e76e-87da-4cc5-96d2-aa2d1a7f473d","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":222,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"8939ff26-7b6a-4ab6-b25e-f9e082ee4bae","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":222,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"e33eb334-7b93-4f85-bacb-c03a73625a52","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":222,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"9568d7fa-8189-4231-85e1-67c331cf620d","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":222,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"99042f04-3566-4e1e-a382-4d4b36f37ff2","block_type":"box","text":"whom they are charged with overseeing.","page_number":222,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"103e58bc-c5b2-4e5e-aa58-99a287ad934e","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":222,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"b89bc9fa-47f3-496b-a01a-cc12df702cde","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":222,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"0abc4241-dcdc-4bf5-872d-506ec46706f1","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":222,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"02deeef6-f98c-409b-bedf-6aeb4be9bfc7","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":222,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"2d122983-4db2-47d6-aa39-3a9e875295f3","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":222,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"ecb3cdf5-e80c-4c53-aabc-0cf0f034a5db","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":222,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"27e0be27-cbc8-4392-80a1-7112691d2120","block_type":"box","text":"structures.","page_number":222,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"fe8303a1-87ab-4c79-ad2d-9ca278977352","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":222,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"7c3017fd-8c4b-418a-b25a-315d6481fadd","block_type":"box","text":"Corporate form","page_number":222,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"7b523778-0ed0-48bc-aac7-a57804a0791f","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":222,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"c7a229d2-4cc5-4e6e-b9b0-cb3177f94e96","block_type":"box","text":"the company’s purpose and business model.","page_number":222,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"0431d937-a551-4609-b84c-938e652133e9","block_type":"box","text":"9","page_number":222,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"fbddac9a-dca3-49bb-afa2-b0c1e016b4c7","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":222,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"9edb388a-9556-4b03-a7a2-68e08c6fd24e","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":222,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"ccaefce0-fe59-4b9f-b1ee-9d45707d5894","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":222,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"66b14a5b-4651-4e52-bbf8-54bbc99ec692","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":222,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"7eb4f669-38c3-4367-95de-49cc6ad2eb2d","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":222,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"396dc8d8-0c53-4242-88ca-6afaf51dff4b","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":222,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"e60ad90c-7a5d-44ea-9482-2ab06afff4d1","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":222,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"94ceb82c-3454-43f8-b356-564980ba01db","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":222,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"52a183ee-45ca-46da-b963-f692fbc73544","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":222,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"215639b2-50ee-4247-a7ea-abc7ad5476c9","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":222,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"83536b9f-7619-46fe-9ada-efc47fe07c91","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":222,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"12560ab2-896e-4ffe-ac35-c7b4b45b4c9f","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":222,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"a2caf7b6-47d3-4688-813d-29fce3f6ae2c","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":222,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"8e0495e4-d115-4981-9878-70e85eeacbc6","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":222,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"2f966654-f319-4d71-8c08-b37c8d7d99cc","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":222,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"369eee59-b684-4846-b1ef-2462f89ca0a7","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":222,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"9623a0e4-af44-4aee-b6f5-7b6de8a54d13","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":222,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"c79e33dd-586a-4863-8d49-fb8429b28f2e","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":222,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"6f0887fd-581b-4e3d-beed-7e751d287678","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":222,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"09d5de44-4371-4ca8-9468-fa6e9e1ac6c5","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":222,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"91789d5f-b39b-4a1d-8701-2e82d0a09f62","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":222,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"d10a3036-918e-493a-bf5d-90af33112828","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":222,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"1a7127d3-5c0a-4e21-9867-e4311924855f","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":222,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"aa4e1af9-252f-4648-8de4-2c94a6845b32","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":222,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"74925ab0-bcea-4801-86a4-d14071fa2745","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":222,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"0570b0df-7e5c-4099-84d9-4a6b2869740a","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":222,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"c0998725-fc42-43e1-979b-bee57076a922","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":222,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"ed3a79eb-06ba-40a7-8a86-24db85eed10a","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":222,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"b8f3b30c-658e-4e9a-8e37-4aff786e659e","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":222,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"465c91ae-a145-46b4-94ed-b8ca527c6d33","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":222,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"c8a17536-b875-4762-a60e-0cdeb895a0da","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":222,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"330bc5a5-3e07-448d-8938-0c060542330c","block_type":"box","text":"9","page_number":222,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"9cd0945a-f557-4670-9d41-0d6dc54e09da","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":222,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"a5daa425-9948-4a54-b52b-13e89715e196","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"346d0583-b0f6-4d2b-a991-309f6cb71fc7","block_type":"box","text":"Global Principles | 9","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"7a6bf93f-14cc-404d-9625-491bfdc79ba8","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45ac84b7-f11b-4e1f-abdb-3106e589d950","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":223,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"b186ac97-1bab-4158-bf55-2357affce547","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":223,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"76b9601a-20c7-45ad-aeef-ebe1da82274c","block_type":"box","text":"long-term financial interests.","page_number":223,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"09c4c19d-4f7c-42a8-91c2-3789d9b4bb25","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":223,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"03336f48-01d5-405c-b557-78c3e9dd2b89","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":223,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"fef91105-1ba0-47e3-8048-1712ffabb377","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":223,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"bf82c317-b911-4598-8e82-8d22ce71e6fa","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":223,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"5c08e4c5-7d65-460b-bbdc-3fbb626cd8a4","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":223,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"173a658d-c2e8-4011-a6ca-fc3ad538d5fb","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":223,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"b7c60cdc-c53b-4869-b6a4-51cb3faa81a7","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":223,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"2d871b14-7eb1-4538-9116-450964d60e56","block_type":"box","text":"term financial value creation.","page_number":223,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"795e244e-10c4-4c18-acd0-a8cb2c45a82e","block_type":"box","text":"10","page_number":223,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"df8d1402-ea0a-4bdb-931e-afd7d269e3e4","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":223,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"162ab17e-ddbf-4a65-9611-91d274a87bc7","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":223,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"9b067a24-53f9-462d-bea0-fcdf304f92bc","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":223,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"1409d203-a144-4fe2-a9a3-95f894b9e500","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":223,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"662df26c-0e2e-4979-818e-668d927de44d","block_type":"box","text":"industry-specific metrics.","page_number":223,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"5aa3823a-8f6f-4a76-9a93-32ec44772270","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":223,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"5f22504c-c553-4a0d-8418-717e4c0c78b3","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":223,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"17e9adb3-c71f-4b3c-9175-504293d8e8cf","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":223,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"ff85eb11-53db-4a3a-9f73-02e34cec9b81","block_type":"box","text":"11","page_number":223,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"45e92de6-426e-47f9-ac4f-ce17529b97ca","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":223,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"f3f95c40-e734-45a8-ac4d-cb739f70ba78","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":223,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"da8bfdea-02ee-4338-85f6-c65aba222e1b","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":223,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"2841220c-370a-43f1-b22d-cc16551bad78","block_type":"box","text":"specific.","page_number":223,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"a5203e1a-5b04-47bd-9e5e-0aa76e0235c5","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":223,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"94cc8742-a236-4b43-89dc-5beea549d7d6","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":223,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"1152482f-be1f-4d44-b6be-435f865e7c07","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":223,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"dd319024-debc-4380-8c29-e3142db21667","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":223,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"9299078b-4cb2-4ab5-a0a5-7343bcab7756","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":223,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"4809fb3c-7f0d-4695-a82c-b23fb117118c","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":223,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"d4641163-7b47-49a3-9037-560b340880d9","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":223,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"08b9dd2c-1181-419e-b759-e173e7545b58","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":223,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"9d281457-ce6a-4c44-b993-4b98849c9958","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":223,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"fc9c037e-dffb-43f5-aa87-57efc1d573ed","block_type":"box","text":"10","page_number":223,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"b8a8f176-142d-4d11-a092-f71c9eea2f73","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":223,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"9c71af6f-0970-49fa-8b9c-14ac69049248","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":223,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"26e6356d-374e-464b-892e-278787b0ff1a","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":223,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"fd339557-a131-47a1-ac0e-1d20f3ea4d50","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":223,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"bd3a2810-31a4-4b84-b4f1-f8cd7432f9aa","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":223,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"05e19b11-5bf3-4d98-89de-79351b93725c","block_type":"box","text":"11","page_number":223,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"bc1aa26a-09ba-4f28-a159-7639a2904c37","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":223,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"d56dcadc-0ad2-4b29-9f9e-717df0b2b5af","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":223,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"53c73b94-2840-4f95-a18a-c9496b219019","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":223,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"c5656e22-8ffc-4b34-942f-7b70390984c7","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":223,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"22afaa71-b8c9-4bf9-8c84-89f36f7487ef","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":223,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"ecc40de9-1b04-47a6-99ed-d1c574ca4411","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":223,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"e0f20127-160b-4f5f-b65a-9b2e5f0ef882","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6364f99a-6c18-4c02-909c-0bdcde979d14","block_type":"box","text":"Global Principles | 10","page_number":223,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"98d8e21b-b580-4574-b4e0-cb057de31870","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"106c9fb3-bcd1-452c-bb41-d2192e3007dd","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":224,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"5d1e0852-2d12-4419-99f1-0c0deb94f78c","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":224,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"96e98622-ef9e-4bdc-98ab-8e07346512d4","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":224,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"1a235c2b-4b21-4165-b6b4-7d7d7405ce2d","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":224,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"bdd1bffe-75ae-45d5-a984-ae3b9e5402f9","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":224,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"aa7ffe6f-1db4-49b6-85d1-b88dca8554e7","block_type":"box","text":"12, 13","page_number":224,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"1594bc56-20cd-4527-be40-02dbcbbe0b03","block_type":"box","text":"From company disclosures and","page_number":224,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"cf63c608-fc46-4326-abaf-3cdc29087a48","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":224,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"18ff8d56-b56e-4b4a-bb17-15bf913c1463","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":224,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"a754eed2-d3c7-47cf-8edf-bc70783504ab","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":224,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"10a7f184-8a77-4240-b646-505a020d7206","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":224,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"6d93f69c-8a85-40df-ac18-1b78d6208f5c","block_type":"box","text":"viewed as best practice in the market.","page_number":224,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"0a1da3a8-36c0-4348-b049-42e092f41402","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":224,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"b02e8468-4d07-4b1a-8df3-89707ace76a9","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":224,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"3e9e717f-8cc2-4a1d-a5af-901db1081f79","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":224,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"766a4dcb-efe8-4cc2-bbdb-a82359109a86","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":224,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"6f025726-0048-4796-94e0-cf951e8b7964","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":224,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"2c85cddf-8c02-42c9-a737-07139f50a278","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":224,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"e1e2851f-50d1-46c7-a1de-cbedb9e317d9","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":224,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"b8b1499e-b426-4262-bf63-1f3ad2d4ae22","block_type":"box","text":"interests of their investors.","page_number":224,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"c1dd5e4d-00c7-4144-8c34-bb75ab52a358","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":224,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"1a406c77-b948-46f7-9e36-c4dcf60a6680","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":224,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"25aab8af-dc3a-487e-baea-ef6fa1df5195","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":224,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"f4c90751-0747-41d6-b2f2-0895b93ee4f7","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":224,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"1b0eaa91-9757-4f01-aca4-7cf75a8c2c73","block_type":"box","text":"good-faith basis as methodology develops.","page_number":224,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"92573abf-422e-46f3-8f78-d80e89b4317c","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":224,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"7d5caa79-c4c1-47f8-ac33-fb1582460c2b","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":224,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"3193c829-8ef1-4766-ade0-629ed2cd65b5","block_type":"box","text":"generate long-term financial returns.","page_number":224,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"d0e88c5a-4db7-4a3b-8bf1-31c6961c4866","block_type":"box","text":"14","page_number":224,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"9b8ff133-3df7-40a9-b173-8ba19fb8b1af","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":224,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"472dcf48-98f8-433e-9340-c66ac482d90c","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":224,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"fc404899-8e64-427d-9b25-8d899eccaf4f","block_type":"box","text":"15","page_number":224,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"479b6e83-1e57-4ad8-a97b-0be9216d4897","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":224,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"a8c5c9a1-f84c-4f50-9f8a-09338a15fad3","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":224,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"02056cea-1f9d-49a8-9e31-3dc944d3447f","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":224,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"d372767d-6199-4d3f-8527-4b9f8e5d2329","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":224,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"743f3c8a-e2d3-48a1-8fe6-89ace5bd3805","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":224,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"8cdb5495-ce05-4dcd-8bc7-0ad973e4e804","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":224,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"8ce5d38c-661e-4882-9e95-60b7928d5278","block_type":"box","text":"12","page_number":224,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"08a1a620-398b-404e-96ce-61ef138c9b43","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":224,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"f0ed0175-556d-4fd6-9e91-ad8d7a40c66d","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":224,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"3fce0ef1-31cc-467d-aa39-7c5c6c890eda","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":224,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"f40a2114-20c0-4cee-9d5f-a054de5756fb","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":224,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"508a4bad-a979-4a60-b385-e8ab4cd12089","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":224,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"70dffaa8-0a69-4762-9ed1-d818b56f0f32","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":224,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"86089c1f-85ff-4c1f-bee8-1df919fd2ac6","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":224,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"f18b4d34-956b-4d4d-bb72-0daf48180a1f","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":224,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"152c8616-9b82-4263-8407-e88972fb1754","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":224,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"4bba8753-7f61-454e-9c15-13f600c2d93c","block_type":"box","text":"13","page_number":224,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"b2d4432f-b4ad-4e9d-bda7-9296b304b88b","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":224,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"e2187aca-2491-401f-97d5-9ba85829bc6e","block_type":"box","text":"2025.","page_number":224,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"eb53fe72-1f75-452e-acdd-564a2d526f77","block_type":"box","text":"14","page_number":224,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"d2afaa69-2896-4476-af21-35d762b79562","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":224,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"e4a1550d-6fd8-43b8-b46b-4fd794853d71","block_type":"box","text":"2025.","page_number":224,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"27aa671b-aeb6-43cc-b0a8-7a456a36829e","block_type":"box","text":"15","page_number":224,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"5955dd2f-168f-44cb-b935-cc8e0b160eac","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":224,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"ca871518-b0c8-4c51-a49a-13d617520b6c","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":224,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"e19bed30-5828-48db-bddf-32169c689236","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":224,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"b0888fc6-12aa-454e-85ff-676600a5c71f","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":224,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"99b935f2-d58b-4358-8eee-f82ebc1a732a","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":224,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"2e05e9fd-e7d3-4646-b7af-19a12d5c235c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"dd9b7bd3-7093-4d17-86f4-9e25baa0315e","block_type":"box","text":"Global Principles | 11","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"055ddb41-52c3-4e49-bfb9-fded4926a4de","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0d5d2f4-803d-42a0-829b-fe37140aaa86","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":225,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"7bd8a95b-4245-4d17-a87d-4287c5de401e","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":225,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"46ed2942-c1a5-4781-afce-5095e33ea85f","block_type":"box","text":"16","page_number":225,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"5c02378b-7a65-4c89-9d14-8fc055a0c6aa","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":225,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"2f56b68b-1a0f-42f4-ae9c-d5116ff78257","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":225,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"932d7727-b54b-4d5c-8c80-5677bab04de8","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":225,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"ce1387b6-3679-4a1e-84c6-6966fe90f523","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":225,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"7b1a0dc7-d6fd-4a46-9647-681f6995855f","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":225,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"e1993184-4484-45ba-832f-84f032aaa762","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":225,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"772b5b65-3095-4400-a036-095a41a61629","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":225,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"7724712e-b62f-497a-b3bf-19b1ab64bf36","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":225,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"7693f73a-3962-4fb6-b68d-155be0b616c1","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":225,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"e0594a89-9d00-4509-a0cc-5ce8bb91db90","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":225,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"3d496c52-4e5f-4121-a5ca-f9b193ab0d00","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":225,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"380fc550-218a-44ab-9e8b-53d1f629528e","block_type":"box","text":"impacts.","page_number":225,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"18b5dd5a-2c28-49e7-8f0c-8f0b574b2685","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":225,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"d0db2e15-e716-419f-920e-a339cf6a1d85","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":225,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"59b10f10-7be6-40c8-a101-347e13ad2138","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":225,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"684421ee-2789-4abe-b202-4795ba0c0a41","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":225,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"4c5e0d21-103a-4922-9071-5b4c922bb970","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":225,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"b1961fe1-ac8c-46a0-9723-b49ad2c9aadd","block_type":"box","text":"clients at the global and regional level.","page_number":225,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"6104def5-aec4-4f27-8d2a-f11b7cac5ca4","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":225,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"390e71a9-44b5-45e7-807a-abb5b1832078","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":225,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"70b06e31-89e3-452d-af66-ed9a6782703b","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":225,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"bf7bcbe9-b32b-4ad1-a9b5-512b613712df","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":225,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"e4a307a3-43d8-4751-8867-3e941a478310","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":225,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"2b795ad4-fad7-450f-992d-07e24ca06023","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":225,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"5dce0622-37c3-4a62-9d80-3dddf4078e71","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":225,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"6b94430b-d9d4-4b10-a1e4-a39d398f2050","block_type":"box","text":"are independent from the investment stewardship function.","page_number":225,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"7e1f09a6-1c89-4df6-8e86-a890b118ee78","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":225,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"11aeebf2-8c9b-456f-a5f2-1509cbcae31d","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":225,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"98fb776c-55af-4ece-b710-bd3639dd0200","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":225,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"2514f3fb-8292-469f-9804-5e29777e8098","block_type":"box","text":"VOTE EXECUTION","page_number":225,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"dbfce36b-eab4-4e90-baa4-424efea95b23","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":225,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"f9fbf15b-ecfd-4331-8b59-9a3842c4472a","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":225,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"1440477b-331e-4485-95e4-70ad728e8a6c","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":225,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"4395ee6c-a59f-41b3-bf9a-a376f21a2c87","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":225,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"c0cd1cb9-9526-4103-9f54-42e64dff9672","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":225,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"39060ba7-9db5-4715-afef-2a95e2c953fd","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":225,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"fb0e372a-abc4-4703-acfc-f3d37ab0fc4e","block_type":"box","text":"management policies and procedures,” below).","page_number":225,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"7c5dbfe3-506e-4172-8131-03142f83ac63","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":225,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"d86445e1-48f2-43c9-af60-02dcaf7711fe","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":225,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"ca19730f-7429-4ee8-9811-e1f25e7807d1","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":225,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"b5f05539-1246-453a-a428-6d22ffb30ecf","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":225,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"fe42187d-9353-4230-a3be-bb82cc2ee2ea","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":225,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"600cc82b-7b23-483e-8ecb-7b02c6cfd9ed","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":225,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"5e6b8f13-e413-4bd3-8e57-c49569a7b209","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":225,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"d497a5c0-296e-4dcf-98ff-75a9e66ce99f","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":225,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"c74b9b63-b964-421f-bc88-b295c0f30d83","block_type":"box","text":"16","page_number":225,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"139caeba-3ab7-477c-955e-e01974875ada","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":225,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"ea9d8368-1e3b-4fde-b293-4d7a297910f4","block_type":"box","text":"December 2025.","page_number":225,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"7a8b3962-6a48-4d1a-8da4-4b054289052e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a19099a5-6ec5-44f1-8ab1-4373842e8ac0","block_type":"box","text":"Global Principles | 12","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"aca06dc1-7b90-494e-a48e-56604fe4cba9","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4145b829-8464-4b61-b561-8496c1083fc4","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":226,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"0852d56e-663d-4f86-906c-81821e86296a","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":226,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"3f73f495-1ed9-42b4-8d3b-d5722a6094ce","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":226,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"8c7932ea-d5ec-4318-8804-c0797ab4a13f","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":226,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"ebbb81a2-d149-4ce5-b11e-d6150b2ab931","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":226,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"b6eb6236-e983-4cf8-ada8-9c47f4d594e1","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":226,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"6da3f394-eff4-466d-bfdc-c9b81696e695","block_type":"box","text":"enterprise-level vendor management activities.","page_number":226,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"42dd2847-796c-41b4-8611-9fb3a95b7f13","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":226,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"8fc7fe1a-32dd-4485-bee1-e7f740c951af","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":226,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"354a2e54-8eda-40e3-aba9-e483852ff8c4","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":226,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"ff1a5fd7-53f1-4190-9b7a-4fb24d360436","block_type":"box","text":"BlackRock employees.","page_number":226,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"b3f4c6e5-308e-4f57-a382-68fef7594aa7","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":226,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"6275f145-7ee6-48b3-b668-633bfd1d7ecc","block_type":"box","text":"SECURITIES LENDING","page_number":226,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"f277364a-4910-4e8a-88a0-869b6de8de7b","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":226,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"16b667e2-f264-4690-8563-ef674e2c8a8a","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":226,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"7b45331c-86e2-4100-8b89-4e04641e7387","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":226,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"6190cd4f-6a52-4ba7-9014-39b00763b5c9","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":226,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"21075176-c566-46e7-8ed8-61cb870f8652","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":226,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"bfa9ff2c-4b54-4555-af08-6e198efdc569","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":226,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"55499320-e188-430b-9436-546c66fb5fc1","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":226,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"b3ed6f12-dc96-4670-a9db-22a3a18005bd","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":226,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"6dfe17e7-0574-4e14-beaa-39df6eca35fc","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":226,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"f08fea85-aca4-4865-9a39-5b4c257af6e9","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":226,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"8a9ef950-0762-4afe-bc01-7ad5805813fa","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":226,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"7dd426e7-7314-4aa6-8c0b-bfeab3d7876a","block_type":"box","text":"of recall consideration).","page_number":226,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"5b2fa9c8-088d-44c8-8b8a-dac16afa2b70","block_type":"box","text":"17","page_number":226,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"252983aa-f4e5-4e30-bd35-f6ac25c50641","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":226,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"d8cb6a2a-718b-4e5a-9a58-e5ee0ccf162c","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":226,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"a4c86fbe-fa4d-4a89-aa10-75f48f84cc06","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":226,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"5fdc7770-be63-497d-96c4-ef2b2c08e3bd","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":226,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"7ed0a7da-c3d5-4c40-84c9-84d8dbd202c1","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":226,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"92ecf125-1376-4221-ad51-11e0808a4855","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":226,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"adf52ef6-9740-4d69-a15e-d8009dc50c2e","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":226,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"b5e727a9-1be8-47df-bf91-3f4395b9c866","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":226,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"0ff2d9b5-0de6-45f4-b9c2-63fb9bf31bc0","block_type":"box","text":"and may modify it as necessary.","page_number":226,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"1692d6dc-d9c7-414b-9201-80ff01ab4723","block_type":"box","text":"VOTING CHOICE","page_number":226,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"cc180113-5e3d-4fcb-8ca2-aae0717d7604","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":226,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"6eb51d51-bf0c-4c12-8dd6-abdaaef964a6","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":226,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"b9a47491-f17b-47ad-ad84-2b85f5ce1a65","block_type":"box","text":"18","page_number":226,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"4dc17bbf-4bf2-4bc1-9f2f-3360d46b86e3","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":226,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"50738730-71ab-433c-91a7-032f4aee084b","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":226,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"62dd4348-db94-456d-b802-67a18d4ee516","block_type":"box","text":"17","page_number":226,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"a2b7ec7a-7a09-4d63-8dad-a1597bbc84ab","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":226,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"2c6a9847-f89a-4f5b-87de-1212a32a2973","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":226,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"3bd07377-909b-4f63-8141-0fe65e9d577b","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":226,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"ff493726-fd5a-435b-8db5-81d4e0cdbe07","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":226,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"9f7393e5-a42b-4554-b679-b6f23791e162","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":226,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"5cabc8f8-deea-4ec9-bd2f-ad8dbfe7c097","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":226,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"43a5f552-2fe4-46bb-9f2c-ed1de82c8ab6","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":226,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"933fadac-f516-4d7e-9c9e-40764393b29a","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":226,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"6586f67e-6df2-4b48-9eaa-57abfc6e4748","block_type":"box","text":"18","page_number":226,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"47d8d0ac-e0bc-4da6-a380-22fca60eb7fa","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":226,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"8cc12aaf-cf25-4c75-b4dd-d490054bdfae","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":226,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"ddfd04b3-8728-4741-869d-dba9028d7f94","block_type":"box","text":"including the decision to lend securities.","page_number":226,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"5b02cc55-10ed-488e-9786-b5736c441b3c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"25ba8165-e500-4789-9642-cb287c4c6c5c","block_type":"box","text":"Global Principles | 13","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"bb899108-365e-4ed5-85a8-af3ef50cbdea","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1475c17-b853-455f-b87f-cbe224eaeb60","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":227,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"f0402e79-cf01-4cc7-a653-d43ca0394920","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":227,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"fa828012-81a1-4561-bf2e-73883628a800","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":227,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"2449cb28-b6a2-4ab5-817e-53e09bca2b18","block_type":"box","text":"19","page_number":227,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"312cc491-65f4-4cb3-a3aa-28425b60f4b9","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":227,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"2c62ee0a-85b4-4745-af78-8ab223a83e31","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":227,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"ced8f189-2108-4e9e-b010-486b15eeda83","block_type":"box","text":"20","page_number":227,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"182c1b87-1d14-4876-a569-1fe8d8d6e785","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":227,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"21ab38a9-6b12-4ca8-84bd-4105be482fe6","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":227,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"c7fd76cf-03e6-47c0-b99d-5f896d980fcf","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":227,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"ee51141a-b45d-48f5-9a3f-5002b8e1fe4f","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":227,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"b86d0599-8866-47ad-a337-0d5ac898e2d2","block_type":"box","text":"21","page_number":227,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"9b07b774-25d8-4eee-9699-8c59dddfa56f","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":227,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"eee2b818-5133-44c8-9862-421a11f9f9fc","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":227,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"60010597-5a9c-46bb-a37b-0155125358df","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":227,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"19a8ee34-46cd-4eae-a3df-25c59cdbfe9e","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":227,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"30340c68-afc7-4a16-b8de-dba14dc8727d","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":227,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"3c1a2421-c949-4a34-8e94-b9117fca9724","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":227,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"d960c428-0c6b-42e3-a6c4-98777282ea85","block_type":"box","text":"19","page_number":227,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"06bd6f57-f989-4a1c-8d6d-af396afa21be","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":227,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"be8f9e8e-f7f2-4bb6-b903-fc93f32bf1c4","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. 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Fur ther, the Guidelines consider the","page_number":233,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"e3325157-c4b5-4b61-90b6-4ec6199ed4d7","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":233,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"a5120be1-3b33-4fd2-9601-a0f4b5605a48","block_type":"box","text":"does not.","page_number":233,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"bbe51ba6-fdb3-489f-9d5f-bf02120c599e","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"8dbd74a5-338e-4a49-8d83-ea7c7807d49f","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":233,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"4997ad67-5b6b-4330-bfce-afe84790607d","block_type":"box","text":"limitations:","page_number":233,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"71dfd59c-d895-4e34-b01d-a99acc33ced4","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":233,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"49a4e9d3-58c2-4aaf-939e-01722c10e5e6","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":233,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"09dcd964-5899-4dbe-8164-af9ea0794ccc","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":233,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"40e6de77-6a6a-4587-b3d8-555e8485ea53","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"ebb2d02b-6167-45a3-afea-27bdb996f949","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":233,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"120b6e6b-af76-4eb0-a5e4-a64f2470d7f5","block_type":"box","text":"The boards and executive leadership","page_number":233,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"cfd56e57-7622-4fce-aaf6-fdcb8011dd48","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":233,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"aceba274-753e-45e3-b5db-9382c74635ee","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":233,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"6c93335d-c773-4065-93d8-76c3b083a6fb","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":233,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"1a7f1152-5794-427f-8f3e-51d92e062664","block_type":"box","text":"Voting approach under the Guidelines","page_number":233,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"102b18b2-c4d3-45ff-8723-c3d4e4d51ad9","block_type":"box","text":"12","page_number":233,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"cdb3f1de-7bb3-4216-88fc-96a8f7229f97","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":233,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"697f5e48-2c5c-400c-b6cd-a86f0972e3d0","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":233,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"73b91f84-7510-4e46-97ad-3a8c98ff23a5","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":233,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"e7ffb86d-216b-47ce-a8c0-46075f68f4bc","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":233,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"e1157a9a-fb24-420f-aa95-8bd0e6adea08","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":233,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"0090f750-039f-495f-8063-f1cbac38cac5","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":233,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"464206d7-f70d-436b-badd-22540fd9b88a","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":233,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"5434e478-2aff-4b5a-a953-0ba04b788aa2","block_type":"box","text":"Corporate Disclosures","page_number":233,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"1b5ac239-3515-4594-b13d-00601195b368","block_type":"box","text":"13","page_number":233,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"6221b9c1-5bd3-4cbd-be6d-4c5b39592aed","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":233,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"b7b2a726-f7f4-43ce-8313-ad6ca5c99d8c","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":233,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"c704e9e3-36ac-4298-98c9-d3511f386ae9","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":233,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"5252a423-d993-421d-86f6-671105e95dd0","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":233,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"1f0b0ca2-35ef-416d-a549-6fc2d790d05a","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":233,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"8f0cb85e-f4da-4339-ab70-02cb1195b96c","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":233,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"ad37c71e-89d9-4c1e-8233-4805fb988a43","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":233,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"ee5d333e-e8ca-4162-b12a-8a583d856873","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":233,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"9f10428b-ea2c-4ca8-9ff2-9b3fecde5023","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":233,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"64e7985e-3468-47f3-bf7a-3839eda6269a","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":233,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"0aa0277f-b73a-459f-bde4-b667248507d8","block_type":"box","text":"14, 15","page_number":233,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"80d39360-692a-47dd-8f91-6e40622801ee","block_type":"box","text":"IFRS","page_number":233,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"c5efb1f4-351b-41f6-9622-df2798b49d07","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":233,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"1ab22767-3c02-4a8d-8ce2-b76fbef07599","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":233,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"3cdc35bb-8476-45f5-913e-b6106a47ed82","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":233,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"c58173f3-5c9e-4cb7-8e23-ce7de64af9e7","block_type":"box","text":"and assurance standards are developed.","page_number":233,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"d34a12f8-ef4e-4c56-a3c2-1b682baa4b29","block_type":"box","text":"12","page_number":233,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"8948355b-e911-4ea6-9718-1a8ed5abb8e6","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":233,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"5d314c47-88f0-4fd9-9872-f67c267439cb","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":233,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"515e478d-f71c-40a2-b511-8a3f8f13961c","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":233,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"3f164b58-226f-4cea-bb1f-c62ed84fd861","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":233,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"605ac186-918e-4e94-b928-d07040d0ec47","block_type":"box","text":"13","page_number":233,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"d07f5344-45bb-4268-b293-323c96c13122","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":233,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"de2649e6-b6da-4d3a-9ebe-3d8ba747b5da","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":233,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"3648b369-b5a3-415a-a6fc-f0570ae651f3","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":233,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"eba0aed2-589d-4576-8ac1-1f00cc9bc227","block_type":"box","text":"14","page_number":233,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"5e0c3d93-1654-425e-a30e-e4bbe13c46e4","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":233,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"40d5abce-7057-40b0-970f-ad61fad86ede","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":233,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"bc9dc292-efeb-43db-b4b6-1b633e3e64a2","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":233,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"fde9e571-7b17-4235-8c74-7b3e445ecc1a","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":233,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"c22cd689-34de-4015-8d48-a235422056c0","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":233,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"6b99678c-e967-4e7d-8bf2-3b98e00ad517","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":233,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"69c4b359-e4d5-4e1c-942a-06e48b9baa62","block_type":"box","text":"15","page_number":233,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"587c8892-1f4c-4089-b5a2-f6e53ead6c7e","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":233,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"46f1178a-b1c0-4491-aa54-5255599d1c62","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":233,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"c440c650-800c-4a43-95b0-23d6eb8b7463","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":233,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"3c0205b7-2b38-4367-a5e1-6b6408b81441","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":233,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"6ece8805-3e4d-4665-9dd8-5169dc05fe15","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":233,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"375d1905-ff04-4d96-936a-885f00935f9d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"44dd8a33-7007-4364-acb3-1149aece37fc","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":233,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"e3e26929-9386-44fe-b45b-696627cb5773","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fed1147-72d3-4f76-b598-f22de247e6ca","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":234,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"1647f222-c647-4ce1-a323-be2d56bb739e","block_type":"box","text":"16, 17","page_number":234,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"f0cb6ba8-2833-47e4-8699-a50792c8931d","block_type":"box","text":"In addition, the dedicated team looks to","page_number":234,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"a7cb74b4-e519-491d-854e-efd5620a8347","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":234,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"6eb658f5-62a4-453a-9b25-b2a02a09f4c6","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":234,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"f4ec8f21-ad63-4234-8ce6-3a0b8527baae","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":234,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"e56ddb86-bb4a-467c-af28-58fce584d7bf","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":234,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"726800d4-8ab8-461e-a44c-57820806a2e7","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":234,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"e9a3bc3c-b8cd-4767-b1e7-4a45329b1ac1","block_type":"box","text":"18","page_number":234,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"9ff1913b-be22-480f-83fe-6351b76ed713","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":234,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"af774387-df63-4a88-abec-684830dd491a","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. 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The directors most likely to be in focus are the chair of the board","page_number":235,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"f662a237-a624-4d36-b0cf-1f226e828ba7","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":235,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"e6375075-f21f-4852-a442-1aa0273c76e7","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The Guidelines consider these","page_number":236,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"d9027402-a038-45cf-afa2-3732d9fb5d82","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":236,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"69e2ecbb-273b-4c16-8af1-3a03a59b0e00","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":236,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"0201d315-bf78-4fbc-9454-d373ba865c9c","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":236,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"13d2ab65-3c1a-4839-9a53-bf5aa9d1f7a6","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":236,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"ec7886d5-f3b1-4c8e-8044-3c295fe27591","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":236,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"420cef34-2ca2-4b10-bb0f-f6441f0da6a0","block_type":"box","text":"transition plan and targets.","page_number":236,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"bf795879-c14d-40cd-b847-a3c25b709fde","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":236,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"e109d84d-3896-4f32-aea1-7bed56c3c130","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":236,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"2631e7de-0a8c-4c1a-ac42-1cbadf437b62","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":236,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"0efacb81-acb8-4e46-b846-b4e5b3a3c4ca","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":236,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"bafe815c-9143-4b6b-9a88-287a809cf4d8","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":236,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"dc69afcd-9c91-41d8-accf-f96324193dad","block_type":"box","text":"company’s individual circumstances. 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The dedicated team assesses the implications for, and the relevance to, the","page_number":236,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"45adff19-5c0b-4881-89e0-8ee66b6b5b0d","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":236,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"64f6bf19-2965-4c68-9644-54266ea7307f","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":236,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"2e5c1e1e-1f19-4fa3-afd7-e27154133ea3","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"7288904d-3728-4084-a391-ad0d8dc066e4","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":236,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"c2d63dff-4f70-4a66-ae51-32085978f329","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":236,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"f95e8d60-dfcd-42fc-b697-7bb039ec1395","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"310d8de2-10a7-4b48-b9ce-1a8e46fb7bde","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":236,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"a4f72d02-7201-45d0-b157-544a945ed3c6","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":236,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"2dbffaed-c96d-4bf3-bd46-0920b9dfacc0","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"5a5bb384-f16a-4465-8b66-0aa151e451e8","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":236,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"6303f532-1b82-4c57-9d79-47a8aa05acc2","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"e22f1771-0c41-46fb-b8ac-02b4e7fb3c28","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":236,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"cbc87625-47f1-45db-8f70-ef37ba19a26c","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":236,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"f3287426-2292-42dd-944b-31a818791cab","block_type":"box","text":"25","page_number":236,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"8d79ade3-fcf5-4423-833f-e120d7ed1800","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":236,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"925a9e46-52bc-4d7a-8aeb-e7ab52196624","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":236,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"170defbe-ce23-423c-8ac8-eee21bf097ee","block_type":"box","text":"RELATED MATTERS","page_number":236,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"78c0a3e4-1bba-480d-9451-055b72041734","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":236,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"aeaf6843-8065-4f40-b46b-28083163fa1a","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. 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Generally, voting on these matters would","page_number":236,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"52d9f141-f4ca-4920-bec8-a37e0d99cdd3","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":236,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"738960fd-8b16-4a74-9a9a-130fbd535a18","block_type":"box","text":"Executive compensation","page_number":236,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"05e3cad5-8bc6-4631-9e82-c6f23d54fb8b","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":236,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"24761339-0a2e-4560-bef8-611ae813975a","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":236,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"d4fe4630-c187-4677-842b-11df4fb39e94","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":236,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"948cb0d5-e5d5-4afb-b9d6-eff57548cf51","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":236,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"923bddfd-2db8-4516-969a-22a2e585d1ae","block_type":"box","text":"24","page_number":236,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"50b8c414-4ca8-4cb2-be46-c7bc6462ebac","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":236,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"2e702827-a8bb-43f5-b878-35bc2b6fcd6d","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":236,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"a29d8f2d-7c93-405d-9bdf-3df8f0709218","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. 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Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":237,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"dc7518f9-d9ef-4b33-90fb-1aebbbfe19d8","block_type":"box","text":"strategy and risk management.","page_number":237,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"74d15966-8f5c-4db3-a94f-fa3a9ee4d26a","block_type":"box","text":"Auditors and audit-related issues","page_number":237,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"f489f389-5ac3-4398-84e0-1dd1e4dc2c61","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":237,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"cade3f88-4bed-4249-a396-ec5920ace8f4","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":237,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"3fba3a6a-1e8b-420c-a555-717f540d7d13","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":237,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"d7f4c36b-b9c7-44c1-819f-ef8167e1b45f","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":237,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"561b9fc3-28c6-410c-8e99-b2c00727addf","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":237,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"d567528a-3fc5-4972-8de3-16b08465d035","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":237,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"9a56f3f2-3490-4b23-8244-87f64ef8a09a","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":237,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"96b218ff-c316-4708-a186-f36c28c197db","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":237,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"745a9a19-0845-4d36-af1c-076010c7dd3a","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":237,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"ac839ca7-a0b3-4b5e-a0a7-d65f7c95e226","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":237,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"e30ceb51-452e-4d89-8c9d-077834f3faa2","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":237,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"b28957fa-224f-4055-b046-82ab727f5811","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":237,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"63494c66-67db-45ac-8e0e-67e647081716","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":237,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"28cafcae-201b-44e2-aa79-5c39cbe208b6","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":237,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"b65df40c-7083-4a69-b5f8-f62ff9733b24","block_type":"box","text":"stakeholders.","page_number":237,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"8519c3ff-16f8-4996-905b-bfda81aee64b","block_type":"box","text":"26","page_number":237,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"a6365e85-a783-4ac5-af21-17f43d1d3838","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":237,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"351c66b2-e20c-4e5d-afc6-dccef44145bc","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":237,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"dd4ce795-6045-4dd7-9c83-ff7685c2eb54","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":237,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"6f03a979-1641-45c9-8a54-f4b322d1bd69","block_type":"box","text":"team may engage companies that face risks and oppor tunities related to land use and deforestation, access to fresh","page_number":237,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"5768dcac-d060-4bf6-92d3-321f0f109a15","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":237,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"be21c712-c7fb-47c1-b679-1893b1a894da","block_type":"box","text":"26","page_number":237,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"6171de5d-aced-42d7-9d5f-1357babfee15","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":237,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"f26b74f2-e267-4174-89b4-79b5082e684c","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":237,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"be4e6925-3684-45df-bbaf-1c979980f08d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"73530662-1411-4119-a570-c32b27c39d75","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":237,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"5aaee814-fe54-424a-a354-b1d543ffd5f7","block_type":"box","text":"BNM1026U-6033397-19205822","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3db80ea-c504-4f07-b270-12d326ee1ebb","block_type":"box","text":"Appendix 1","page_number":238,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"e4c3b60e-d0fd-4b52-b07e-a36080bd7a03","block_type":"box","text":"Terminology","page_number":238,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"1e0dd6fd-ff30-49ab-ab37-c8c702ed2a66","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":238,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"94276aa3-2294-4e51-a38e-be0f754edb70","block_type":"box","text":"Climate risk:","page_number":238,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"f138a2f1-877c-4286-8d67-883f380fccd3","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":238,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"e9830dc6-0ab8-4a91-ad4b-42d131968a6c","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":238,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"602d019e-29a4-4eaf-ac98-7ee3cec28245","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":238,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"74a6d760-b75f-4d68-9887-23e714734d5e","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":238,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"05a01968-06d4-4893-aad4-11759da498b2","block_type":"box","text":"The global economic shift toward lower","page_number":238,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"b229aa89-09de-4a83-89c1-0b09c874949f","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":238,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"fc82e353-e9f0-432a-b97e-6ef8c3180ca4","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":238,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"35efc7a8-eeaf-4ab0-9e96-dca2dcb41642","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":238,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"d90e2116-a842-4f3e-a860-c35a0efacb52","block_type":"box","text":"Decarbonization:","page_number":238,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"38abae30-2a5a-44f4-9ed6-2da61807b081","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":238,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"82281125-9137-4eb1-b7f8-2ee23ea2b5a9","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":238,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"cbd70dff-1314-479f-a73e-6768385e8678","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":238,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"4679f4c4-498e-410d-87df-78437e6c7183","block_type":"box","text":"e.g., methane.","page_number":238,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"3c05cbb9-00bc-4ddc-a626-b51f48c04a94","block_type":"box","text":"Climate-related risks and opportunities:","page_number":238,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"7cdc2977-45fe-44ad-baa4-caeaa6aa082e","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":238,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"2bd5b016-de3b-4ebf-b0ca-641b98d94cf6","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":238,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"60840071-a230-4279-9c2e-8025b2c5eef9","block_type":"box","text":"to physical climate change.","page_number":238,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"26b03152-fb6d-4170-97b8-98e068b211d2","block_type":"box","text":"Climate-related transition plan:","page_number":238,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"b0e8925c-280f-4569-87b1-3634bd203420","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":238,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"d8766296-5201-4401-b2d9-440c06e3b51e","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":238,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"d05786ff-d210-420c-98f2-e68caf99e4ab","block_type":"box","text":"greenhouse gas emissions.”","page_number":238,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"9642cfce-e001-42dc-bdbd-35a3dcd1a0a5","block_type":"box","text":"27","page_number":238,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"c0a88d3d-583d-4aaa-8e2a-5f9655086c1e","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":238,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"297c745b-cef3-42cc-a3f1-d1d7d0442921","block_type":"box","text":"Targets that “","page_number":238,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"feb57e3a-8365-44a0-ad90-41e56cbf0987","block_type":"box","text":"are in line with what the latest climate science","page_number":238,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"36738f89-9916-41a1-b70c-45af2d47054e","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":238,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"4156d4ce-df13-4f14-befc-1c4c7156e6fa","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":238,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"edfead32-4d44-4bda-ad58-20ccf90dfc10","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":238,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"924f9da5-b3e1-4683-a8f2-798cdb086897","block_type":"box","text":"with the Paris Agreement goals.”","page_number":238,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"fc6e0a16-6cfa-43c8-848a-bf68b69ed63a","block_type":"box","text":"28","page_number":238,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"7de3a438-56af-4cda-ac5f-99f11384e216","block_type":"box","text":"Scope 1:","page_number":238,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"efa24a73-8272-4860-af88-67373a0cfa2c","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":238,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"a634c238-0c2e-42df-b70a-8828e4e2da30","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":238,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"54caf02a-2d8c-4c5e-9570-4f18d0446209","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":238,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"ada225a9-722e-4074-8159-653c21f92f40","block_type":"box","text":"29","page_number":238,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"7b688ec0-fd44-4d5d-b13c-f9c03153451f","block_type":"box","text":"Scope 2","page_number":238,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"4693c5bd-5b9d-4b36-b8a1-7a3a193a5189","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":238,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"65fa5fc5-f201-4a34-b856-9878b4905b1b","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":238,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"35d3e22c-dd87-49f0-9f10-42cf45a87536","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":238,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"d2fc839a-bcf9-4c6b-abbe-baf013346924","block_type":"box","text":"30","page_number":238,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"2783f2b8-5976-4a30-8d5d-3810694244b1","block_type":"box","text":"Scope 3:","page_number":238,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"2dcb02c3-f421-43d0-8c1d-590a7afabf6e","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":238,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"eea6179b-cae6-4366-8524-6eb54a3adb68","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":238,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"a0711201-90ae-4552-9e03-19810217a2cc","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":238,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"0781abee-c5d9-4144-aa06-5f636bb8d5f2","block_type":"box","text":"31","page_number":238,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"4ab77ed7-be40-44e4-99e6-6c77353e1397","block_type":"box","text":"27","page_number":238,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"c73e2583-5331-48c7-a1c0-b77dbc4c5ad1","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":238,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"af900d11-4c69-4cad-9a43-d84aeed800fc","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":238,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"b922269f-d8c1-475c-9f7b-099c770f854e","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":238,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"4e033792-8eff-493f-a400-9ae2cc795347","block_type":"box","text":"28","page_number":238,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"59c3bb17-18de-41e9-8b5e-90a284e14354","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":238,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"337d50eb-54fe-422a-ad3f-cf4f1a60f0f4","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. 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